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  1. #1
    None More Converged jackdaniels's Avatar
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    Who uses TurboTax

    I was thinking of picking up the TurboTax software this year instead of going to my CPA. My returns are not that complicated and by using the software I could save about $100 which I will then apply to my future PPC660x purchase. I'm looking for some thoughts and experiences.
    Treo 300, G1000, Treo 600, G1000, PPC-6700, and now the Blackjack.

  2. #2
    Fisher of Men mwfielder's Avatar
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    You can also do it online with TurboTax.com, and all you pay for is the filing.
    Jeremiah 29:11

  3. #3
    Techguru alanb's Avatar
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    I have used both TurboTax and Taxcut. They are roughly equivelant and both do a fine job.

    Last year my taxes were kind of complicated (mortgage refinance, stock option purchases, and a few other things) so I decided to go to HR block rather then trusting myself, but before I went, I did them in TaxCut, and the results that I came up with and they came up with were identical. They were not able to find any deductions that the software didn't point out to me. In fact, I think they may use a version of the software themselves.

    Alan

  4. #4
    Fisher of Men mwfielder's Avatar
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    I almost guarantee that H&R Block, Jackson-Hewitt, and others use software very similar to these. Unless you have fancy or "creative" taxes, I would use one of these programs (or turbo tax.com) for your taxes.
    Jeremiah 29:11

  5. #5
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    yeah i have a home business as well as the usual (401k, mortgage, child, etc etc...) and i was thinking of going to jackson or HR... i dont think i can do my taxes online,. i have a lot of deductions...

  6. #6
    Fisher of Men mwfielder's Avatar
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    FWIW, you can do all the deduction stuff with the online or software version of turbo tax. If you have a lot of stuff, or have questions about deductions, then you may be better off with an accountant. H&R or J-H mostly just use a program, and the kids they have doing the stuff aren't very experienced.
    Jeremiah 29:11

  7. #7
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    well i personally have met up with an HR rep who is very knowledgable. she is not a "kid" , although i know what you mean. she gave me some nice tips and info i need in doing taxes.

  8. #8
    Melchizedek Priest Nephi's Avatar
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    i use turbotax online for several years now. i have access to past filings, so i can see my returns from past years. also, i have asked around, and MOST tax places use turbotax online to file your taxes (i know of several accountants that use it for their customers' taxes).
    Nephi
    "Thy days are known, and thy years shall not be numbered less; therefore, fear not what man can do, for God shall be with you forever and ever." -- D&C 122:9

  9. #9
    Registered User CLEAmber's Avatar
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    I need to throw in my 2 cents here

    I have been doing my own taxes with TurboTax and TaxCut (they are pretty equal, whichever happens to be on sale is what I get that year) for the past 5 years. I have quite a few deductions and "special stuff" that I qualify for, between school, my field of practice, etc., and have always done quite well. Last year a couple of my friends went through the seminar H&R requires (it was only a couple weeks and not very intense) so they could do taxes as a side job. I had one of them do my taxes after I had already done them and, as stated above, the results were identical.

    If you have a basic grasp of what you qualify for, it's definitely worth it to do them yourself and save the cash, in my opinion.
    Amber. I'm finally converged, and lovin' it!

  10. #10
    Registered User jpmihalk's Avatar
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    My wife is a CPA and does corporate tax returns as well as ours. She thinks that both Turbo Tax and TaxCut will work for the average home user as they will basically mathematically come to the same conclusions based on the data entered. If you think you may have some "special circumstances" (like you are self-employed or own your own home-based business) then you probably need a CPA or a tax professional to make sure. The tax laws change from year to year and the average person can't keep up with them.
    John

  11. #11
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    i have no time or patience to do it which is why i pay crooks ..

  12. #12
    None More Converged jackdaniels's Avatar
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    I'd like to thank everyone that contributed to this thread. The Fed-Ex guy should be dropping off the software tomorrow. I'll let you know how it goes.
    Treo 300, G1000, Treo 600, G1000, PPC-6700, and now the Blackjack.

  13. #13
    Editor and Site Administrator Convergent's Avatar
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    Well, I used to use the software... probably for 4-5 years... this is going back quite a while ago. I went to a CPA that a coworker recommended and the guy found a ton of things the software didn't... and thus I have been with him ever since. The thing is this... the software may no the rules, but it doesn't know how to get the most out of them. I am positive that I get more back with the CPA, and rather than racking my brain going through it... I just show up with my folder of info and he does all the work.
    Mike - Been Converged?

  14. #14
    Registered User blazorboy's Avatar
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    Like?

    Originally posted by Convergent
    Well, I used to use the software... probably for 4-5 years... this is going back quite a while ago. I went to a CPA that a coworker recommended and the guy found a ton of things the software didn't... and thus I have been with him ever since. The thing is this... the software may no the rules, but it doesn't know how to get the most out of them. I am positive that I get more back with the CPA, and rather than racking my brain going through it... I just show up with my folder of info and he does all the work.
    I am surprised to hear that couud yoo pls giye us a few examples of what he found that TT did not find? Of course pls avoid any self incrimilization!
    BB
    Sent from my cell phone.
    That'sssssssss all folks!

  15. #15
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    i agree mikey, it took me 3 days with H and R to do my business and personal taxes. i also agree on the assessment on the sofware.. you , yourself need to know things to pull out of the software also...

    some things some of you may/may not have known...

    you can write off up to 4 grand in deductions if you use your child in your business!

    you lottery players,

    you can write off the cost of the tickets if you ecer win the lottery and have to pay taxes.. those 5 dollar tickets you bought everyday can be used to offset the tax on the lottery winnings...

    also, you can write off gambling losses ... (didnt know either of these).

  16. #16
    Registered User blazorboy's Avatar
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    I have used TT for many years and find it a very fine program. (I admit I have a very good understanding of the tax laws.) My only complaint is that it take TT a long time after the IRS issues final versions of some forms to find them in their program updates--e.g., Form 1116, Foreign Tax Credit which has been out for some time but still not in TT. This matters if you want to file early should you have a refund coming. There are also a few exotic forms not in TT. Otherwise I think its a great product and note that it can be used for free including e-filing, I believe, but only if you go to it through www.irs.gov.

    Just relax and pay the tax.

    BB
    That'sssssssss all folks!

  17. #17
    Registered User blazorboy's Avatar
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    Originally posted by Marctronixx
    iyou can write off up to 4 grand in deductions if you use your child in your business!

    Not quite sure just what you mean by that. Assuming the child does useful work and you are self-employed or have a business, you can hire the child as a consultant. The child gets earned income and you get an equal deduction. The child can contribute (or you can give him/her the money to contribute) up to $3K (for 2004 and $4K for '05) of earned income to an IRA and thereby remove up to $3K from the child's taxable income for state and federal purposes. The child must still pay FICA on his gross earnings. Probably a better stragergy is to have the child contribute up to $3K of earned income to a Roth IRA (again you can give him the money) even though such contributions are not deductable from taxable income for the child.

    But if there is another way to generate a write-off for child labor, I would like to know.

    BB
    Last edited by blazorboy; 02-20-2005 at 06:07 PM.
    That'sssssssss all folks!

  18. #18
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    Some "tax preparers" are a little too creative . I use taxact from www.taxact.com for free and it is a breeze. I itemize deductions, have a 401k, and am in a rather high income bracket , but I still manage to get the same numbers as the pros. (I've checked). If you want to take advantage of the many "exotic" deductions, you usually need to prepare for it all year, hence the need for a CPA. If you don't have all the necessary documentation, even the best CPA can't help you (unless they have a really "creative" filing procedure, which can land you in hot water).

  19. #19
    Editor and Site Administrator Convergent's Avatar
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    Re: Like?

    Originally posted by blazorboy
    I am surprised to hear that couud yoo pls giye us a few examples of what he found that TT did not find? Of course pls avoid any self incrimilization!
    BB
    Sent from my cell phone.
    I don't know that I can give you specifics. I was working as a consultant at the time... and there were some things that I was able to deduct which I didn't realize when I used the software. I know he also gives me lines like, "you can claim up to $xxxx on that without any problem... don't need a receipt", and "do not claim that, even if you have a receipt... guaranteed audit.". While I don't claim things I don't have, it helps me understand for the following year how to take advantage of deductions.... and what things to shy away from. I can also call him up and ask him a question during the year. Since I am now dealing with a small business, it is even more of a neccessity, but I believe it was valuable before.
    Mike - Been Converged?

  20. #20
    Registered User blazorboy's Avatar
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    I agree that such advice can be useful. I guess because my profession includes tax, I think I know those things, but probably have a lot to learn.

    BB
    That'sssssssss all folks!

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