Two of my uncles are accountants. I let one of them handle it for me.
Taxes: DIY or CPA
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I actually use TurboTax and have for quite a few years now. Do my taxes( self employed so LOTS of various forms ), my Dad's, and my Sister's. It is just a matter of read the questions and then provide the correct info in the boxes.
TT will ask you about everything from taxes paid( i.e. property/vehicle, etc... )to education to medical to charitable donations and on and on. IT will check into the best way for you to go( i.e. standard deduction or itemized ). Just go one step at a time and it should be all you need unless you have some really serious taxes to do. I would say at least 90% of the people out there can do their own taxes using tax software.
I personally would not spend $125 for someone to do it as you talk of. You would need a butt load of deductiions to be able to make that up on the refund end. TT is free to file online and within 7 days or so you can get your refund via direct deposit.
TIP - if you will use TT be sure and save your TurboTax file( not the return copies the TT file )on a disc somewhere safe. Next year when you do your taxes again using TT it can access that previous file and tranfer a lot of info that will save you a LOT of time.
TT will ask you about everything from taxes paid( i.e. property/vehicle, etc... )to education to medical to charitable donations and on and on. IT will check into the best way for you to go( i.e. standard deduction or itemized ). Just go one step at a time and it should be all you need unless you have some really serious taxes to do. I would say at least 90% of the people out there can do their own taxes using tax software.
I personally would not spend $125 for someone to do it as you talk of. You would need a butt load of deductiions to be able to make that up on the refund end. TT is free to file online and within 7 days or so you can get your refund via direct deposit.
TIP - if you will use TT be sure and save your TurboTax file( not the return copies the TT file )on a disc somewhere safe. Next year when you do your taxes again using TT it can access that previous file and tranfer a lot of info that will save you a LOT of time.
I do it myself, this year I carried over a lot of what I learned last year and got some really big deductions in for federal and state.
I also asked 2 CPA's i work with to look it over and it was approved.
I don't like places like H&R or Jackson Hewitt. When I did have them do it in 08, it cost like 150 bucks. I do it myself and its 65. I could do it for free but I like the hand that guides me
I also asked 2 CPA's i work with to look it over and it was approved.
I don't like places like H&R or Jackson Hewitt. When I did have them do it in 08, it cost like 150 bucks. I do it myself and its 65. I could do it for free but I like the hand that guides me
I've used TurboTax for the last 10 years or so. I expect my federal refund next Thursday. State usually comes a little later.
Originally Posted By: NHHEMI
TIP - if you will use TT be sure and save your TurboTax file( not the return copies the TT file )on a disc somewhere safe. Next year when you do your taxes again using TT it can access that previous file and tranfer a lot of info that will save you a LOT of time.
This is great advice. I burn a copy of the TurboTax file (called .tax2010 for a 2010 return) and file the CD in the folder with the physical tax forms. The next year, just pull out the disc and the program imports all of your personal information for you. It really can't get much easier.
TIP - if you will use TT be sure and save your TurboTax file( not the return copies the TT file )on a disc somewhere safe. Next year when you do your taxes again using TT it can access that previous file and tranfer a lot of info that will save you a LOT of time.
This is great advice. I burn a copy of the TurboTax file (called .tax2010 for a 2010 return) and file the CD in the folder with the physical tax forms. The next year, just pull out the disc and the program imports all of your personal information for you. It really can't get much easier.
^ Just do it online. It automatically saves it for you on their server.
If all you have is W-2s, maybe some 1099 Ints, mortgage interest etc., do it yourself or with tax software. No sense paying a CPA (I can't believe I said that as I work for one!). If you have a lot of investment income, profit and loss from a business, rental income etc., that's where an expert can help. Tax software, if you follow it to a T, will get you all the deductions.
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I have to file with two states and the feds, C corp, S corp, personal return, 1099 preparation, franchise taxes, tax credits, blah and blah. I'm not an accountant.
There are forms the accountant files that I have zero understanding of. The last time I was audited, both sides brought accountants AND lawyers. No DIY for me, just not worth it.
I also think there is an extra degree of credibility and safety when financial statements are prepared by an outside accounting firm.
The whole tax code needs to be tossed in the trash can - it was designed for the selective avoidance of taxes, not efficient revenue generation, imho.
There are forms the accountant files that I have zero understanding of. The last time I was audited, both sides brought accountants AND lawyers. No DIY for me, just not worth it.
I also think there is an extra degree of credibility and safety when financial statements are prepared by an outside accounting firm.
The whole tax code needs to be tossed in the trash can - it was designed for the selective avoidance of taxes, not efficient revenue generation, imho.
If you are married, your filing options are married filing joint or married filing separate. Filing unmarried or unmarried head of household is fraud, or at best, negligence. DO NOT DO IT. That should be what the CPA tells you.
Doing it yourself may make sense, but there are so many deductions you can miss so easily. Any college tuition? Books, fees? Educator expense? Insulation? What kind of IRA is best? I could go on and on.
However, even if you do it yourself, don't do it without a tax program. You WILL make mistakes without some guidance.
Also, don't go to a place that has a clown out front waving you in. Far worse than two others I saw mentioned above.
Don Lynch, CPA
Doing it yourself may make sense, but there are so many deductions you can miss so easily. Any college tuition? Books, fees? Educator expense? Insulation? What kind of IRA is best? I could go on and on.
However, even if you do it yourself, don't do it without a tax program. You WILL make mistakes without some guidance.
Also, don't go to a place that has a clown out front waving you in. Far worse than two others I saw mentioned above.
Don Lynch, CPA
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I used to use tutbo tax, but we are going to let H&R block or somebody like that do it for us from now on. There is too much to mess up on, lol Dont need the IRS on me!
Originally Posted By: Rand
well with college you can deduct interest paid on college loans
also there is some sort of hope grant? that you can take upto 2 times(lifetime) thats something like 1500 tax credit..
I get the friends and family discount at H&R block and its worth it. it went up this year it was 29.99$ the normal would have been about 140$ I dont pull my hair out trying to interpret tax legalese and I know I got the right amount back.
if you are filing 1040ez h&r block will do your federal free this year. then take that and file state online in 5-10min yourself. If they find something where you should file 1040A and get a bunch more back.. well that costs but usually you get much more back if they have to do that.
Yea noticed lots of local places offering "free 1040ez filing" this year.....and last year too.
The last 3 years, I've done it myself using "freefillableforms.com" - but it seems that site does not "support" my 1098-E - and realized I could have probably been filing that interest paid back then too
Wwwooooppps...darn "paperless" billing options! ha......contemplating whether it would be worth filing the 1098-E with tax software/HnR Block/Jackson Hewitt, etc....or just filing the same way I have been the past 3 years, same old 1040ez
Anyone got any insight? haha.
well with college you can deduct interest paid on college loans
also there is some sort of hope grant? that you can take upto 2 times(lifetime) thats something like 1500 tax credit..
I get the friends and family discount at H&R block and its worth it. it went up this year it was 29.99$ the normal would have been about 140$ I dont pull my hair out trying to interpret tax legalese and I know I got the right amount back.
if you are filing 1040ez h&r block will do your federal free this year. then take that and file state online in 5-10min yourself. If they find something where you should file 1040A and get a bunch more back.. well that costs but usually you get much more back if they have to do that.
Yea noticed lots of local places offering "free 1040ez filing" this year.....and last year too.
The last 3 years, I've done it myself using "freefillableforms.com" - but it seems that site does not "support" my 1098-E - and realized I could have probably been filing that interest paid back then too
Wwwooooppps...darn "paperless" billing options! ha......contemplating whether it would be worth filing the 1098-E with tax software/HnR Block/Jackson Hewitt, etc....or just filing the same way I have been the past 3 years, same old 1040ez Anyone got any insight? haha.
Originally Posted By: Boatowner
If you are married, your filing options are married filing joint or married filing separate. Filing unmarried or unmarried head of household is fraud, or at best, negligence. DO NOT DO IT. That should be what the CPA tells you.
Doing it yourself may make sense, but there are so many deductions you can miss so easily. Any college tuition? Books, fees? Educator expense? Insulation? What kind of IRA is best? I could go on and on.
Thanks, I was unsure about that head of household vs married separate thing. My thing is if we file married separate and the wife(who makes less) claims both kids and I do a straight return, we could be substantially farther ahead. The mortgage is in my name (i had house before her), I pay on student loans, I pay union dues, and have continuing education and licensing/exam fees that I can deduct. When I entered married joint, the standard deduction was greater than itemized. I claim 1 federal and 0 state. Wife I think claims 2 on both.
If you are married, your filing options are married filing joint or married filing separate. Filing unmarried or unmarried head of household is fraud, or at best, negligence. DO NOT DO IT. That should be what the CPA tells you.
Doing it yourself may make sense, but there are so many deductions you can miss so easily. Any college tuition? Books, fees? Educator expense? Insulation? What kind of IRA is best? I could go on and on.
Thanks, I was unsure about that head of household vs married separate thing. My thing is if we file married separate and the wife(who makes less) claims both kids and I do a straight return, we could be substantially farther ahead. The mortgage is in my name (i had house before her), I pay on student loans, I pay union dues, and have continuing education and licensing/exam fees that I can deduct. When I entered married joint, the standard deduction was greater than itemized. I claim 1 federal and 0 state. Wife I think claims 2 on both.
Have used TurboTax for many years. Very satisfied. Never any issues.
^ This. The software also found a big refund credit I wouldn't have thought to take. I'm pretty thorough but the gov't is pretty obtuse.
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So are you saying that the tax program or the CPA found the refund credit? I know with Tax Act they have information for each step that tells you what you might be able to get a credit for and seems pretty straight forward. Mine is usually fairly simple so I'm pretty sure that I'm coming out OK.
So are you saying that the tax program or the CPA found the refund credit? I know with Tax Act they have information for each step that tells you what you might be able to get a credit for and seems pretty straight forward. Mine is usually fairly simple so I'm pretty sure that I'm coming out OK.
^ It was the software, but I feel a CPA or paid tax preparer would have found it too, if they knew what they were doing, or were led by good software.
I use tax act, and have a pdf distiller, so I don't have to pay for their PDF distiller.
I use tax act, and have a pdf distiller, so I don't have to pay for their PDF distiller.
If your taxes are simple just file a 1040 EZ. By simple I mean a job with a few investments and a few deductions.
I did mine myself until I got involved in my businesses, now they are way, way to complicated to do myself and I have an accountant. His job is to keep me out of the IRS's cross hairs.
I wish I was only paying $125 to my CPA, I pay him enough every year to buy a pretty nice car.
I did mine myself until I got involved in my businesses, now they are way, way to complicated to do myself and I have an accountant. His job is to keep me out of the IRS's cross hairs.
I wish I was only paying $125 to my CPA, I pay him enough every year to buy a pretty nice car.
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I finally hired an Accredited Tax Advisor. Funny thing, his last name is Vattaks. (Wa-tax)
After a 3 month audit last year, this guy is coming in handy. Already finished the DOR, B&0, Excise, Sales tax stuff (state). Great just to have someone to call about these overly complex business killing matters. Lots of "Which way should I go?" questions that would take some hours, he can answer in minutes.
Still need to box up all the fed stuff now.....businesses get the shaft. Yet somehow the impression in the public is the opposite.
After a 3 month audit last year, this guy is coming in handy. Already finished the DOR, B&0, Excise, Sales tax stuff (state). Great just to have someone to call about these overly complex business killing matters. Lots of "Which way should I go?" questions that would take some hours, he can answer in minutes.
Still need to box up all the fed stuff now.....businesses get the shaft. Yet somehow the impression in the public is the opposite.
H&R Block sucks. They made errors on our taxes two years in a row.
Not a good feeling when you get audited and the IRS says you owe them $5000.
Not a good feeling when you get audited and the IRS says you owe them $5000.
Originally Posted By: Pablo
I finally hired an Accredited Tax Advisor. Funny thing, his last name is Vattaks. (Wa-tax)
After a 3 month audit last year, this guy is coming in handy. Already finished the DOR, B&0, Excise, Sales tax stuff (state). Great just to have someone to call about these overly complex business killing matters. Lots of "Which way should I go?" questions that would take some hours, he can answer in minutes.
Still need to box up all the fed stuff now.....businesses get the shaft. Yet somehow the impression in the public is the opposite.
Used to know a CPA that told me that he can make a business show about anything they want. Also know several business people and they have no problem charging stuff to the business that actually was personal. Sorry but I don't buy the business gets the shaft.
I finally hired an Accredited Tax Advisor. Funny thing, his last name is Vattaks. (Wa-tax)
After a 3 month audit last year, this guy is coming in handy. Already finished the DOR, B&0, Excise, Sales tax stuff (state). Great just to have someone to call about these overly complex business killing matters. Lots of "Which way should I go?" questions that would take some hours, he can answer in minutes.
Still need to box up all the fed stuff now.....businesses get the shaft. Yet somehow the impression in the public is the opposite.
Used to know a CPA that told me that he can make a business show about anything they want. Also know several business people and they have no problem charging stuff to the business that actually was personal. Sorry but I don't buy the business gets the shaft.
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