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View Poll Results: How do you prepare your taxes?
I/we do using a software package like Turbotax 73 71.57%
I/we do by hand (without a software package0 5 4.90%
Pay a professional to do them. 24 23.53%
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Old 03-29-2014, 11:32 AM   #21
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Originally Posted by Hermit View Post
Alright. You folks are just making me feel bad. I just got my statement from the CPA: $450.00

Its definitely DIY next year.
I have a CPA do my taxes. Same guy for at least the last 20 years. After I completely retire (and have a bunch more time) I will still have the CPA do my taxes.

Hermit, maybe I could use your guy? My CPA tends to charge me $525 each year. But, a few years ago, I heard him mumble something about included that $525 there was a $200 annoyance fee. I figured I was getting a deal.
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Old 03-29-2014, 11:36 AM   #22
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DIY. IMO far more costly than an accountant's fee is missing out on learning first hand the items that make one's taxable income go up and the ones that make it go down.
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Old 03-29-2014, 12:00 PM   #23
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Alot of the so-called tax professionals use Turbo-Tax and enter the same info you can enter yourself for next to nothing.
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Old 03-29-2014, 12:20 PM   #24
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For about 10 years I've used a CPA for our tax returns, although I've done the kids and my mom's using TT. Now the kids are doing their own, and next year will be the last tax return for my mom as she died earlier this year. I think I'll stick with the CPA until I formally close down my consulting business (probably later this year) and my sister and I get rid of the rental property partnership our parents saddled us with (wish they had just sold the properties). Probably back to TT for me after next year.
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Old 03-29-2014, 12:47 PM   #25
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I have a CPA that I have used since I owned my business 30 years ago. He has since semiretired and turned me over to a young gal who is really sharp. I like a second set of eyes looking at things. I also have someone to represent me should I ever get audited .
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Old 03-29-2014, 01:01 PM   #26
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Always do my own by hand - takes very little time as I use a spreadsheet to estimate/track taxes.
Same here, just as it has been every year since 1985, the first year I began filing income tax returns. After I bought my first PC in 1995, I was able to enlist the aid of a homemade spreadsheet to help do the calculations. OVer the years, I have refined the spreadsheet to also enable me to do what-if scenarios and to help estimate my taxes throughout the year.

I also do the taxes for my ladyfriend and my best friend (Steve). My ladyfriend moved to NY in 2004 so I have helped her out since then and I have helped Steve out since 2005.
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Poll:Do you pay someone to do your taxes?
Old 03-29-2014, 01:06 PM   #27
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Poll:Do you pay someone to do your taxes?

I've always done ours myself, mailing in paper forms before online filing was available. I've been using FreeTaxUSA® FREE Tax Filing, Online Return Preparation, E-file Income Taxes and it fits what we need. I always do a first draft in Sept or Oct just so I know where we stand.

Our taxes have never been very complicated, we haven't itemized in years. I get 2 W2s, DH gets a 1099-R and we get a couple of 1099-INTs. The most complicated was when the kids were in college and it was well worth the extra form to get those juicy college tuition tax credits.

DH doesn't come close to anything that has the word "tax" in it. When I file online I ask him to do his own electronic signature but he doesn't care to know any results. Numbers are not his thing.

One of our sons is self employed, files a Schedule C and makes quarterly estimated payments. I do his taxes with him just so he has someone asking the right questions and double checking his answers. Our other son used to have me look at his before he submitted them but he knows what he's doing now and just does it on his own.

We can file for free at our state tax website and also at our city tax website.
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Old 03-29-2014, 01:33 PM   #28
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(Canadian) I have always completed my own taxes, for many years I used Quicktax online. Last year I used Studio Tax (a free software), and this year, i used Simpletax.ca (free online).

I Liked both free options, although I donated to both of them, it was less than I would have paid for turbo tax.
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Old 03-29-2014, 10:10 PM   #29
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I do our taxes by hand and mail in the paper forms.
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Old 03-29-2014, 10:29 PM   #30
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My company pays for a professional to do them for me, if they didn't I would pay to have them done.
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Old 03-30-2014, 08:12 AM   #31
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Before the advent of personal computers, I always did my own by hand, with the assistance of the JK Lasser book. I use a computer program now (H&R Block At Home). I still file paper forms by mail and will continue to do so until it is no longer permitted by law.
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Old 03-30-2014, 08:15 AM   #32
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We use a CPA as our taxes have a lot of stocks, charitable gifts, etc... and I loathe doing them myself....would almost rather have a root canal...
Well, that's the thing with not having to do something that for whatever reason one just doesn't want to do.

I recently paid to have the garage door springs replaced when one broke. I looked up how to do it, could have saved ~$150 or so by ordering the springs and tools. But there's an element of risk that if when winding them that if it gets away from you the damage to your head can be significant. Not a huge risk - all you really need to do is pay attention - but a risk nonetheless.

So being duly intimidated by that, I opted to pay someone else to take that risk.
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Old 03-30-2014, 08:20 AM   #33
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Originally Posted by Gumby View Post
Before the advent of personal computers, I always did my own by hand, with the assistance of the JK Lasser book. I use a computer program now (H&R Block At Home). I still file paper forms by mail and will continue to do so until it is no longer permitted by law.
Ah, brings back memories. Ernest and Young was the tax guide I'd use. Plus going to the library or post office for some needed forms, and laying out those forms all over the place.
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Old 03-30-2014, 10:02 AM   #34
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Between personal taxes with a rental condo and an S Corp the taxes are more than I want to deal with so I pay a CPA. Now that I'm ER'd, the rental condo and S Corp are gone so next year I will probably start doing my own.
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Old 03-30-2014, 10:04 AM   #35
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When I was young, my tax returns were too simple to hire somebody to do them.

Now, they are too complicated with my stock trades, so I have to do them myself to save money.
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Old 03-30-2014, 12:47 PM   #36
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Have always done them myself. When I retired I worked for Block for about five tax seasons, the last two years I've been working as a VITA volunteer and doing taxes for others.
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Old 03-30-2014, 01:35 PM   #37
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Always done my own taxes. I have bounced around between Turbo Tax and H&R Block software, but for the last few years have used Tax Act. I've never owned real estate besides our home, or run my own business, both if which seem to be where the added complexity comes in. I have been audited twice but passed both with flying colors.

I'm a math nerd so enjoy going through the forms to understand what is going on. Others have told me about the VITA program, and that is something I may volunteer for after I retire.
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Old 03-30-2014, 01:39 PM   #38
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Before the advent of personal computers, I always did my own by hand, with the assistance of the JK Lasser book. I use a computer program now (H&R Block At Home). I still file paper forms by mail and will continue to do so until it is no longer permitted by law.
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Ah, brings back memories. Ernest and Young was the tax guide I'd use. Plus going to the library or post office for some needed forms, and laying out those forms all over the place.
+1

I also remember Lasser. Bought it once, I think, but it was always available at the public library, close to where I worked when traveling to NY. The Ernest and Young guide had the most detailed help for taxpayers abroad and I bought a new copy every two years.
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Old 03-30-2014, 03:01 PM   #39
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Well, that's the thing with not having to do something that for whatever reason one just doesn't want to do.

I recently paid to have the garage door springs replaced when one broke. I looked up how to do it, could have saved ~$150 or so by ordering the springs and tools. But there's an element of risk that if when winding them that if it gets away from you the damage to your head can be significant. Not a huge risk - all you really need to do is pay attention - but a risk nonetheless.

So being duly intimidated by that, I opted to pay someone else to take that risk.
Walt,

You'll never make it into the list of pictures of "why women live to be older than men" with an attitude like that!
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Old 03-30-2014, 03:28 PM   #40
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I pay an accountant and he is worth every penny. He has done my/our personal taxes for over 20 years and he did my late husband's corporate returns and employee payroll stuff. My taxes are not very complicated now but he provided a lot of emotional support to me over the years when I came to him with things I did not understand, and he has helped me sort out numerous financial issues without charging me for his time.
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