Poll - Who does your taxes?

[jazz4cash]

I think it's good for young folks to understand how the tax process works and how #$@(&(!$#@ complicated the tax code has become.

My main complaint with TT is that it is so sanitized that you can't "see" the workings of the process. It' a bit like using a calculator without ever having to actually having to solve a problem with pencil and paper. I do use TT, it's (too) easy to use, but I don't like it.

 

[justplainbll]

My main complaint with TT is that it is so sanitized that you can't "see" the workings of the process. It' a bit like using a calculator without ever having to actually having to solve a problem with pencil and paper. I do use TT, it's (too) easy to use, but I don't like it.

As I enter data into the tax software I keep a log of what's been entered and its effect on the tax or refund due.

 

[Alan]

My main complaint with TT is that it is so sanitized that you can't "see" the workings of the process. It' a bit like using a calculator without ever having to actually having to solve a problem with pencil and paper. I do use TT, it's (too) easy to use, but I don't like it.

As I enter data into the tax software I keep a log of what's been entered and its effect on the tax or refund due.

+1

I also click on the forms view a lot to see the detail.

 

[73ss454]

I used the same CPA for 30+ years. He was expensive but did a good job I guess. Cost me about 6 or 700 a year untill 3 years ago. I called him one day with a question on a Roth conversion and spoke to him for about 3 minutes. He sent me a bill for $300 additional when I received my bill for my taxes. I called him and asked him about the $300 and he said it was for the advise on the Roth conversion. Since then I've been using TT and it cost "0" via Vanguard.

 

[Nunyaa]

I also click on the forms view a lot to see the detail.

Great minds think alike.

 

[Brett_Cameron]

My main complaint with TT is that it is so sanitized that you can't "see" the workings of the process. It' a bit like using a calculator without ever having to actually having to solve a problem with pencil and paper. I do use TT, it's (too) easy to use, but I don't like it.

I use TT but I also have the relevant tax forms modeled in my spreadsheet that I update as changes to the tax forms occur. This helps me know the workings of the TT as well as keeping up with tax minutia.

 

[Nords]

I've done my own since my first W-2 in 1976. But my Dad helped me with that 1040.

I only voted once, but I want another 1.5 votes for doing my father's taxes now and for helping my daughter with hers. All on TurboTax... I'm never going back to pencil & paper.

While some folks clearly need a pro, doing my own taxes made it very clear how I could reduce our tax liability in the future. I probably wouldn't have learned this if I'd just met with a tax preparer, did the interview, dropped off a shoebox full of receipts, and come back to sign the return. The money I saved by not paying a preparer was dwarfed by the money I saved later by organizing my finances to reduce taxes.

Exactly. Even my BIL, an exec at a tax-prep service, doesn't know all the tax rules anymore. He just knows where to look it up or, worst case, where to ask the questions. But he knows 1001 ways that people screw up their own taxes, and that's usually when they call him. Most frequently on 16 April.

My main complaint with TT is that it is so sanitized that you can't "see" the workings of the process. It' a bit like using a calculator without ever having to actually having to solve a problem with pencil and paper. I do use TT, it's (too) easy to use, but I don't like it.

I'd much rather poke through TT's help menus and "Show form" views than to randomly search through the forms & pubs on the IRS website.

Even that's better than the days when all we had was a two-inch-thick copy of the latest edition of J.K. Lasser's "Your Income Tax" and an index compiled in six-point font...

 

[GalaxyBoy]

I have always done my own, and my brother the CPA once told me to never throw my money away by paying anyone else to do it for me. The government gives you all the information you need for free.

This is also why I never pay for anything but the basic versions of whatever software is on sale at the time. As far as I can tell, the only thing you get with the deluxe and premium versions are the same publications you can d/l for free from the IRS web site. I could be wrong, since I've never bought those "premium" versions.

 

[easysurfer]

...Even that's better than the days when all we had was a two-inch-thick copy of the latest edition of J.K. Lasser's "Your Income Tax" and an index compiled in six-point font...

Brings back memories of having that trusty J.K. Lasser's tax guide by the side, along will all the tax forms spread out on the mattress.

 

[Walt34]

In the early and mid '70's I'd go to a tax preparer but then realized that all that was changing was the numbers and then did the tax returns myself.

When the software route became available we've used that ever since. I do have a tendency to make simple math errors, transpose digits, etc. so have to triple-check all entries. DW does a recheck. Ours are pretty simple, no rental homes, no multi-state or foreign income, etc.

This year we're getting a refund. After due deliberation and careful thought we're going to engage in bit of wanton, wasteful spending and blow the entire $22 on lunch at the local Bob Evans restaurant.

 

[martyb]

Over the years, I've paid twice to have it done. Last year, I paid, and in 2009 I paid. This year, I did it online with TaxAct.

 

[gerntz]

Our return is pretty thick with being members of an LLC for our rental property. And we have MLP income too. So for the last several years we've been using one accountant for the LLC return and then another for our personal return. It costs too much, but I enjoy the piece of mind. B4 then, we did our own for 30+ years.

 

[Brdofpray]

Forgive the question if I am missing something obvious. When you use turbo tax, you connect to your broker, download data for the tax year. Will the cost basis be calculated for losses and gains automatically?

Last year I did a trial return with turbo, and compared it to HRB. With HRB I paid less tax (although the fees paid made up for the difference.) I could not find the discrepancy.

Makes me wonder if you had your taxes done by 4 different entities, would the end result ever match? Things to ponder.

 

[RE2Boys]

Did my taxes with paper & pencil, moved to software in late 1980s. As each new situation came up, got adept at doing the research. Which led to being the go-to person in my office for tax matters. Which led to taking an HRB tax course when retired in 2000. Which led to working for HRB for five years. Got tired of the retail sales mentality and moved to a seasonal, Dog Days of Winter job at a CPA firm. Still use TT at home and for relatives, do 150-200 returns at my seasonal "office"

Do I still count as retired with this confession? I go by semi-retired, though I only w*rk about 10-12 weeks a year. And it's a great reminder how great retirement is!!

 

[Hamlet]

I used to use pencil and paper.

Now I use Turbo Tax and am very happy with the product.

 

[devans0]

Life became too complicated. My wife (the accountant) does ours first, then we pay to have a CPA that is current to tax law re-do it.

I fired myself from doing taxes. IRS audited us, and found us owing $100,000. That was several years income! This was war. I refiled, and made many calls to the IRS help center, in effect having the IRS do my taxes, line by line, and documentation including the agents name, number, and date and time of the call. If I had an agent that was less knowledgeable or unhelpful, I would try again, later. Eventually, I walked away with an additional $14000 from them. The happy ending meant much worry and sleepless nights. Never again.

Another rant was the time that TaxAct planted a virus on my computer that trashed it. CDilla was an anti-piracy software that flipped some boot-sector switches that TaxAct put in their cd. I operated with a multi OS computer, switching from Unix, Windows, Linux to learn more. Their 'sneaking' in boot sector alterations from discs ended up trashing the hard drive that even deep reformatting couldn't save. I didn't recieve a penny from TaxAct, not even to reimburse me for the software. I recommend everyone to stay away from TaxAct.

 

[Lsbcal]

Another happy TurboTax user for years.

I also use it throughout the year for estimated taxes and what-ifs. Links nowadays will take you to online info and also to IRS publications if you need real detail.

Can easily flip between interview mode and straight form entry. This is great for doing specialized things and error checking.

 

[W2R]

Did my taxes with paper & pencil, moved to software in late 1980s. As each new situation came up, got adept at doing the research. Which led to being the go-to person in my office for tax matters. Which led to taking an HRB tax course when retired in 2000. Which led to working for HRB for five years. Got tired of the retail sales mentality and moved to a seasonal, Dog Days of Winter job at a CPA firm. Still use TT at home and for relatives, do 150-200 returns at my seasonal "office"

Do I still count as retired with this confession? I go by semi-retired, though I only w*rk about 10-12 weeks a year. And it's a great reminder how great retirement is!!

If you feel like you are retired, then you still count as being retired. I think we each define retirement for ourselves. Some people just love doing something like your CPA firm job, and there is no reason why you should deny yourself that pleasure if you enjoy it. It's not for me, though!

I used to use pencil and paper.

Now I use Turbo Tax and am very happy with the product.

+1

 

[FIREd]

I used pencil and paper until I got married. I used HR Block for several years after that. Then I found several errors on my prepared return and switched to Turbotax.

 

[Rustward]

...
Makes me wonder if you had your taxes done by 4 different entities, would the end result ever match? Things to ponder.

The talking heads have been doing this for years. Just watch your news outlets of choice around tax time.

 

[Rustward]

...
Another rant was the time that TaxAct planted a virus on my computer that trashed it. CDilla was an anti-piracy software that flipped some boot-sector switches that TaxAct put in their cd. I operated with a multi OS computer, switching from Unix, Windows, Linux to learn more. Their 'sneaking' in boot sector alterations from discs ended up trashing the hard drive that even deep reformatting couldn't save. I didn't recieve a penny from TaxAct, not even to reimburse me for the software. I recommend everyone to stay away from TaxAct.

Maybe I don't understand your post, but when I Google "cdilla taxact" I see lots of links talking about TurboTax and C-Dilla, and people talking about switching to TaxAct, but none about acquiring C-Dilla from TaxAct.

Let me google that for you

 

[Independent]

I did paper and pencil for many years.
Then I moved the math to Excel, which was really nice for comparing consecutive years.
Then I started using the online IRS fillable forms, but printing them and mailing paper.
The last few years I've used TurboTax (free through Vanguard) to check my numbers,
but I still mail printed copies of the IRS forms.

 

[Buckeye]

I used the same CPA for 30+ years. He was expensive but did a good job I guess. Cost me about 6 or 700 a year untill 3 years ago. I called him one day with a question on a Roth conversion and spoke to him for about 3 minutes. He sent me a bill for $300 additional when I received my bill for my taxes. I called him and asked him about the $300 and he said it was for the advise on the Roth conversion. Since then I've been using TT and it cost "0" via Vanguard.

The most expensive $300 he ever collected!

 

[jebmke]

Do my own -- plus 400 other people. Mine are last (October).

 

[brett]

I did my own taxes, and my spouses for a years by hand, and then later with tax software. Then, in 2006 I was prompted to seek the advice of an accountant. Long story short was it resulted in a refile of both our taxes going back several years. This refile resulted in refunds of just under $9K net of the accountant's fee. Since then, our accountant handles the taxes but more importantly works with us to ensure that we organize our affairs so as to minimize tax.