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02-07-2006, 07:04 AM
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#61
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: CPA versus Turbotax
Quote:
Originally Posted by Nords
Since our returns don't push the limits, I'd rather have the IRS catch an electronic mistake. I can also schedule the ACH payment for the 15th via EFTPS instead of mailing in a paper check at the last minute.
I'm more concerned that they're going to screw up (or lose!) the paper version and efiling is a lot less hassle than printing, addressing, & mailing.
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We have efiled since it was available. Nevertheless, it has taken months to convince the IRS that we actually filed tax returns for the past three years.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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02-07-2006, 07:20 AM
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#62
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: CPA versus Turbotax
Quote:
Originally Posted by retire@40
Hard to believe anyone could miss a motor vehicle deduction after going through the business disbursements for the year, especially one that large, whether paid in full with one business check or financed. Just hard to believe he got no deduction at all before you showed up.
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I didnt say he got no deduction at all. I said he didnt get the "hummer deduction". His CPA just took the basic business mileage and depreciation deduction. Until I printed out a few articles and the relevant tax code, his CPA had never even heard of it.
Believe it or not, it looks like at least some CPA's suck at what they do.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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02-07-2006, 07:21 AM
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#63
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: CPA versus Turbotax
Ick. I was going to e-file this year for the first time. I think I changed my mind.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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02-07-2006, 08:33 AM
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#64
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,321
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Re: CPA versus Turbotax
Quote:
Originally Posted by Martha
We have efiled since it was available. Nevertheless, it has taken months to convince the IRS that we actually filed tax returns for the past three years.
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I ALWAYS mail in a paper return. I am not going to do anything to make it easier on the IRS!
Grumpy
__________________
...you can check out any time you like, but you can never leave...
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02-07-2006, 08:36 AM
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#65
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Re: CPA versus Turbotax
I never noticed this before...
The IRS = Theirs
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Numbers is hard
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02-07-2006, 08:50 AM
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#66
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: CPA versus Turbotax
A few months ago I was whining on this forum because I could not prove I filed tax returns for the last three years. Because it is a violation of professional rules for lawyers not to file tax returns, every three years our firm requires our lawyers to prove they filed by filing form 8821 with the IRS. The IRS then sends confirmation of filing to our firm. Last summer, in response to the 8821, the IRS said I had not filed when in fact I had efiled for sometime. Fussed and fussed trying to resolve this.
Finally went a different route and I ordered a transcript from a different department in the IRS. They provided the transcripts for the last three years. I gave that to the department in charge of the 8821s and got my proof. WHAT A PAIN IN THE A**!
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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02-07-2006, 08:51 AM
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#67
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: CPA versus Turbotax
Quote:
Originally Posted by (Cute Fuzzy Bunny)
Ick. I was going to e-file this year for the first time. I think I changed my mind.
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You do get a filing reciept. Don't lose it.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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02-07-2006, 08:53 AM
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#68
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: CPA versus Turbotax
Eh, up until now i was put off by having to pay someone something to do the e-file. I wont pay someone 50c to do something that makes THEIR life easier.
In the face of getting my return more thoroughly analyzed AND having to possibly jump through hoops to prove I filed a return, I think they're going to get another stack of paper from me this year again.
:P
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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02-07-2006, 09:05 AM
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#69
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Re: CPA versus Turbotax
Quote:
Originally Posted by (Cute Fuzzy Bunny)
I didnt say he got no deduction at all.* I said he didnt get the "hummer deduction".* His CPA just took the basic business mileage and depreciation deduction.* Until I printed out a few articles and the relevant tax code, his CPA had never even heard of it.
Believe it or not, it looks like at least some CPA's suck at what they do.
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First of all, you keep saying "hummer deduction" but there's no such thing. *It's an option to take a full Sec 179 deduction on ANY vehicle that weighs over 6000 pounds used for business.
Second, you can't take a business mileage AND depreciation deduction. *That is such a basic concept, I'm sure that's not what the CPA actually did.
Third, if you had your relative take a Sec 179 deduction on the full cost of the vehicle in one year, it may have been a mistake and may have actually cost him more in taxes in the long run.
I hope you also explained to your relative the recapture rules regarding the expensing.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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02-07-2006, 09:10 AM
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#70
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: CPA versus Turbotax
You know something? You really ARE a noodge.
The deduction is VERY well known as "The Hummer Deduction".
I take it back. Never take your taxes to a CPA regardless of how complex they are or how cheap the CPA is. You'll be picked and needled with irrelevance until you run screaming from the office.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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02-07-2006, 02:35 PM
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#71
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Re: CPA versus Turbotax
Quote:
Originally Posted by (Cute Fuzzy Bunny)
You know something?* You really ARE a noodge.
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VARIANT FORMS: or nudzh or noodge
NOUN: Slang One who persistently pesters, annoys, or complains.
VERB: Inflected forms: nudged or nudzhed or noodged, nudg·ing or nudzh·ing or noodg·ing, nudg·es or nudzh·es or noodg·es
TRANSITIVE VERB: To annoy persistently; pester.
INTRANSITIVE VERB: To complain or carp persistently.
ETYMOLOGY: From Yiddish nudyen, to pester, bore, from Polish nudzi.
Hey, I only got 732 hits for the phrase "Hummer deduction". And apparently it has nothing at all to do with tax breaks for prostitutes?!?
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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