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Author Topic: Do you do your own Taxes?  (Read 1137 times)
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ATB
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« on: January 31, 2013, 09:24:52 PM »

I do.  Turbotax.
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Isgrimnur
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« Reply #1 on: January 31, 2013, 09:27:08 PM »

Same here.  This year, I get to see what filing an amended return is like because my new bank that gave me some money for opening a new checking account marked that money as interest and I missed the 1099-INT statement. 
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« Reply #2 on: January 31, 2013, 09:31:00 PM »

Turbotax  thumbsup

You gotta love small towns though.  My father lives in Ohio and he gets his taxes done by his barber's wife who is a retired CPA...and while he's getting his monthly haircut.   icon_lol
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« Reply #3 on: January 31, 2013, 09:37:23 PM »

I have a stunt double do mine.
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« Reply #4 on: January 31, 2013, 09:42:50 PM »

I do my own, but I have very few investments and make very little money, so it's pretty easy. Three cheers for being poor!
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« Reply #5 on: January 31, 2013, 10:19:27 PM »

Yeah, but I hate it and I'm thinking about just having someone do it this year.
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« Reply #6 on: January 31, 2013, 10:23:45 PM »

I did until I had my first startup liquidity event in 2005, resulting in a bunch of stuff that confused the ever loving crap out of me when I tried to do them myself.  Since then I've had an accountant do it (and the same accountant since 2007), even if the taxes for that year would have been relatively simple.  This year it's probably not at all worth it to have him do it, but there's so much forward momentum down that path that I don't think I'll back off of it.  Besides, I like the guy and like to think I'm supporting small businesses this way.  At least that's how I partially justify it to myself.

My girlfriend on the other hand does her own taxes.
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« Reply #7 on: January 31, 2013, 10:36:31 PM »

Free taxes done by H&R Block for life, only at Fort Benning though smile
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« Reply #8 on: January 31, 2013, 11:12:05 PM »

I do and use Turbotax
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« Reply #9 on: January 31, 2013, 11:21:38 PM »

No. Half of our income is 1099 so we have very complicated deductions, especially involving home office expenses. I would do my own if W-2s were all I had to deal with, though.
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« Reply #10 on: January 31, 2013, 11:43:47 PM »

I always use Turbotax but strongly considering having them done this year. Did a lot of investing, transferred stocks to different brokerage houses, and it's looking like the paperwork might be a bit overwhelming for it. Plus I am curious about deductions involved with stock losses from last year, charity, and school tuition. Going to see how goes in Turbotax first though.
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« Reply #11 on: February 01, 2013, 12:13:26 AM »

No poll?

Yes, I do my own taxes with TurboTax since they're generally pretty straightforward.
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« Reply #12 on: February 01, 2013, 12:17:31 AM »

I've been using H&R Block Online for a few years now and it's always worked great...really couldn't be much simpler.
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« Reply #13 on: February 01, 2013, 12:42:02 AM »

Nope, that's why I married an accountant  icon_biggrin
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« Reply #14 on: February 01, 2013, 12:46:40 AM »

No. I have a part interest in a business that complicates things. Also with various write-offs I have found in the last ten years anyway it makes more sense to pay the CPA who handles my business stuff. He gives me a good rate ($250) so I can't complain. This year will be extra complicated due to some of the receipts from my fathers estate being taxable.

As someone who once worked for the IRS I am aware that often saving a few bucks on a tax return isn't worth it in the long run.    paranoid
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« Reply #15 on: February 01, 2013, 01:47:31 AM »

H&R Block Deluxe for free.  Just waiting for my State to update
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ravenvii
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« Reply #16 on: February 01, 2013, 02:31:43 AM »

Did them by hand. But that's only because my taxes are super-simple.

The most complicated part is having two W-2s (switched jobs mid-year).
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« Reply #17 on: February 01, 2013, 02:51:55 AM »

Quote from: Scuzz on February 01, 2013, 12:46:40 AM

No. I have a part interest in a business that complicates things. Also with various write-offs I have found in the last ten years anyway it makes more sense to pay the CPA who handles my business stuff. He gives me a good rate ($250) so I can't complain. This year will be extra complicated due to some of the receipts from my fathers estate being taxable.

As someone who once worked for the IRS I am aware that often saving a few bucks on a tax return isn't worth it in the long run.    paranoid

That is a very good price. Our CPA charges double that. But he's worth it, as you say. The first year we hired him he turned a $500 balance due into a $1500 refund, mainly because I'm timid about home office deductions. I know that those can be a red flag for the IRS, so paying a professional to maximize them legally is a no-brainer for me.

He also does my corporate return, which I would never presume to even attempt.
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« Reply #18 on: February 01, 2013, 06:18:28 PM »

A little news item said today that the IRS is considering offering a standard home office deduction of $1500 for 2013 as an alternative to the current messy calculation. I'll have to compare that to the numbers we usually file...but if it's in the ballpark that could tip me back to doing my own tax returns again.
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« Reply #19 on: February 01, 2013, 06:29:15 PM »

I assume for any of that to work, you actually have to have dedicated space.  I work from home now, but seeing as the laptop sits directly between the keyboard and monitor of my personal machine, that trying to deduct any expenses would be futile.
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« Reply #20 on: February 01, 2013, 06:45:47 PM »

Ive been doing my taxes for years.  I own a rental property so I have the long form to deal with.  The thing is, I had an accountant do mine years ago and then borrowed a friends copy of Tax Cut and actually ended up getting a slightly larger return on my own.  I found out that basically you just answer the same questions on the software that the accountant would ask as hes basically using the same software himself.  Unless your situation is very complicated, doing your own is much cheaper.
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« Reply #21 on: February 01, 2013, 07:11:36 PM »

I have had 2 CPA's over the years. I left the first (who was a personal friend) when I discovered that he missed a deduction I thought I was entitled to. I asked my company CPA about the deduction and he agreed with me. So I switched.

CPA's rely heavily on computer programs and updates now. So the idea of your CPA missing something that has recently changed (his software updated slower than it should have) is not out of the question.

My current CPA does give me a price cut because he has the company business.

I do know people who have had a CPA do their return once and then they basically use that return as a template for the following years. Of course the danger doing that is that things change and you may easily miss something, either pro or con.
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« Reply #22 on: February 01, 2013, 08:53:06 PM »

Quote from: Isgrimnur on February 01, 2013, 06:29:15 PM

I assume for any of that to work, you actually have to have dedicated space.  I work from home now, but seeing as the laptop sits directly between the keyboard and monitor of my personal machine, that trying to deduct any expenses would be futile.

Yes, dedicated space is a technical requirement.  It also has to be your primary and sole office for doing work.  Right now I am in my home office most of the time, but the fact that there is an office with my name on it 30 miles down the peninsula from me means I can't deduct the space.
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« Reply #23 on: February 01, 2013, 08:56:28 PM »

Ah, well.  I guess the deduction on the laptop footprint of 2.1 sq ft, it wouldn't be worth the audit to deduct the $24 a year that it constitutes in my home.  smile
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« Reply #24 on: February 01, 2013, 10:04:25 PM »

Quote from: Isgrimnur on February 01, 2013, 08:56:28 PM

Ah, well.  I guess the deduction on the laptop footprint of 2.1 sq ft, it wouldn't be worth the audit to deduct the $24 a year that it constitutes in my home.  smile


As with almost all deductions you can claim anything you want until you get audited. Then if you ever get caught knowingly "cheating" they will gut you like a fish with the power to dig years into the past.
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« Reply #25 on: February 01, 2013, 10:20:50 PM »

Quote from: Isgrimnur on February 01, 2013, 08:56:28 PM

Ah, well.  I guess the deduction on the laptop footprint of 2.1 sq ft, it wouldn't be worth the audit to deduct the $24 a year that it constitutes in my home.  smile

You can also deduct the appropriate percentage of your homeowners insurance, utilities, and even home repairs. My wife's office is about 15% of our living space, so that's worth doing.
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« Reply #26 on: February 04, 2013, 05:05:49 PM »

I could do my own with little worry, but my wife works for a non-profit, has her own llc and several side projects.
Could not begin to do hers. The guy we have do them finds deductions and dodges that I didn't know existed AND he's on the hook as the preparer if anything goes wrong.
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« Reply #27 on: February 06, 2013, 06:40:29 PM »

ended up going with H&R Block online again this year.  filed on the 1st and the IRS says my refund will be sent to my bank on the 8th.
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« Reply #28 on: February 06, 2013, 06:45:12 PM »

Refund received. 
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« Reply #29 on: February 06, 2013, 11:32:09 PM »

Quote from: Isgrimnur on February 06, 2013, 06:45:12 PM

Refund received. 

Must be nice, still waiting on forms from 2 places. Not expected until the end of Feb either.
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« Reply #30 on: February 07, 2013, 12:07:19 AM »

I think I have all of our forms now. Probably ought to think about starting on the CPA's questionnaire. I typically try to have that done by March 1.
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« Reply #31 on: February 08, 2013, 05:21:31 AM »

Quote from: Isgrimnur on February 06, 2013, 06:45:12 PM

Refund received. 

it's funny, both my federal and state and part of my school loan money all just hit at the same time.
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« Reply #32 on: February 16, 2013, 12:08:06 AM »

Going to HR Block I guess. 20 pages of documents, most of which I can download right from banks, but the amount of missing info is not making me confident to do them myself.
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« Reply #33 on: February 16, 2013, 07:55:39 PM »

I don't want to turn this into some sort of ad for the company considering it's owned by my employer Go Daddy, but take a look at http://www.outright.com   It's free and makes doing my taxes infinitely more simple.  Single click for printing my tax forms makes my trip to HR Block to do my taxes soooooo much shorter.  
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« Reply #34 on: February 16, 2013, 10:06:24 PM »

Thanks for the tip, but after H&R told me $350, I tackled them myself on Turbotax. I don't feel overly confident about it...but it's done.

Most of my problems were with USAA, they did some really strange crap on brokerage forms.
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