Taxes

[Bob_in_OKC]

Just thought I'd talk a little tax. Do you do your own? A tax service like H&R Block? A certified public accountant? If you do your own...Do you use software?

Besides the poll, when do you submit yours? Early to get the refund asap? Late because you pay in? I usually do mine in March.

 

[JonL]

I've done my taxes all of the ways in the poll except for using an HR Block type place. It's all depended on the complexity of my circumstances. I'll be doing them myself this year, which is an indication that my situation is simple right now, and that's NOT a good thing.

 

[AnalogDigit]

I have done them the pen and paper way last year. This is the first year I will file electronically since I got high speed Interent after dropping dial up. Anyone out there want a free PCI modem?

 

[Andyman]

TurboTax for the last decade or two.

Money well spent as we file Schedule Cs for eBay earnings.

If there's a refund, it goes out ASAP and the money is usually in the bank withing a week. I usually rough it out with figures from my last pay stub and what, then update them as the real numbers arrive or get crunched from my receipts.
If I pay, it goes out in April....

 

[BmWr75]

Did them myself on paper forms for ~28 years. Started using Turbo Tax about 5 years ago and never looked back.

 

[70salesguy]

I always did my own. After I started my business, it got a lot tougher, but I still could do it.

But when I incorporated, that was the end for me! :saywhat: It just got too complicated, so I found a good local CPA to do it. I've noticed in the last few years that he usually saves me more $$ than he charges! :yes:

 

[ehoove]

I always did my own. After I started my business, it got a lot tougher, but I still could do it.

But when I incorporated, that was the end for me! :saywhat: It just got too complicated, so I found a good local CPA to do it. I've noticed in the last few years that he usually saves me more $$ than he charges! :yes:

I did mine as well using Software till 2 years ago, too complicated since then. CPA handles it for me now.
Regards,
Jim

 

[finnbow]

Stubby pencil until last year at which time I switched to Turbo Tax.

 

[blhagstrom]

A very long time ago, I tried to go into farming (family business), I used a CPA. I was very young. Price was OK. When the price more than tripled, I was shocked and looked at what he did. It was pretty simple so I started to do my own. Over the years, I just kept reading the book more and more and as my situation changed, I learned many new things.

I find its good to know how a lot of it works. What is taxed, who is taxed, all the special tax breaks or burdens. All the special circumstances and the forms. Not that I'm "geeky" that way. Its just nice to know what is going on. I am a bit of a math geek (just real good at it) so knowing this stuff helps sometimes in business planning and expeditures.

There have only been a couple times I had to explain to the IRS how it works. Actually, just a couple minor mistakes and not a big deal to sort out. One was their mistake and one was mine.

 

[70salesguy]

Back in the 80's, I worked part-time for H&R Block during one tax season. They run a tax prep school and the better students are usually offered a job (for tax season only). I was working full-time in a technical position for a large corporation at the time and had a day schedule that had me out of there by 4:00 pm every day.

I learned a lot and it was very interesting, but one tax season was enough for me!

The prior post is correct, knowing the system and how it all works is good. This is what I did until I incorporated. I determined that I can make more $$ than I pay my CPA for the time involved! That, and the fact that the rules are so complicated and somewhat subject to interpretation put me out of the game!

 

[Mark W.]

we been going to the same gal at H&R block for 6-7 years I guess. Cost a bit but she always gets us done in an hour or so and the return is the best we can hope for. This year will be interesting since I'm down almost 20% from last year.

Not a good time to be a construction dump truck driver in Oregon !

 

[Permanent Waves]

CPA these days. I have too much floating all around in various accounts/investments of all sorts to trust myself to do it anymore.

But my CPA friend does it (and always helps me with questions I have on investments/savings...etc.) so it doesn't cost me anything (well, I usually throw some beer I've tried and didn't like his way several times a year...but I'd do that anyway) and he can save me thousands a year I might of missed.

 

[Ausjoe]

I itemize like most homeowners, use Turbo Tax, and file by the end of Feb. Only interesting thing to add is I read recently how few Americans do their own taxes. Almost two thirds use a tax pro. Remember most people can fill out 1040EZ or 1040A. Are we that lazy or just too dumb. And no I'm not talking to you guys with complicated situations. Look at the EZ form. A third grader could do it.

I would caution early filers that it sometimes requires digging with online software till they sort out the tax changes adopted at the last minute. Last year I had to really dig to get the sales tax deduction as it did not present itself automatically. If you didn't know about it you lost it. I'm sure they corrected it later in the season. I certainly sent them an email after I was done.

 

[mfhale]

We use software and generally file late February or early March.

+1 on Ausjoe's comment. Filing very early with software can possibly leave money on the table.

 

[elcoholic]

Turbo Tax for at least ten years. Prior to that I'd modify an excel workbook from year to year.