Just wondering how many of you do your own taxes each year? We paid an accountant for 20 something years and finally tried doing our own. The first time we used Turbo Tax and last year we tried Tax Cut. We've been very happy with the results we've gotten. How do you do yours?
Shirley
Do you do your own taxes?
Accountant here... they do our business and give us a break on the price of our personal. And, I feel a bit more comfortable about not being audited with the CPA signature on the forms. Probably not worth the paper it is written on but I feel better.
We do our own, wife does ours and half the family tree's taxes too.. she loves it somehow - maybe she should have been an accountant.
My husband does ours too.
Used to do for many people - now just our own - Parsons, then TurboTax, finally on-line TurboTax. E-File all the way.
We do our own with Tax Cut. :-)
I do my own on Tax Cut...
I do my own online, with TaxAct Online. It's free and free e-file. I filled mine out on 1/29 and my refund should be deposited in my bank account by 2/12.
I use free tax USA--its only $9.95, they efile, money deposited in bank in 10 days.
For those of you who do yours with a tax program, do you buy a new one every year? Just wondering if we need to buy a new Tax Cut again this year?
We use turbo tax. Remember the days pre-computer in our house and had to do the dreaded long hand *blah*!!!! We do renew it every year I think but it's worth it's cost to have it all simplified and even finds deductions for you. Can have your refund back in less than 2 weeks direct deposit.
Would always do our own using this method, just to easy not to!
But if we were a business with big profits I'd not hassle with it.
Yes, you have to buy a new one each year.
Money deposited? Refunds? Hmmmm....
All we get is ~ How much did you make? Send it in? LOL
They update the tax programs every year for the changes in the tax code, so you have to buy a new one every year.
I use TurboTax.
Carla
DH and I own two businesses, plus he has a fulltime job. We use a CPA to do our taxes.
Bless you June_nmexico ~ I don't feel like the lone ranger... lol
Podster - Years ago, when I first started my business in California, I was audited. Blessedly my taxes had been done by a CPA and he appeared on my behalf. I was not nearly so organized back then and it was a nightmare to pull cancelled checks, invoices and receipts together. It all worked out fine, but I would have been a wreck if I'd had to appear myself. When we moved to New Mexico the first service I sought out was a CPA to do our taxes. He also helped me set up my QuickBooks system in a very organized way so things go much more smoothly these days.
June
And that is why I feel the way I do. We have two business plus a rental property plus our personal taxes. I do the bookwork and the CPA can have the headaches. One year a letter came from the IRS saying they had rec'd form XXX but didn't get from XXXX. Odd because XXXX was located on the back page of XXX. The CPA simply wrote a letter and mailed another copy and didn't even bill us extra. They would listen to him sooner than me I am sure. Money well spent if it is more than just a W2 or 1099.
Pod, I wholeheartedly agree! If you have a business, a CPA is the way to go!!!! Hurrary for our entrepreneurs!!!!!!
Mine is very simple, so I have always done mine. I think if you have a business it is smart to hire a professional!
Turbotax
I always do mine myself, and I've itemized the past three years.
This year I did mine free online with TaxAct
Saw my credit union offers members free turbotax. Whoo Hoo!!!
I've used FreeTax USA online for the last 6 years--I do my daughters' and efile hers for free. I make more than they allow for free but they only charge 9.95 to do it and efile it. I itemize too. They were one of the first "online" companies to loet you efile without going to H&R Block or a CPA.
I hear the IRS is not accepting returns with Hope college fund credit or college education expenses until Feb 11 if you efile. Sure helps take the "sting" out of paying for college--I'm getting back a lot more than I ever did before. They should give a credit for "senior in high school" expenses too, if you ask me.
i can't even find the right papers for the CPA! Hate anything that is bookwork.......so once a year I sit in the floor trying to sort through papers to send in a paper bag to John!! I praise all accountants who enjoy doing book work.
dmj1218, I wish that we could get a deduction for homeschooling! It costs soooo much!
We have always done our own taxes even though we have owned our own business.
Necia
I know it! There needs to be an exemption for homeschooling. I don't yet hs but plan to.
Necia--
I think we should all get some sort of extra "medical (mental)" or "combat pay" exemption for all teenagers we claim as deductions. ;)
debbie
I'd like a deduction/exemption for our fir-babies, too. Vet bills are not cheap anymore.
Bubba, they certainly are not! I wonder if fur-baby health insurance is deductable.....
=)
If we got tax exemptions for homeschooling, we'd also get federal government regulations about how we homeschool. After all, they would have to define "homeschool." I'd rather not see that happen. I love being able to homeschool in the way that is best for my family, and not having to worry about whether it matches someone else's check list. :-)
Isn't it fun hearing about how different people do things? We have been using Tax Cut for years. We tried Turbo Tax once and ended up going back to the store and getting Tax Cut again. It works very well for us. :-)
This message was edited Feb 8, 2008 12:07 PM
Marylyn,
That is very true!!!! It just sometimes irks me that I also get to pay public school taxes!
Necia
Now I feel like I need to go out and by software so I can do my taxes.
I did that for years, but refused to buy a new computer or swap to the "latest & greatest" operating system - the tax packages out there no longer support the older op-sys. That's why I went on-line last year, for the personal 1040.
For the business - use QuickBooks Pro - only upgrade when the accountant requires it. We have been with the same CPA for many years - send him a copy of the Accountants BU, he returns the JE's - very easy for both of us.
My daughter works for State Farm and she said since we use them for ins. we could use Turbo Tax for free but we'd have to go to their website. My husband says "forget that". He won't do any of our taxes on line. I guess he's right though. If someone hacked into State Farm they'd have all of our info.
I am 65 and still paying school taxes on my home and farm land. At least we want all children to get an education somewhere.
No complaints on paying school taxes here and no children in the school system. I only hope that a few of them will grow up to be productive, tax paying citizens. If my tax dollars will help that, it is money well spent. OTOH, homeschoolers should receive some benefit be it tax credits or assistance to purchase books etc... JMO
Turbotax on line ever since I got a computer.....
I would love to complain about school taxes but at least we get a freeze in Texas on school taxes at age 65. We all just want our children ready to face the world in many kinds of situations. It is like my dad used to say every morning when he woke us up........he raised the window and said, "Good morning, world. Here we come to greet you today"!
Mine are grown and, looking back at all those years of preparation for getting out into the world, I wouldn't change one experience they had whether it was a good experience or a horrible experience. They are sturdy. (well, the youngest is still thinking mom owes a little bit more) (LOL)