Tax Software.

[SingleStack]

Hey guys,

Which tax software would you suggest? Ive always done my taxes myself, on paper. but bought a house last year and am thinking about

using turbo tax or something like that.

As far as ACA ( obamacare ) is concerned, do we have to prove medical coverage this year? if so how? what form?

Also  im pretty cheap so dont realy want to spend alot on software. what have you paid for it if youve used it ?

[Karnage]

I've used Taxact for years. They offer a free version but I have always paid $12.99 for the deluxe version.

http://www.taxact.com

[Raoul]

Accountant.

I got turboed by Turbotax one year.

[Lumber_Jack]

I used H&R Block Free Version for years when I took only standard deductions and it was very simple. Now that I have a private business and several deductions I've left it in the hands of a CPA

[Fourtyfive]

Simple return Turbo Tax free online , otherwise CPA.

[RKB]

FreeTaxUSA. I've used it for six or seven years, and as it says, it's free. It's online, no need to download software. My return is not too complex but it does involve MFS status, dividends/capital gains and itemized deductions. They have been spot-on accurate. I used to double-check them by doing a 1040 on my own (I used to work for H&R Block and was an IRS volunteer for 20 years so I am very familiar with tax prep) but I don't bother with that any more. Another nice feature is after your first year, your previous year data is saved and compared to the current year.

If I had a business or farm, a much more complex return, I'd hire a CPA. After working for Block, I would never recommend them or any other chain tax prep firm. Their training for preparers is minimal at best.

Edited March 3, 2015 by RKB

[peejman]

H&R Block software for the past 10 years or so. I have a family and a house but few other complications. The software is quick and easy. Took me about 45 mins this year and I got my refund back in about 3 weeks.

[TNMTBik3r]

I use H&R Block for the past couple of years. I have compared H&R, TurboTax, TaxAct, and some other one and H&R Block always gets me the best refund by at least $100 each time. I use the deluxe version - whatever brand you use (online or software download) check for coupons online. Can usually find one to save you at least $10, if not up to 50% of the cost.

[john455]

Ditto I've used H&R blocks free site for years and have been happy with it

[Trekbike]

Online TurboTax for me.  

[Oh Shoot]

TaxAct

[smithra89]

I used H&R Block software this year. Easy to use. I'm a tax novice and still felt comfortable using it. Answered any questions I had

[jgradyc]

I have used Turbotax Home and Business for years. It's $99.  If you don't need to file Schedule C, there are cheaper versions.

Edited March 3, 2015 by jgradyc

[runco]

I have used H&R Block that I buy the electronic version from Wally for many many years, no complaint.  I already got my refund back and it this year was the fastest ever, only 6 days, received it on Sunday in my bank account.  I did learn a lesson this year, if you have sold real estate like in investments, buy the deluxe version, and not the basic.  I did have a little problem with my 1099S this year, and the basic software was not a lot of help, but the deluxe was. 

[sbeck37923]

Taxact free version for the past several years.  When I first started using it, I compared it side by side with Turbotax and H&R Block for a couple of years.  Results were to write a check to the IRS for the same amount each time.

[analog_kidd]

We have rental properties, and the first year to do taxes after buying one of the properties, I thought I need a pro to help me out, so I went down to the H&R Block office. A few months later I bought a book on tax deductions for landlords, and chapter one talked about depreciation of basis. It a big deal for rental property, and H&R completely overlooked it. They made it right by filing an amended return for me, but it was that fact that I had to point it out to them that led me to think I could do it on my own. Plus they charged me like $400!

 

I have been using TurboTax ever since. They have an online version specifically geared for landlords, and it's very easy to use. I did my taxes this year in about two hours, and that included gathering up all my receipts and paperwork and updating some personal spreadsheets. It was even on sale when I did mine, so it only cost me $59.

[enfield]

I've used Turbotax for over 20 years.

[SingleStack]

wow thankks for the replies.

what about ACA? do we need any forms to prove coverage?

[gregintenn]

wow thankks for the replies.

what about ACA? do we need any forms to prove coverage?

No. At least I didn't.

 

I use a #2 pencil and a 6 pack.

 

I refuse to pay for something that aides in my paying taxes. I also prefer to understand how the tax system is set up instead of taking a computer program's word for it.

[Alleycat72]

TurboTax and my taxes are relatively complicated.

[greenego]

As far as ACA, no additional forms unless you purchased health insurance on the market place. You should have received form 1095A from them (they only mailed out 800,000 incorrect ones, so make sure you have the correct copy) information on it goes on form 8962. If you didn't have health insurance, you may have an exemption to the penalty. Form 8965 for this.

 

As for those looking for CPAs, you may want to find an EA (Enrolled Agent). EAs are trained in for taxes, CPAs for accounting.

 

http://www.naea.org/home

[LCPfraTN]

...As for those looking for CPAs, you may want to find an EA (Enrolled Agent). EAs are trained in for taxes, CPAs for accounting.

http://www.naea.org/home

You're obviously a little biased toward EAs and they admittedly specialize in tax. [emoji6] However, CPAs generally specialize in tax or accounting/audit and their training and experience is significant. So, if someone needs assistance with taxes by all means look to a CPA or an EA before using one of the chain tax services.

If you want to prepare your tax return yourself, I suggest buying one of the tax software products and loading it on your computer rather than using the online versions for privacy protection reasons. The more expensive software has a lot more helpful tools and interview style of questions, but if your return is simple or you've been preparing by hand in the past, Tax Act is a simple, low cost, but sufficiently robust tax prep package that will get the job done.


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[Oh Shoot]

...but if your return is simple or you've been preparing by hand in the past, Tax Act is a simple, low cost, but sufficiently robust tax prep package that will get the job done.

 

TaxAct Deluxe is a complete solution for anything short of maybe advanced business needs, allows multiple returns, etc. If you pre-order it, only $9.95 instead of $20 each year.

 

- OS

Edited March 5, 2015 by Oh Shoot

[analog_kidd]

As far as the ACA, using TurboTax, they just ask you if you had health care coverage during the previous year. There is also a new box on your W-2 form (box 12b with code DD) that lists how much your employer contributed to your health care. It is just there for informational purposes for now, but I think that in a year or two, that will be included in the income portion of your taxes. Mine was $12k, so that means I'll have to pay tax on $12k more of income, that I didn't have to pay in the past, and with no noticeable padding of my wallet.

[greenego]

You're obviously a little biased toward EAs and they admittedly specialize in tax. [emoji6] However, CPAs generally specialize in tax or accounting/audit and their training and experience is significant. So, if someone needs assistance with taxes by all means look to a CPA or an EA before using one of the chain tax services.

If you want to prepare your tax return yourself, I suggest buying one of the tax software products and loading it on your computer rather than using the online versions for privacy protection reasons. The more expensive software has a lot more helpful tools and interview style of questions, but if your return is simple or you've been preparing by hand in the past, Tax Act is a simple, low cost, but sufficiently robust tax prep package that will get the job done.


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You are correct, because i are one :pleased: