Turbo Tax

I am going to fire my tax guy of many many years this year for complete lack of performance. Anyone use turbo tax, or other software? Is it worth it to find a competent tax preparation professional or just buy software? I have a couple of rental properties, tons of medical bills etc. it has been years since I have touched a tax return. Should I start now or jsut pay someone?

We have an accountant that does the business while I do the personal. The business is just a bit complicated though the personal isn't that big a deal.

I used to use TT, then I switched to Tax Cut. One year I decided to try using a paid preparer for the first time in my life. I will never do that again. I spent three weeks providing answers to her that she was supposed to know! I have since gone back to Tax Cut and don't anticipate ever going back to a paid preparer.

I've always used H&R Block Tax Cut.
It is easy as pie. With direct deposit - I get my refund in
8-10 days. This year I picked up a copy for $15.00 bucks,
and it includes 5 free E files.

I think you should try it. It will ask you questions, and
depending on your answer, skip or guide you through the
preparation of your return. At the end of all that it will run
it through an "audit buster" check, and point out any errors
that might red-flag the thing.

I've also heard good things about Turbo Tax.
But have never used it.

The best part of using one of these software packages, is
that once you enter all the information, like SS# address etc.. is you can import all that information next year.

That saves tons of time.

Last year I got ticked at the company who has done my taxes since I started my own business and decided to do my own on Turbo Tax. It really wasn't that difficult and I got the real test, I got audited. I'm fairly certain that the audit was based on one of the "anonymous" tips people can give the IRS. I have a real Richard Cranium of a brother in law that I've somehow managed to not beat to death. I'm almost positive I know who provided the tip. His mother, my MIL, passed away a couple of months ago. Now his safety blanket is gone! Yeehaa! I can't hardly wait until I pick the time and place for my, um, conversation with him!!

Anyway, other than being a bit of a hassle, the IRS owed me about $50 after all the audit was said and done. That portion was directly related to me not being sure if I could make a specific deduction when doing my taxes, so I didn't deduct it. As it turned out, I could claim that deduction, thus the additional refund. Otherwise, Turbo Tax was spot on. I'm sold on it. I'll buy it again this year.

I've used TT for many years. We have a small business so I use the "Home and Business" Version.

It's very easy - guides you through every step.

In my first life I was a CPA, Turbo Tax is easy to use, I cannot believe all the work that we used to do manually, saves a lot of time, no math errors. Has a question type interview for those that are not tax savvy. The only way to go in my book.

This is no crap!

I got on this thread around 2 PM.. after i purchased the
new Tax Cut 2009 software. And started doing my taxes.

I made a screen shot of this:



WTF?

We use TT as well. Works for us. One retired H&R Block preparer I know always uses TT at home.

tsaw said:

This is no crap!

I got on this thread around 2 PM.. after i purchased the
new Tax Cut 2009 software. And started doing my taxes.

I made a screen shot of this:

WTF?

Click to expand...

Well, even though I feel that I get nailed on taxes, there is a limit to what I'll do for exemptions. I don't know if a kidnapped kid would qualify for a deduction, but it's not going to sway me away from Turbo Tax.

For all who know me somewhat.. knows that Diana is a real person.
She is my real daughter. I followed the "interview" and got that question.

I've gone to a friend of mine for tax preparation in the past (the wife of my attorney).
I also gone the route of going directly to H&R Block here in town (big mistake, holy crap, they took almost HALF of my refund in fees).

I'll stick to the accounting firm I used last year. Small group, they get it done for a a whopping $30, and haven't raised those fees this year either.

I use this Mexican chick and she does a GREAT job. Alas, before her I was using H&R Block and I cant even tell you how much they SUCK!!!!!!! Over-priced assholes they are!!!! Plus they didnt even do a proper job! I could have submittted more deductions and gotten MORE money bacK!

Deadly Sushi said:

I use this Mexican chick and she does a GREAT job. Alas, before her I was using H&R Block and I cant even tell you how much they SUCK!!!!!!! Over-priced assholes they are!!!! Plus they didnt even do a proper job! I could have submittted more deductions and gotten MORE money bacK!

Click to expand...

Sushi, my friend, you are heading for trouble. Paying taxes to Mexico does not relieve you of liability for paying taxes to the United States Government.

Another vote for H&R Block Tax Cut (Now in 2010 named H&R Block At Home).

TurboTax may be as good for the typical family return with maybe small rental or farm income to report.

Both can download your 1099's and investment statements from Schwab, Vanguard, etc, and also bring forward your last year's name/address/employer/deductions etc data. Accumulating all that data, with absolute precision, is half of the tax preparation project right there.

I switched from TT to TaxCut the year I inherited responsiblity to manage and eventually liquidate Dad's Trust. TaxCut had far better tools than TT for working with this complex and unfamiliar stuff. I completed the Estate Tax return (back before the exemption was raised) and a couple of years returns for the Trust itself before I got the assets retitled to the heirs. Plus of course preparing returns each year for self (Wages, Pensions, Rental, Farm, Itemized Deductions), 2 semi-adult kids, elderly Mom, and for Dad's final living year.

I reviewed all the Trust's bookkeeping and tax returns with a high priced, best-in-town CPA/tax attorney before I released the Trust assets and he said I nailed it, no corrections.

Good enough! I've used TaxCut ever since, and recommend it.

If you made less than 57,000 last year, you can use free online companies (including Turbo Tax) via the IRS.gov site. All of the free filings are full featured with interview question that step you through it all (including complex deductions), and 100% free for filing (Federal only, State not included).

Turbo Tax charges a fee to actually upload your information, which is on top of what you paid for the S/W to begin with.

I do this for my neighbor every year (he doesn't have internet access).....and it's about time for him to come knocking!

http://www.irs.gov/efile/article/0,,id=118986,00.html?portlet=6

I just have to be different...

I started using TaxAct in the late 1990's because it was the cheapest at the time, and I keep going back to it each year because it automatically loads my info into it from the previous year.

I never pay that upload fee. (Block has it too). I just mail in the paper return along with a (hopefully) small check.

Why give the auditors an electronically searchable picture of your affairs? Let em dig!

And just so I don't leave the wrong impression: I was audited once, with no additional tax due beyond what I had submitted. The credit union had transferred custody of my IRA to their new replacement IRA custodian bank. Then the CU erroneously reported that transfer as a taxable withdrawal - when it was only a CU internal issue that they hadn't even told me about!

No other corrections in near 50 years paying income taxes.