Tax Time!!! Self prep or paid help???

Jump to latest Follow Reply
B

bakerboy

0
Dec 29, 2015
205
Chino/CA
I've always gone somewhere and have paid to have my taxes done, I guess more or less for the peace of mind that it was done right. Last year someone filed taxes in our names (wife and I), we did everything we were supposed to do, contacted everyone that needed to be notified and ended up getting our refunds, but we kind of felt like the guy (certified CPA) that did our taxes sold us out. We really have no proof other than just a gut feeling, but I'm sure there are plenty of ways to get our info.


So this year we are considering doing it ourselves through on-line app like turbo tax or H&R block, we don't have anything complicated going on, both of us work full time for a company, own 1 house, have child care and really not much to write off. No businesses, no other properties, a basic retirement plan and a 457.




Does anyone here that is in a similar situation file their own taxes? Is paying someone a fee really worth doing?


T.I.A.
 
My CPA is getting out of hand expensive. Turbotax is getting my business this year, and I'm self employed. Yours should be a cakewalk. You gotta pull all your own numbers together anyhow and that's the work and time thing.
 
Resident CPA here. Don't forget your tax prep fees are deductible. So your only actually "paying" 70+ percent of what they quote you. Even though I am a CPA, I came up through the audit and finance ranks and not tax. I could certainly do my own taxes but the peace of mind knowing that the tax guys ask all of the right questions I might miss, often make up for the fee I am paying. Turbo tax has come a long way in forcing the questions tho. If your situation is simple, turbo tax is the way to go.


Sent from my iPhone using Tapatalk
 
Chris,

I like and use Turbo Tax. Let me put it this way... If I can use it, anyone can use it...

It just asks you the same basic questions a tax person would ask. Depending on the company you work for, it will automatically download your payroll info. (If you want).

Anyway, it has worked for me for the past 10 years.

Thanks for posting,

Jim R.
 
I've been doing TurboTax for years now. If you add up the cost of the software along with the cost of e-file (and I always pay for the Audit Defense insurance), you'll spend a little less than $200 to do taxes. That's about what an accountant will charge for very simple tax prep.

TT has always done a great job and the interface is so easy to use my kids could figure it out.


Sent from my iPhone using Tapatalk
 
I've used HR Block's s/w for many years, for mine, my mother's, kid's use it too. It is very easy to use - can interview you for details. I personally would not use an online one, just because of not wanting to enter that info online. There are versions that come with the state version for free and include up to 5 free federal efiles. What is nice is it can import data from previous year so next year you have less to do. My duaghter that has about your degree of stuff to enter for her/husband/house... takes about 20 minutes and is done. I like that s/w is checking everything, it will warn you if something doesn't look right and give you audit warnings. Only time I used a CPA was when I had full time employees.
 

Enjoying this content?

Support TFP with a donation.

Give Support
woodyp said:
My daughter is an auditor for one of the Big 4 accounting firms and SHE won't even do my taxes! Wish I'd have known that two degrees ago..................
Click to expand...

I'm sure she loves the question - "this is your busy season for taxes right???". Which firm is she with? I spent the first 6 years of my career at Ernst & Young.


Sent from my iPhone using Tapatalk
 
woodyp said:
My daughter is an auditor for one of the Big 4 accounting firms and SHE won't even do my taxes! Wish I'd have known that two degrees ago..................
Click to expand...

Hehehehe...well I'm not an accountant but I have started to do my parent's tax returns. They are retired and living off their investment income with no home to worry about. Their taxes are basically income and charitable contribution deductions. It takes about 15mins to do their taxes but they're much happier to let me do it for them. I think I spend more time testing my pool water than doing their taxes.

I get paid in Dunkin Donuts gift cards so I feel the compensation is well worth the effort.
 
Easy, paid tax professional.

My taxes regularly deal with things like this:
Compute your RITA by inserting your information in this formula: RITA=(x/1-w) * (R) - (1-X/1-W)*(Y). In the formula, X stands for the combined marginal tax rate (CMTR) for the year you received the allowances; W stands for the CMTR of the year you file for RITA; R stands for the taxable reimbursements you received; and Y stands for the total withholding tax allowance for the year you received the reimbursements.
Click to expand...

That, plus investments, carryover losses and the deductiblity of the tax prep fee pushes me over the top. Heck, I even pay for an investment advisor to make my life simpler.....
 
tim5055 said:
Easy, paid tax professional.

My taxes regularly deal with things like this:

That, plus investments, carryover losses and the deductiblity of the tax prep fee pushes me over the top. Heck, I even pay for an investment advisor to make my life simpler.....
Click to expand...

Simplify your financial life Tim! Cash it all out and invest in beer and margarita mix...you'll be much happier...


Sent from my iPhone using Tapatalk
 
I purchase the software and run it on my Mac as I prefer to keep the data local. I backup to an encrypted network hard drive.


Sent from my iPhone using Tapatalk
 
I am a sole proprietor LLC and my spouse works full time and we use turbo tax home and business to do our tax's. My former CPA wanted to charge over 1200.00 to do my combined business/home tax's. She charged 100.00 extra per schedule! On top of the tax owed the federal gov I had to pay over 1200.00 to her! Guess what? She used the professional version of Turbo Tax to prepare the tax's and on top of that I still had to gather all my documents and fill out what seemed to be a 15 page questioner to her so she had info to feed into the turbo tax! Now I will say that Turbo Tax sometimes leaves you a bit confused about how to answer or what needs to go where (even with its good help system). The CPA had all the answers but you paid for that service! I too get the audit defense extra package and have used them twice now when questioned by the IRS on returns filed. All in all I will keep doing the tax's myself and save the 1200.00 for the other tax man!
 
I had to use an accountant last year (my parents have gone to for decades) due to selling a home and buying / moving to a new house.

The paper work was a very complicated mess and I had a bunch of write offs for improvements.

The cost was about $ 325

I just filed this year going back to Turbo Tax Online. It cost $ 66 total.
 

Enjoying this content?

Support TFP with a donation.

Give Support
You must log in or register to reply here.
Thread Status
Hello , This thread has been inactive for over 60 days. New postings here are unlikely to be seen or responded to by other members. For better visibility, consider Starting A New Thread.
Top Bottom
Back
Jump to latest Follow Reply