Anyone have any advice for tax preparation software? Don't need anything too fancy. I've grown tired of paying an accountant upwards of $300/year just to tell me I owe the Federal Govt money. I'm mostly interested in security, ease of use, etc. I've looked at TurboTax, TaxAct, etc. They all seem similar just wondering if anyone here has had any issues with them. Thanks in advance.

(03-01-2014 02:01 PM)VA49er Wrote:  Anyone have any advice for tax preparation software? Don't need anything too fancy. I've grown tired of paying an accountant upwards of $300/year just to tell me I owe the Federal Govt money. I'm mostly interested in security, ease of use, etc. I've looked at TurboTax, TaxAct, etc. They all seem similar just wondering if anyone here has had any issues with them. Thanks in advance.

If you don't have anything out of the ordinary, then all those software products will work fine for you. If you have anything at all beyond W-2s and 1099s, then stick with a CPA. Maybe find one who can offer you better advice on how to reduce your tax burden?

(03-01-2014 02:40 PM)UM2001GRAD Wrote:  

(03-01-2014 02:01 PM)VA49er Wrote:  Anyone have any advice for tax preparation software? Don't need anything too fancy. I've grown tired of paying an accountant upwards of $300/year just to tell me I owe the Federal Govt money. I'm mostly interested in security, ease of use, etc. I've looked at TurboTax, TaxAct, etc. They all seem similar just wondering if anyone here has had any issues with them. Thanks in advance.

If you don't have anything out of the ordinary, then all those software products will work fine for you. If you have anything at all beyond W-2s and 1099s, then stick with a CPA. Maybe find one who can offer you better advice on how to reduce your tax burden?

yep...

(03-01-2014 02:42 PM)stinkfist Wrote:  

(03-01-2014 02:40 PM)UM2001GRAD Wrote:  

(03-01-2014 02:01 PM)VA49er Wrote:  Anyone have any advice for tax preparation software? Don't need anything too fancy. I've grown tired of paying an accountant upwards of $300/year just to tell me I owe the Federal Govt money. I'm mostly interested in security, ease of use, etc. I've looked at TurboTax, TaxAct, etc. They all seem similar just wondering if anyone here has had any issues with them. Thanks in advance.

If you don't have anything out of the ordinary, then all those software products will work fine for you. If you have anything at all beyond W-2s and 1099s, then stick with a CPA. Maybe find one who can offer you better advice on how to reduce your tax burden?

yep...

Guy I've been using is by the book. He doesn't lie and make up stuff to get a better refund. lol I've done some things like up my 401k, etc. Only thing I have are W2s and mortgage deductions, etc. I figure I won't be getting a refund anyway since I haven't the last several years while other stuff has remained constant.

(03-01-2014 03:00 PM)smudge12 Wrote:  I used TaxACT this year. It was $15, but it didn't take more than 20 minutes.

Does that one charge extra to file state return?

I've been using MacInTax and Turbotax for years doing my taxes myself. One year I decided to take my taxes to a CPA to see if it would save me money on my taxes...didn't save me a dime over what I had been paying and the forms files were the same forms Turbotax had been generating for me.

If you follow the prompts with Turbotax, pretty much anyone can do their own 1040 including schedules.

If you are just doing a 1040 and have the usual schedule A, 401K, IRA, mortgage, etc. you are wasting money paying a CPA. Most of their offices are using a tax software program anyway.

I use TurboTax and would recommend it if you feel pretty comfortable doing your taxes yourself. It has some introductory questions and then takes you section by section through the parts. I think on the mid tier and up packages, you can send in questions. There are also general answers to questions that you can pull up by section or through a search feature. Also, it doesn't look like you have anything too complicated, so you should be fine. In fact, if all you have is income and mortgage deduction, some of the other products are a bit cheaper. I would definitely recommend TurboTax if you have anything more complicated.

And as mptnstr says, most of these guys use these programs as well (or a variation of them). It would take too long and there would be too many mistakes if they continued to do them without the software.

(03-01-2014 05:24 PM)mptnstr@44 Wrote:  I've been using MacInTax and Turbotax for years doing my taxes myself. One year I decided to take my taxes to a CPA to see if it would save me money on my taxes...didn't save me a dime over what I had been paying and the forms files were the same forms Turbotax had been generating for me.

If you follow the prompts with Turbotax, pretty much anyone can do their own 1040 including schedules.

If you are just doing a 1040 and have the usual schedule A, 401K, IRA, mortgage, etc. you are wasting money paying a CPA. Most of their offices are using a tax software program anyway.

...yep

$300?!?!? Please introduce me to your accountant!!

I'm paying upwards of 2k this year

TurboTax has always worked fine for us.

(03-01-2014 08:00 PM)techfan4 Wrote:  $300?!?!? Please introduce me to your accountant!!

I'm paying upwards of 2k this year

$300 is pretty reasonable in most areas for uncomplicated tax returns...meaning no complicated deductions and investments.

(03-01-2014 08:17 PM)Smaug Wrote:  TurboTax has always worked fine for us.

Used it myself this year for the first time. Very satisfied.

(03-01-2014 10:52 PM)TheDancinMonarch Wrote:  

(03-01-2014 08:17 PM)Smaug Wrote:  TurboTax has always worked fine for us.

Used it myself this year for the first time. Very satisfied.

Decided to go with TurboTax and it worked just fine. Cost less than $90 to efile both Fed and State. Of course the only thing that DID NOT work was the damn IRS website when I went to get the PINs to efile. I had to call instead. Typical govt.

Anyway, I've made my contribution to the Federal Govt Waste Fund this year. Pretty sure that $$ will be pissed away.

yea, I ditched my accountant to save some green. Guess a lot of people are going to do the same thing this year. I'm using turbo and using the last few years returns as a guide. I got some tricky stuff, but I really don't give a sh!t anymore, seen Zero and Moochelle on too many vacations.

(03-29-2014 02:46 PM)SumOfAllFears Wrote:  yea, I ditched my accountant to save some green. Guess a lot of people are going to do the same thing this year. I'm using turbo and using the last few years returns as a guide. I got some tricky stuff, but I really don't give a sh!t anymore, seen Zero and Moochelle on too many vacations.

Tell me about it. I do everything I can so I don't get a refund yet don't pay too much as well. It's hard for me to stomach getting a refund knowing I loaned the govt money interest free all year. I almost got it right this time as my payment wasn't too bad. I upped by 401k to around 15% last year so I'll just have to up it a little more this time around and hopefully that will do the trick. I have no issues not paying taxes during tax season after looking at the $20K+ in taxes we paid during the year.

I have used Tax Cut called H&R Block now) for over 20 years. I am a CPA & use to do taxes for a lot of friends. My Partner did many for his family & friends.

Turbo Tax is just as good. I only do taxes for one friend now, but work with others who have questions.

I still buy the software for my hard drive so I can go back when someone has not filed in years.

Look at the cost - I buy the Tax cut business & personal - but allows 5 free federal electronic filings & 1 free State software & filing.

DC, VA, MD, PA, KY, NC & WVA I think have a reciprocal agreement where you only pay taxes where you live, regardless of where you work. If you have multiple state filings that increases the cost of buying additional state software.

I hate schedule k's, but most of the depletion credits are immaterial to me so I do not even deduct them. Schedule c's and 1065s can also be a ***** at times.

Long story short - we can start a Tax thread where opinion is given. U can also PM me with any questions & I will let you know if I am comfortable answering it.

I was audited once back in the 90's but came out clean.

Where you get fk*d is when you have multiple states, even if Payroll made the mistake.

With interest rates near zero, I am one who prefers to pay my tax bill throughout the year. I am more into budgeting. If it comes in your paycheck you are most likely to spend it.

If you have a 401k or 403b - do what you can every year to increase it our max it out. It is subsidized by your current fed and state tax rates. If over 50 you can donate more. Increase your contribution by 1 or 2 % a year. You will learn to live within your budget (no guarantee:)).

If self employed there are other options. I am seriously thinking about self directed IRA's which opens up the investment opportunities, although you have to pay a custodian fee.