How do you process your income tax?

[analog_kidd]

Maybe it's just me, but I believe that taxes for EVERY American should be easy enough for a middle schooler to understand, be no more than two pages long, but preferably only one page, and take less than 15 minutes to complete. And if the government wants us to pay the taxes, they should make the software freely available to ALL taxpayers and we shouldn't have to PAY to file. I don't understand why the free online version is available only for the taxpayers that have the easiest forms. The reality of the free online version, is that it is pretty simple to do those taxes with a basic 1040 form where you transfer the info from your W2 and sign the bottom.

 

I don't know how or why it got so complicated to do taxes.

 

/rant

[Oh Shoot]

.... I don't understand why the free online version is available only for the taxpayers that have the easiest forms...

 

That's really not an accurate statement -- TaxAct will do full 1040 with every form and schedule that exists for free. Surely some of the others will too.

 

- OS

[dlm37015]

i will stick with a cpa. he does my sales tax payroll tax and helps with other things the money i pay him is well spent imo.if you have ever been audited you know how i feel

[gregintenn]

All taxpayers have a fast, safe and free option when it comes to
preparing their own federal taxes. It’s called Free File, and it’s available
only at IRS.gov.

 

Free File offers brand-name tax software to people who earned $57,000 or less
last year, which is 70 percent of all taxpayers.

70% and "all" are not the same thing. Where can I file taxes electronically for free?

[Oh Shoot]

70% and "all" are not the same thing. Where can I file taxes electronically for free?

 

I keep saying. Tax Act. It'll do 70 million if ya got it. 1 free eFile

 

http://www.taxact.com/taxes-online/free-online-tax.asp?s=STD

 

- OS

[Guest tntitan08]

I used to use Turbo Tax and have used H&R Block (I don't recommend H&R). I am self-employed and always have to pay in.  Now I use Dempsey, Vantrease in Follis in Murfreesboro, TN. They have consistently saved me more money over the Turbo Tax filing. I know because I run all of the numbers through turbo tax to see my tax assesment (and just don't file it). I then take it to my CPA at DVF and I always end up oweing less. I feel good to support a local business and get to save money too. It was a no brainer for me.

[gregintenn]

I keep saying. Tax Act. It'll do 70 million if ya got it. 1 free eFile

 

http://www.taxact.com/taxes-online/free-online-tax.asp?s=STD

 

- OS

Sounds great. So how does this company make money?

[Oh Shoot]

Sounds great. So how does this company make money?

 

They charge for individual state modules and the versions that allow multiple filings, import previous return info, phone support, whatnot.

 

I've bought the $10 version the last two years so I can do Mom's also. She tithes and gives good bit to other charities through the year, and last year had a sizable out of pocket for dental stuff, so was able to beat the standard deduction by a bunch with long form, she got quite a little windfall back, and it walked me through every bit of it, wouldn't have had a clue otherwise how to do it.

 

Three versions, only one has free state module built in.

 

http://www.taxact.com/tax-preparation/

 

TN state module was a little lacking IMO, though, you had to know which type distributions are taxable and which are not, only gave you a help file from the state rather than walk you through each step with questions, like it does on the federal part. Now I know, so I'll just do the state form by hand, TN doesn't let you eFile anyway.

 

 

- OS

Edited February 3, 2013 by Oh Shoot

[C.lunn]

How much do CPAs usually cost? Probably the same as any other service and it varies, but the ones that you all use is it a hourly thing or by the form?

[Mike.357]

when I previously used a CPA for tax filing it was a flat fee.  Depends on how complicated it is.

 

Just for a basic return consisting of my income, wifeys income, deductions and such it was about 50 bucks.

[Oh Shoot]

,,,,Just for a basic return consisting of my income, wifeys income, deductions and such it was about 50 bucks.

 

Yeah, 50 is probably the minimum from actual CPA or just well experienced tax filer even without the title.

 

1040A especially with a biz or 1040 not using standard deduction,  $200 and up. Possibly way up, depending on complexity.

 

- OS

[Jesse]

we have been going to H&R block for the last 4 years.  this year we used H&R block online and was able to transfer all the info from last year.   it's $30 online.  much less hassle than going to have them done and we saved. $170

[Luckyforward]

We've done TurboTax online for years with no problem.

[klamb5]

FYI Ihave used turbotax but I found out parent co. Intuit is very non gun freindly hence I will be looking for something new

[gregintenn]

They charge for individual state modules and the versions that allow multiple filings, import previous return info, phone support, whatnot.

 

I've bought the $10 version the last two years so I can do Mom's also. She tithes and gives good bit to other charities through the year, and last year had a sizable out of pocket for dental stuff, so was able to beat the standard deduction by a bunch with long form, she got quite a little windfall back, and it walked me through every bit of it, wouldn't have had a clue otherwise how to do it.

 

Three versions, only one has free state module built in.

 

http://www.taxact.com/tax-preparation/

 

TN state module was a little lacking IMO, though, you had to know which type distributions are taxable and which are not, only gave you a help file from the state rather than walk you through each step with questions, like it does on the federal part. Now I know, so I'll just do the state form by hand, TN doesn't let you eFile anyway.

 

 

- OS

I don't know much about the Hall Income Tax. Hope I never have to learn. There is movement afoot to do away with it completely. I hope it gets some traction.

[Guest Lester Weevils]

Right or wrong, wise or unwise, I do it with whatever is the cheapest version of Turbotax will handle schedule C's and depreciation schedules. They keep changing the name of that version over the years. Costs a little more but not all that much. At one time it was called "home and business" but maybe something else lately.

 

I do it on local computers and keep the data backed up local. Ain't sending all my info over the interwebz html one line at a time, to a tax calculation web app, to reside on somebody else's servers as a hacking or data mining target forever more.

 

Maybe it would be smarter to use a cpa. I went to an accountant one time, 1971. He charged a sum that seemed steep at the time (but probably was very reasonable but i'm a skinflint). He didn't do anything on the forms that looked impossible for me to do.

 

It is easy to be arrogant and ignorant of how ignorant one really is. I'm real ignorant of tax crap, but figure I can pay closer attention to the details than somebody else can, who may not be as motivated to do "the most thorough job". Took a few accounting courses long ago, but that and a dollar will buy a cup of coffee at Kangaroo Express. :) If Turbotax is good enough for Timothy Geithner, it ought to be good enough for me!

 

The accounting perfessor told a joke that was probably ancient in 1971, remarkably still alive and kicking on the interwebz today--

 

http://www.coolquiz.com/humor/jokes/joke.asp?jokenum=706

 

There was once an accounting firm where the senior CPA knew every thing there was to know about accounting. He could answer any question. He knew all the tax laws: There wasn't a better accountant anywhere. Every morning when he came to work, he would unlock his desk drawer, open it up and look inside for a minute, and then close and lock it again.

This puzzled all of his co-workers, because it was the only eccentricity that this person exhibited. They tried many times to look over his shoulder, or get into his desk when he wasn't there, without success. One day when the elderly gent was sitting at his desk, going over an account, he suffered a heart attack and died. This upset everyone tremendously. However, now that he was gone, the other members of the firm could finally see what was in the drawer.

After obtaining the keys, they unlocked the desk drawer and cautiously peeked inside. They found one sheet of paper, and written in large letters was:

"DEBITS ON THE LEFT...CREDITS ON THE RIGHT"

 

[runco]

Its that time of year again.  The US Mail just delivered my last remaining 2013 tax document.  I just bought the 2013 software, and while watching Gilligan's Island I plan do my taxes on one monitor, and TGO on my other monitor.  Talk about multitasking!

[Raoul]

Being self employed I pay an accountant. I did them for years, now I'm happy to let someone else deal with it.

[enfield]

Turbotax, for the last 20 or so years.

[AU_88]

When I was a young single guy who rented, had no wife or children and only a single job, I would be in the same boat. Once you cross the threshold of getting married, having kids, owning properties, multiple retirement accounts, home improvement projects, professional related expenses not covered by your employer........ it gets a little more complicated.

I bought the deluxe version of Turbo tax, seems like it will work fine...

[gregintenn]

I'm still using the #2 pencil. :D Haven't picked up the forms and publications yet, however.

[TripleDigitRide]

Until I bought a house, I used H&R Block online. It's free if you make less than $5X,000/year. Now I pay a professional $75 to do it.

[Moped]

Tipton Tax Service on Washington Pike next to Rita Elementary School. Been using him for years. Sent from my SPH-L710 using Tapatalk Edited February 4, 2014 by Moped

[TNMTBik3r]

I have used H&R Block online the past couple of years, they have plenty of coupons/specials so can save some money on the deluxe option.
I used to use Tax Act online but H&R has found some extra money for me the past couple years.
My taxes are fairly simple though, no rental properties or some of the other stuff that can cause confusion.

[TMF]

[quote name="AU_88" post="1105783" timestamp="1391477410"]I bought the deluxe version of Turbo tax, seems like it will work fine...[/quote] Probably will work as good as HR Block, Jackson Hewitt or better. My comment was regarding how complex tax returns get the further you progress in life, that you no longer can just sit down and hand jam a few boxes and add up a few numbers in under an hour. It gets complicated. The advanced versions of turbo tax should walk a lay man through much of that, but it is gonna take more than an hour if you have a lotta stuff to figure in there. Just trying to illustrate to someone that many folks have much more than 3 or 4 statements to deal with and a boatload of applicable deductions. Sent from my iPad using Tapatalk