How do you process your income tax?

[runco]

It took longer for me to get the software key then to complete my taxes.  I am done and its transmitted.  21 days or less for a refund.  I am going to have to change my information.  I DISLIKE A REFUND.  Which means that I have given the government a interest free loan!  I am ashamed!

Edited February 4, 2014 by Runco

[dlm37015]

I use a cpa

[vontar]

Last year, I did mine on paper, then I tried one of the software programs, I think turbo tax(or similar) to compare and cross check.  Some how it gave me about 200 more.

Then I used H&R software and it found me even more.

 

I did it 3 ways and had 3 different results.  You can guess which one I turned in. 

 

Previous years I have have normally had other people do mine, but the H&R Block software sold me last year.  I believe for the package you get 5 or 6 uses.  My aunt had 1 license left last year and gave it to me to try.

I plan on using the same again.

[AU_88]

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

My fiancé and I have a rental property, student loans, etc... Then throw in my mileage for work and the money I got back for my expense reports. I just bought the software, had it sent to my mom in GA and she will figure out the rest. So far it hasn't let her down.

[TMF]

My fiancé and I have a rental property, student loans, etc... Then throw in my mileage for work and the money I got back for my expense reports. I just bought the software, had it sent to my mom in GA and she will figure out the rest. So far it hasn't let her down.

Yah, I know that stuff is good. Once again, my response that you quoted was directed at the person who was simply stating nonsense of paying a professional. I was attempting to explain why it makes sense for folks who have more than a couple numbers to add.

Really, turbo tax is like paying a pro anyway, since you pay for the software (with the advanced stuff). You're just paying less.


Sent from my iPad using Tapatalk

[analog_kidd]

We have rental properties, so a few years ago, when we had our first rental, I went to H&R Block. I figured taxes with rental property income would be difficult, so I thought I'd take it to the pros. Later, I read a book on taxes for landlords, and realized that H&R had completely overlooked a key aspect of rental property: Depreciation of Basis. It was chapter one in my book. How could they overlook that? They made it right by filing the necessary forms for me, but I'll never go back.

 

They also charged me over $300 to do my taxes. I found Turbo Tax has an online version that was designed specifically for folks with rental property, and they charge $75. It walked me through the whole process, just like H&R did, asking me questions just like they did. It will all be up in the cloud, again this year, ready to fill in all the pertinent details, so I think it will go even quicker this time.

 

Looks like Turbo Tax has renamed the "Landlord" version this year to "Home and Business", but looking at the details it looks like it handles rental property just the same.

[analog_kidd]

Actually it looks like the Turbo Tax "Premier" version (a step down from "Home and Business") does the rental property too, and it's on special for $50.  :up:

[AU_88]

Yah, I know that stuff is good. Once again, my response that you quoted was directed at the person who was simply stating nonsense of paying a professional. I was attempting to explain why it makes sense for folks who have more than a couple numbers to add.

Really, turbo tax is like paying a pro anyway, since you pay for the software (with the advanced stuff). You're just paying less.


Sent from my iPad using Tapatalk

Good point, I misunderstood.

[Andyshowfan]

My wife and I have very simple taxes. 2 w-2's and 2 dependents...................easy peasy so I use www.freefilefillableforms.com and get to efile for free.

[Andyshowfan]

It took longer for me to get the software key then to complete my taxes.  I am done and its transmitted.  21 days or less for a refund.  I am going to have to change my information.  I DISLIKE A REFUND.  Which means that I have given the government a interest free loan!  I am ashamed!

 I agree! I changed my info to the point that I just do pay the taxes owed with a little cushion. It was difficult to get a happy medium as I have a child from a previous marriage and have a couple of step children, so odd years we have 2 dependents and even years only one. I was sick and tired of loaning the government interest free money! If I owe them money and don't pay on time they charge me interest and a penalty, anyways I digress. Google search for "withholding calculator" and you should find one that you can plug in your parameters and it will tell you how to change your w-4 to meet your tax needs. 

[peejman]

I used the H&R Block online again this year.  Did them over the weekend, which is early for me.  Thankfully my taxes are still fairly simple. I could pencil & paper them but the software and e-file is worth the $20 to me.  Now I need to figure out how to reduce my withholding.  I like getting a refund, but it's been pretty big for the last couple years. 

[Guest Lester Weevils]

Saw a TV ad for walmart in-store tax prep, quoting 1040 EZ for "only" $39. Sounded kinda high for an EZ. There just isn't much to fill out on an EZ.

[enfield]

Surprisingly, my son-in-law's sister, who is a CPA and, of course, does taxes, uses Turbotax for her clients.

[Good_Steward]

use a cpa you will be glad you did in the long run

 

 

CPA, all the way. 

[Good_Steward]

A 12 pack, a #2 pencil, and forms and publications picked up at the library. I refuse to pay someone to help me pay taxes.

 

 

I pay someone to keep me from overpaying my taxes.  My tax bracket is already high enough. 

[LI0NSFAN]

I have used turbo tax for 10+ years. They now give me audit defense filing for $49.99. We had our taxes done mid Jan and efiled Jan 30th. Our return is scheduled to be in our account Friday! We do not get a large return because we claim enough to basically zero out our return but it is enough to get another toy (maybe in the 308 family). I would pay the 50 all day long to make sure I do not have to pay for someone to deal with the IRS for me.

Edited February 4, 2014 by LI0NSFAN

[enfield]

The audit defense from Intuit is worth the money.  If you run afoul of the IRS, they'll ride roughshod over you.  If your CPA makes a mistake on your taxes, the fault is yours and the IRS will bill YOU for back taxes and penalties, not the CPA.

[LI0NSFAN]

The audit defense from Intuit is worth the money.  If you run afoul of the IRS, they'll ride roughshod over you.  If your CPA makes a mistake on your taxes, the fault is yours and the IRS will bill YOU for back taxes and penalties, not the CPA.

I have a family member that is a CPA and they run the taxes they file through Turbo tax and get the audit defense for that reason.

[tnguy]

Tax Act.

[Oh Shoot]

Tax Act.

 

Yeah, me too for several years now. I get the $9.95 deluxe so can do more than one and import from previous year. Only includes 1 eFile, so I do Mom's, then either print mine or pay extra 10 bucks to eFile mine too.

 

- OS

[Dane]

[quote name="Andyshowfan" post="1105969" timestamp="1391521287"] I agree! I changed my info to the point that I just do pay the taxes owed with a little cushion. It was difficult to get a happy medium as I have a child from a previous marriage and have a couple of step children, so odd years we have 2 dependents and even years only one. [u][b]I was sick and tired of loaning the government interest free money! [/b][/u]If I owe them money and don't pay on time they charge me interest and a penalty, anyways I digress. Google search for "withholding calculator" and you should find one that you can plug in your parameters and it will tell you how to change your w-4 to meet your tax needs. [/quote] I still haven't figured out how to get the gov to stop sending me money. I claim 16 dependents on my check which takes me to a 0 withholding and they still want to give me several thousand. Our tax system needs overhauled. Should be a straight percentage with no deductions, credits, etc. More on topic, I use the online version of turbo tax for the past few years. I used to pay a CPA when I had 3 businesses, a house, and a second "home" (strangely a boat can be considered that). But now that it is just one W form and a couple of interest statements it is easy enough for me to handle. On another note, I was talking to one of my employees tonight who told me that H&R charged him $600 to do his taxes last year. He is single, no kids, and one w-2. Not sure why they charged so much. Sent from my iPad using Tapatalk HD

[LowBb]

Been using HR with schedule C for a few years and like the "import last year's info". 

Been thinking about trying Turbo Tax. Does anyone know if you can import HR's info into Turbo?

[LI0NSFAN]

Been using HR with schedule C for a few years and like the "import last year's info". 
Been thinking about trying Turbo Tax. Does anyone know if you can import HR's info into Turbo?

I can on my wife's w2 but when I was working we could never get mine to import, so I think it is based on the company you work for.

[Guest Lester Weevils]

A few years ago I used tax act a couple years when I was mad at turbotax business policies or high price.

At that time I had a lot of depreciation records and it would have been a serious PITA to type in the info from scratch. The programs would import the data to a certain extent. Dunno if they still are interoperable that way. I was generally happier with turbotax from a user interface standpoint, but been a few years since trying the competition.

Sometimes mystery things just go wrong with the tax programs. A couple of years when, after completing the return, got into a loop where the accuracy checker claimed to "find something wrong" but then was unable to tell me what was wrong or how to fix it. One year it wouldn't e-file or print for love or money, either on the mac or pc versions, and I finally had to trick it into printing pdf files, and then printing the pdf files to send off.

There ought to never be bugs in an annual cash cow that big, IMO. Edited February 5, 2014 by Lester Weevils

[gregintenn]

My wife and I have very simple taxes. 2 w-2's and 2 dependents...................easy peasy so I use www.freefilefillableforms.com and get to efile for free.

I'm leaning toward trying this this year. I usually get forms at our local library, but it's been closed for a while dut to remodeling.

 

So you haven't had any issues with it?

 

Update:

I used this, and so far I like it. Unless there are unforeseen issues with it later, I'll use it again next year. Fill in the blanks, hit the "do the math" icon, save it, print yourself a copy, and hit the e-file now icon and you're set. Easier than mailing one in, and my favorite part...FREE! No income limits, and all the forms and publications you'll need right there.

Edited February 8, 2014 by gregintenn