Filing your taxes...
dcfaithful
Posts: 13,076
So, I got my W-2 today and it is now time to file my taxes. For the past like three years, a good friend of mine has really endorsed Turbo Tax, and around tax time, he won't let it go and swears by it. He claims that you can get more money from Turbo Tax, but I don't believe that.
Every year I call upon my mom's accountant who handles her businesses tax stuff. I have never had a problem with this woman. To be honest, I trust her more than I do myself on Turbo Tax. When I was a teenager and filing my taxes after working one of my earlier, "high school kid" jobs my dad helped me but he miscalculated and I got audited a few years later and had to pay money.
To me, your taxes are a cut and dry figure. Granted I do not know a lot about taxes and I am pretty terrible with accounting, numbers, etc. my logic tells me that by doing your taxes correctly you'll wind up with the same amount everytime because that's how mathematics and formula's work... there is only one correct end amount that is your return.
Am I right, or is it really possible to change your refund depending on how you file?
Every year I call upon my mom's accountant who handles her businesses tax stuff. I have never had a problem with this woman. To be honest, I trust her more than I do myself on Turbo Tax. When I was a teenager and filing my taxes after working one of my earlier, "high school kid" jobs my dad helped me but he miscalculated and I got audited a few years later and had to pay money.
To me, your taxes are a cut and dry figure. Granted I do not know a lot about taxes and I am pretty terrible with accounting, numbers, etc. my logic tells me that by doing your taxes correctly you'll wind up with the same amount everytime because that's how mathematics and formula's work... there is only one correct end amount that is your return.
Am I right, or is it really possible to change your refund depending on how you file?
7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
Post edited by Unknown User on
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Comments
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Beats me. Everybody claims to get you the best refund.
I use Turbo Tax because I also use Quicken and it's easy to import your financial information. But my taxes are semi-complicated because my prince is self-employed (musician) on the side. If I didn't use Turbo Tax I'd be going to an accountant. No way I could know all that stuff on my own.
But I haven't gotten a refund in years. I wouldn't know what it was.
"The stars are all connected to the brain."0 -
Who Princess wrote:Beats me. Everybody claims to get you the best refund.
and this is something that has just confused me... I guess I've always believed that there is only one refund amount depending on the income figures you report.
A refund of any sort is good for me, I just don't want to have to pay the IRS out of pocket. Fuuuuuck that.7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 20 -
I use H&R Block's tax software. Theoretically, you'll get the same refund or owe the same amount no matter who does your taxes. There's no special deduction for using Turbo Tax or H&R Block's software. In reality, though, you need to know which deductions you can take in order to save yourself the most money, so the software can be better if you have an accountant that isn't very good. I don't have anything too complicated but it's enough to not want to sit and fill out paper forms with no guidance, so I use software. I think it's cheaper for me to do that than use an accountant. If I had something that I wasn't 100% sure about I'd probably go to an acountant or H&R Block office and have them do my taxes just so I had a professional available to actually talk to in person. If you're happy with the person doing your taxes, then there's no reason to change (unless you're paying a lot of money for it and your taxes are simple).0
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Monster Rain wrote:I use H&R Block's tax software. Theoretically, you'll get the same refund or owe the same amount no matter who does your taxes. There's no special deduction for using Turbo Tax or H&R Block's software. In reality, though, you need to know which deductions you can take in order to save yourself the most money, so the software can be better if you have an accountant that isn't very good. I don't have anything too complicated but it's enough to not want to sit and fill out paper forms with no guidance, so I use software. I think it's cheaper for me to do that than use an accountant. If I had something that I wasn't 100% sure about I'd probably go to an acountant or H&R Block office and have them do my taxes just so I had a professional available to actually talk to in person. If you're happy with the person doing your taxes, then there's no reason to change (unless you're paying a lot of money for it and your taxes are simple).
My taxes are pretty simple. The accountant I use charges me a very very fair price because not only is she good-hearted, but she's a family friend as well. I don't think I'll change my method... I just want to unravel this mystery.
Thanks for that post, that helps me understand this.
Again... me + filing taxes = stupidity.7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 20 -
dcfaithful wrote:Who Princess wrote:Beats me. Everybody claims to get you the best refund.
and this is something that has just confused me... I guess I've always believed that there is only one refund amount depending on the income figures you report.
A refund of any sort is good for me, I just don't want to have to pay the IRS out of pocket. Fuuuuuck that.
Refunds are good. Got the last of my W2 info today so I'll be working on my taxes this weekend. I've just done it myself on H&R Block the past few years and haven't had any issues.0 -
It can vary each year. Whether or not you have donations, do home improvements, interest, or anything like that. But no matter who you go to, that person may or may not be up to date on the latest and greatest tax laws and deductions. So make sure they are always current with that stuff0
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81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276you DO want to pay the IRS out of pocket....it's called a free loan.
in theory....everyone/every tax program should come up with the exact same answer....
i assume your taxes are pretty basic....w2, maybe some school on there...but not much else...ie, i don't think you are a home owner or would have deductions big enough to need to itemize on schedule A....so once again...everyone should come up with the same number.
now if you do need to fill out a schedule A or some other forms...for say if you are a business owner or what not...then you can fudge things a little more. i reviewed some tax forms for this lady for this company we were buying and she was taking her daughters personal vehicle as a deduction....pretty shitty.
anyways......for simple tax stuff...i recommend going to irs.gov and clicking thru to the free efile. super easy and gets your refund quick. the federal return is 100% free....if your adjusted gross income is under 57,000
http://www.irs.gov/efile/article/0,,id= ... ortlet=106
personally, i would never pay H&R block, or liberty .... i gotta believe all they do is punch your data into teh computer, just like you could do yourself...for free.Post edited by 81 on81 is now off the air
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I've used Turbo Tax for several years now
you input the info and they guarantee that their calculations are correct, but of course, not your info
its straight-forward, easy, and for some, free for federal
this year, it did help me recognize some deductions that i could take that i had not considered
and therefore, increased my refund
peace,
jo
http://www.Etsy.com/Shop/SimpleEarthCreations
"How I choose to feel is how I am." ~ EV/MMc
"Some people hear their own inner voices with great clearness and they live by what they hear. Such people become crazy, or they become legends." ~ One Stab ~0 -
81 wrote:you DO want to pay the IRS out of pocket....it's called a free loan.
in theory....everyone/every tax program should come up with the exact same answer....
i assume your taxes are pretty basic....w2, maybe some school on there...but not much else...ie, i don't think you are a home owner or would have deductions big enough to need to itemize on schedule A....so once again...everyone should come up with the same number.
now if you do need to fill out a schedule A or some other forms...for say if you are a business owner or what not...then you can fudge things a little more. i reviewed some tax forms for this lady for this company we were buying and she was taking her daughters personal vehicle as a deduction....pretty shitty.
anyways......for simple tax stuff...i recommend going to irs.gov and clicking thru to the free efile. super easy and gets your refund quick. the federal return is 100% free....if your adjusted gross income is under 57,000
http://www.irs.gov/efile/article/0,,id= ... ortlet=106
personally, i would never pay H&R block, or liberty .... i gotta believe all they do is punch your data into teh computer, just like you could do yourself...for free.
My taxes are very basic. I have one W-2 (next year I'll have two) and my employer pays for my school... so I don't believe I can claim anything on that.
I do not own a home. Is a car considered a deduction? Either way, I paid my car off just this past year (2011).7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 20 -
dcfaithful wrote:So, I got my W-2 today and it is now time to file my taxes. For the past like three years, a good friend of mine has really endorsed Turbo Tax, and around tax time, he won't let it go and swears by it. He claims that you can get more money from Turbo Tax, but I don't believe that.
Every year I call upon my mom's accountant who handles her businesses tax stuff. I have never had a problem with this woman. To be honest, I trust her more than I do myself on Turbo Tax. When I was a teenager and filing my taxes after working one of my earlier, "high school kid" jobs my dad helped me but he miscalculated and I got audited a few years later and had to pay money.
To me, your taxes are a cut and dry figure. Granted I do not know a lot about taxes and I am pretty terrible with accounting, numbers, etc. my logic tells me that by doing your taxes correctly you'll wind up with the same amount everytime because that's how mathematics and formula's work... there is only one correct end amount that is your return.
Am I right, or is it really possible to change your refund depending on how you file?
just my two cents, I used to use Turbo Tax but the kept jacking up the price...I switched over to Taxslayer...I really liked it and plan on using that software again this year...
basically if you have all your paperwork in hand, it's just a matter of following the directions and punching in the numbers...0 -
81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276inmytree wrote:dcfaithful wrote:So, I got my W-2 today and it is now time to file my taxes. For the past like three years, a good friend of mine has really endorsed Turbo Tax, and around tax time, he won't let it go and swears by it. He claims that you can get more money from Turbo Tax, but I don't believe that.
Every year I call upon my mom's accountant who handles her businesses tax stuff. I have never had a problem with this woman. To be honest, I trust her more than I do myself on Turbo Tax. When I was a teenager and filing my taxes after working one of my earlier, "high school kid" jobs my dad helped me but he miscalculated and I got audited a few years later and had to pay money.
To me, your taxes are a cut and dry figure. Granted I do not know a lot about taxes and I am pretty terrible with accounting, numbers, etc. my logic tells me that by doing your taxes correctly you'll wind up with the same amount everytime because that's how mathematics and formula's work... there is only one correct end amount that is your return.
Am I right, or is it really possible to change your refund depending on how you file?
just my two cents, I used to use Turbo Tax but the kept jacking up the price...I switched over to Taxslayer...I really liked it and plan on using that software again this year...
basically if you have all your paperwork in hand, it's just a matter of following the directions and punching in the numbers...
if you are under 57K AGI....you can use their software for free...if you go to irs.gov81 is now off the air0 -
81 wrote:inmytree wrote:dcfaithful wrote:So, I got my W-2 today and it is now time to file my taxes. For the past like three years, a good friend of mine has really endorsed Turbo Tax, and around tax time, he won't let it go and swears by it. He claims that you can get more money from Turbo Tax, but I don't believe that.
Every year I call upon my mom's accountant who handles her businesses tax stuff. I have never had a problem with this woman. To be honest, I trust her more than I do myself on Turbo Tax. When I was a teenager and filing my taxes after working one of my earlier, "high school kid" jobs my dad helped me but he miscalculated and I got audited a few years later and had to pay money.
To me, your taxes are a cut and dry figure. Granted I do not know a lot about taxes and I am pretty terrible with accounting, numbers, etc. my logic tells me that by doing your taxes correctly you'll wind up with the same amount everytime because that's how mathematics and formula's work... there is only one correct end amount that is your return.
Am I right, or is it really possible to change your refund depending on how you file?
just my two cents, I used to use Turbo Tax but the kept jacking up the price...I switched over to Taxslayer...I really liked it and plan on using that software again this year...
basically if you have all your paperwork in hand, it's just a matter of following the directions and punching in the numbers...
if you are under 57K AGI....you can use their software for free...if you go to irs.gov
yeah, I just read you're post, I may do that this year...thanks... :thumbup:0 -
81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276dcfaithful wrote:My taxes are very basic. I have one W-2 (next year I'll have two) and my employer pays for my school... so I don't believe I can claim anything on that.
I do not own a home. Is a car considered a deduction? Either way, I paid my car off just this past year (2011).
no, you car is not deductable...unless you are running a business with it....then you could do something.
school tuition behond the reimbursement could be deducatable...as could intrest paid on student loans...81 is now off the air0 -
81 wrote:dcfaithful wrote:My taxes are very basic. I have one W-2 (next year I'll have two) and my employer pays for my school... so I don't believe I can claim anything on that.
I do not own a home. Is a car considered a deduction? Either way, I paid my car off just this past year (2011).
no, you car is not deductable...unless you are running a business with it....then you could do something.
school tuition behond the reimbursement could be deducatable...as could intrest paid on student loans...
No student loans, so no interest paid, and I haven't had to pay anything additional for tuition... so yeah, I don't think I can claim anything regarding school.
Also, what is all the necessary paperwork again? W-2, is that all? God, I hate filing taxes. 7/2/06 - Denver, CO
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 20 -
dcfaithful wrote:81 wrote:dcfaithful wrote:My taxes are very basic. I have one W-2 (next year I'll have two) and my employer pays for my school... so I don't believe I can claim anything on that.
I do not own a home. Is a car considered a deduction? Either way, I paid my car off just this past year (2011).
no, you car is not deductable...unless you are running a business with it....then you could do something.
school tuition behond the reimbursement could be deducatable...as could intrest paid on student loans...
No student loans, so no interest paid, and I haven't had to pay anything additional for tuition... so yeah, I don't think I can claim anything regarding school.
Also, what is all the necessary paperwork again? W-2, is that all? God, I hate filing taxes.
I'm pretty sure if you have an interest earning savings account of which you received more than $10 in interest you should receive a 1099int....you'll need that to file...0 -
An accountant should always get you more as a rule of thumb. But the fees they charge may outweigh it. In my late 30's and my taxes are relatively complicated so I always use the same accountant. Costs 250 but piece of mind is worth it.0
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81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276dcfaithful wrote:No student loans, so no interest paid, and I haven't had to pay anything additional for tuition... so yeah, I don't think I can claim anything regarding school.
Also, what is all the necessary paperwork again? W-2, is that all? God, I hate filing taxes.
your taxes are so easy....
one W2....if you have a savings account, you should get a 1099-INT....sounds like that would be it...
sounds like we have a 5 minute tax return.81 is now off the air0 -
81 Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276maj4e wrote:An accountant should always get you more as a rule of thumb. But the fees they charge may outweigh it. In my late 30's and my taxes are relatively complicated so I always use the same accountant. Costs 250 but piece of mind is worth it.
not if you do them right....unless the account is adding in fake deductions....
plus remember to check that they deducted their fee....since it is tax deductable.
mine are defiantly a litte more complex that most...i'm not a business owner...but i do have stocks that i have to deal with, and dividends...plus the house schedule A for home owners intrest/taxes/etc...and i do them myself....
mabye i should test somebody this year to see if they can find more...but i doubt it...taxes really are not hard as long as you follow the bouncing ball of form 104081 is now off the air0
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