Tax time, any body use Turbo Tax?

Knucklehead

Ive been doing my taxes "longhand" for years and years, the older I get the more I hate doing this....anybody use Turbo Tax or something similar?

kevhed72

Although Turbotax is sometimes not the most straightforward process IMO, I will probably end up using it again just to get them done.

maximillian

I used to use Turbo Tax online. It's pretty easy to do. That was when my taxes were easy to do.

Then a few years ago my taxes became complicated so I used an accountant. Actually, I was referred to an accountant by a different accountant that a friend recommended. The accountant screwed up my taxes so bad I had to file for an extension. Then the referring accountant felt bad and fixed my return for free. In gratitude I have been using him for the past couple years even though I could easily use Turbo Tax again.

He did say something interesting though... if you make a mistake or forget something you could easily end up paying or not receiving money that is more than what his fee is. So I will probably stick with him knowing that he is really good and my taxes will be done professionally.

newrival

I use taxact.com

It's cheaper and rated higher than turbo tax.

but turbo tax is good too.

tonyb

I go to an accountant, has saved me thousands over H&R Block,or Turbo tax.

On3s&Z3r0s

I agree that it depends on the complexity of your taxes. Mine are pretty straight forward, and I use Turbo Tax... beats the hell out of doing it longhand. If you have complicated investments or other tax shelters like living trusts, etc. and keep good records it's probably better to turn it over to an accountant.

I want to make clear that I mean absolutely no offense by this next statement whatsoever... more a comment on the complexity of the tax code than anyone's abilities, so here goes: if you've been doing your own longhand they're probably not so complex that a version of Turbo Tax couldn't handle them. Turbo Tax's wizards will advise you if your taxes look complicated enough to require a more sophisticated version (like the Home Premium / Small Business edition).

If you do end up using Turbo Tax and are familiar with most of the tax forms you normally use, there is a way to switch to the forms view rather than just working through their question and answer wizard, but I spend most of my time in the wizard and go to the forms when I want to check to make sure something specific was filled out correctly (like a vehicle I donated last year, which requires special paperwork).

Overall, I recommend it.

jimbo1421

I have been using TurboTax since 1997. Being self employed, it has made tax prep so easy I don't really mind doing it. The biggest time saver is the automatic arithmetic updating every time I make a change. I can also develop some basic tax strategies. For instance, I can easily determine how much to put into an IRA to maximize the tax benefit and not put in too much money that stays tied up for years.

Jim

treitz3

No TT here. The best thing I ever did was find an outstanding accountant [referred to me]. The worst thing I could do is to go without them. Uncle Sam don't play.

zingo

newrival wrote: »

I use taxact.com

It's cheaper and rated higher than turbo tax.

Ditto. The last two years have been taxact.com and trouble free!

Knucklehead

Thanks guys, I think I may give one of the online products a try this year. My taxes are pretty straight forward. I have a rental property so thats about as complicated as it gets for me, although sometimes it seems like Im doing 2 separate returns even though my Wife and I file jointly.

HHStuart

I use Turbotax and have for years. 15 years ago I used to do it on both a spread sheet and Turbotax. Turbotax would catch the changes in the law and the spread sheet would remind me of the various pieces I had not done yet. It obviously depends on how complicated your taxes are. I use schedules A, B, D, E as well as forms 4835 and it gets more complicated when my wife uses her stock options. I have used accountants who did a lousy job and I have used accountants that knew there stuff. It's a risk either way. The tax code has become ridiculous over the years and needs to be severely trimmed. There are way too many tax breaks out there. I would rather keep it simple.

ohskigod

I am a taxcut guy myself (the HR Block software) been using it for years, no problems.

any software is only as good as the info you enter though, so always check the end result and make sure it makes sense.

steveinaz

I've done my own taxes since I was 16, I tried turbo tax a couple years ago, but by the time you pay all the fees (they don't tell you about) for electronically filing, it's way over the top---never again; free my ****. TT also missed a credit, that luckily the IRS caught---and sent us a check.

pitdogg2

we use Freetaxusa.com you can also just go to IRS.gov for most both of these are free

Demiurge

I have done my own taxes since I was a teenager long hand like most people.

Then I moved to Turbo Tax which was much easier and well worth the price to get them done in about 5-10 minutes. The added bonus is that there wasn't a bunch of paperwork to shuffle. Just file and print and you're done.

Now that they're more complicated I pay an accountant.

Frankly, unless you enjoy doing your taxes by hand or can't afford otherwise, I don't know why you wouldn't pay for one of the software services or an actual accountant that have a much better chance of getting it right and keeping the IRS off your ****.

bobman1235

newrival wrote: »

I use taxact.com

It's cheaper and rated higher than turbo tax.

but turbo tax is good too.

Another TaxAct guy here. My taxes are very simple; if I had a lot of deductions (business, house, whatever) I'd probably consider paying an accountant, but for what I have, the simplest way to get the information on the form is good by me.

I do my taxes as early as I possibly can and usually have the money direct deposited within two weeks. Costs like 25 bucks total, including electronic filing and all that.

blueboxer

My former background is in accounting and I would recommend TT for most people. Taxact offers basically the same results for less as well. If you do not have an overly complicated return this is a way to go. HR Block and all those others basically use their version of a tax software as do a lot of CPA firms for basic returns. CPAs are definitely worth the investment for those that require more complicated returns or specific financial goals.

Earthy

Ive used TT for several years. Most years it's fairly painless. About 30 minutes to enter all my stuff. I got a little wild playing the stock market a couple of years ago, and entering all the buy/sell stuff got old after a while, but you have to deal with that on any system. Is it the best, I don't know. Most years I start my return and then know exactly how much I need to set aside. Then in early April, I finish my return and that's when you pay. If all the systems work like that, you could test drive them all.

markmarc

For the average joe filing, TT works great. I've been using it for coming up on 9 years and never had a problem or been audited, that included my wife's small business and my reviewing gig.

michaeljhsda2

I use TaxAct.com. Total cost is $17.95 (the Federal is totally free but the State costs $17.95).

bobman1235

michaeljhsda2 wrote: »

I use TaxAct.com. Total cost is $17.95 (the Federal is totally free but the State costs $17.95).

I have no idea where that breakdown came from, but from the email they sent me,

For TaxACT Online Deluxe, your Federal return fee is: $9.95 and State Return fee is: $8.00.

michaeljhsda2

They probably have a few different promotions but if you go to this link it clearly states that the fed is free to prepare, print & e-file simple AND complex tax returns.
http://www.taxact.com/taxes-online/free-online-tax.asp. The state is where they charge you..well at least me anyway. Still a pretty good total price no matter how you slice it. Now that I think about it, this year I actually paid only 14.95 total for fed and state because I committed to using TaxAct back in November so I saved 3 bucks.

TNRabbit

tonyb wrote: »

I go to an accountant, has saved me thousands over H&R Block,or Turbo tax.

treitz3 wrote: »

No TT here. The best thing I ever did was find an outstanding accountant [referred to me]. The worst thing I could do is to go without them. Uncle Sam don't play.

Demiurge wrote: »

I have done my own taxes since I was a teenager long hand like most people.

Then I moved to Turbo Tax which was much easier and well worth the price to get them done in about 5-10 minutes. The added bonus is that there wasn't a bunch of paperwork to shuffle. Just file and print and you're done.

Now that they're more complicated I pay an accountant.

Frankly, unless you enjoy doing your taxes by hand or can't afford otherwise, I don't know why you wouldn't pay for one of the software services or an actual accountant that have a much better chance of getting it right and keeping the IRS off your ****.

Ditto to all the above. I've had several issues in the past couple of years & started going to a local tax pro--he's a semi-retired CPA who worked for the govt for 30 years. The time it saves me ALONE is worth it.

cnh

Live and work in China for a year then 'try' to use a program to do your taxes. lol

Not going to happen. Definitely need professional help this year, and it was worth it last year as well. Really, it doesn't cost you that much and these guys know what they're doing.

But if you're situation is not that complex. PC programs will probably work fine!

If you get stuck, just ask WATSON?

cnh