Income Taxes: Turbo Tax - H&R Block - File Your Own?

[RickB]

Look here's the thing, it's ok to be lazy and hire out, I totally don't judge that. But

Actually you just did. So don't claim otherwise.

 

[JethroB]

Actually you just did. So don't claim otherwise.

Yep, so not just me.

When I used TT I found their up-selling of additional products during tax prep annoying. But so far no one beats Norton Utilities software since they merged with Lifelock. Ugh. Time to shop around.

 

[polarred21]

I am actually surprised with all the data being mined and reported on the internet that the IRS does not tell you what more you owe at the end of the year.

Yep. I was amazed when poking through TT and entered my employers ID number from W2 and it populated the full W2 info in less than 2 seconds!

 

[GeneV]

Actually you just did. So don't claim otherwise.

Yep, so not just me.

Oh oh, they mad. Ain't throwing shade on anybody going to a tax service, only the claim that a tax service will do a better job of it than turbotax, hence why you farm out the task. I call bs on that.

 

[RickB]

Oh oh, they mad. Ain't throwing shade on anybody going to a tax service, only the claim that a tax service will do a better job of it than turbotax, hence why you farm out the task. I call bs on that.

I'm not mad. I called you out for labeling people who hire out tax prep as lazy. That is exactly what you did. Now you are backpedaling. Thing is, it's all right here in black and white.

 

[GeneV]

I'm not mad. I called you out for labeling people who hire out tax prep as lazy. That is exactly what you did. Now you are backpedaling. Thing is, it's all right here in black and white.

Well now I'm just gonna label you as lazy. Lazy RickB, probably has a lawn service mow his lawn. :dance1:

 

[scaredychicken]

I have been doing our taxes for about 30 yrs, and in the last 10 yrs I have been doing personal taxes & basic bookkeeping for anyone. I work from my home office.

That is my semi-retirement work, along with our hobby farm.

I took the Business Administration 3 yr program at the local community college. I completed the H & R Block program / training (not a fan, and I know how they bill). AND I know the business forms, medical forms, tax forms gst returns, assets, write-offs etc. and always ask people for these same details. (Most in / out companies will simply process what you provide, as quickly as they can).
I do the best for our own personal taxes (if I took ours in it would be easily $750 / yr), and I grab every dime I can for us, and anybody else.

I charge for Bookkeeping of the business activities so that I can pull the numbers out of the shoebox of receipts ... $35/hr . This is then added into the tax return info.
IF there is only a Tax Return to do without bookkeeping, then I have a standard fee for the returns - individuals $120, couples $185, students / seniors / limited income... $90.

I have used the Profile professional / accountant Tax Program for many years, I am registered with CRA and authorized for E-Filing. It works for me and provides additional income.

 

[Gem99ultra]

I've been using TaxAct for the last few years. After paying $175 for a CPA to prepare my simple return and comparing his to mine after running the number through TaxAct, I found the numbers to be exactly the same.

TaxAct does give a discount for returning customers, and they also bring forward the previous year's number for comparison. What I don't like is having to pay and extra $79 for a state tax return in addition to the federal return.

Both returns, state and federal, are electronically filed. Any refund due is normally received within 2 weeks; normally 10 days or less. Self prepared hand written returns have historically taken a couple of months in my case.

Filing your own via TaxAct, H&R, or TT does put all of the responsibility on you. But then, even if you pay someone else to punch in your numbers, it's still your responsibility. They're just putting in your info as you give it to them. In either case, one needs to understand the tax code.

 

[oldballs]

Why do us old folks (over 80), who only make a little money (less than $40,000) have to pay / file taxes? Seems like to me that we should not have to bother with it after all these years of ...Working....Military Service..... and....paying taxes.

Boy,......is that a stupid question!!!
Cheers,
Mike

 

[PILOON]

I'm lucky since my wife did tax returns for H&R back then so she knows the ins and outs.
She always uses the long forms as they offer more possibilities.
Now retired we have our taxes pre paid so as to avoid that year end shocker.

Now on municipal taxes I wish they'd offer some incentive to those that could pay in one lump sum vs the optional delays. Some delays spread them over 5 installments and charge interest.

 

[TractorTYMe]

I'm married to a CPA, so I've never done taxes........HATE it like the current administration.

 

[Larry Caldwell]

Why do us old folks (over 80), who only make a little money (less than $40,000) have to pay / file taxes? Seems like to me that we should not have to bother with it after all these years of ...Working....Military Service..... and....paying taxes.

Boy,......is that a stupid question!!!
Cheers,
Mike

You got that right. Everybody wants free stuff.

When I was working I used a really good CPA who planned tax reduction strategies for me a year in advance. After we closed out the corporation, we went to TT for a while, until things got complex again. Next year will be the last year at the CPA, unless I have to sell stocks at a loss and can use the loss to offset future earnings. For a simple return with no tax planning, TT is quick and simple. Expert systems are great, but they are stupid.

 

[Larry Caldwell]

I'm lucky since my wife did tax returns for H&R back then so she knows the ins and outs.
She always uses the long forms as they offer more possibilities.
Now retired we have our taxes pre paid so as to avoid that year end shocker.

Now on municipal taxes I wish they'd offer some incentive to those that could pay in one lump sum vs the optional delays. Some delays spread them over 5 installments and charge interest.

My county offers a 5% discount if property taxes are paid in full on the due date, the first week in November. I have my RMDs scheduled for October and write the check.

 

[Alan46]

My county offers a 5% discount if property taxes are paid in full on the due date, the first week in November. I have my RMDs scheduled for October and write the check.

My Oregon county also offers a 5% discount if paid in full!

 

[goeduck]

My County in Washington State charges more because I pay in automatic electronic monthly transfers.

 

[RickB]

My County in Washington State charges more because I pay in automatic electronic monthly transfers.

But yet you do it, apparently by choice. Discounts come to some who pay in full, on time. Convenience typically is accompanied by extra cost.

 

[WM75Guy]

I've done my own taxes since I was toilet trained. For a decades I used Turbo Tax. Then...in 2016 or there abouts, TT decided not to include many of the forms I used in their Basic software package, in order to "force" us into buying the more expensive "Deluxe or Premium" versions.. Simple stuff like Sch D, some health insurance stuff, nothing complicated. So I switched to HRBlock about 4 years ago. Never looked back. Has all of the forms, easy to use, and you can get the basic program (without state) for about $25. And HRB will import your TT return from last year to do the HRB return this year.

TT lost a ton of business and got raked over the coals on social media and lousy reviews on their website, as well as Amazon's, Sams, Costco, etc. A year or 2 later TT relented and added back some, not all, of the forms needed, and begged all of us that left to come back. I told them to "go pound sand".

Re: using a CPA/accountant...if you look at the CPA "worksheet" that you need to fill out, it is in the same exact order as the 1040. The worksheet just looks different. So they have a "dooser" input your numbers that you put together in the first place, into their software and then the CPA "reviews" it, and charges you $250. Absurd IMO.

Now...having said all of that, you DO need to be diligent in doing your own taxes. The key is not to wait til the last minute, but rather break up the input of data into several sessions. Personal info and wages in one session, interest-Dividends in another, cap gains on investments in another, etc. That way you won't be over-whelmed and get frustrated, lazy and make mistakes, or more likely, omissions. HRB does a good job of guiding you thru the process, and there is a ton of info embedded in the program, and on their website to help you thru stuff. And, you can always do a topic search on the IRS.gov website to get the info you need.

We use a local CPA and no worksheet. I sort our stuff by categories just to make sure it is all there and put a paperclip on each. W2s &1099s in one group, homestead property taxes and interest in another, & farm income and expenses such as taxes, royalties, and crop revenues in another. It all goes in a manila envelope and gets dropped off. We get a phone call when it is ready. Very reasonable and have never had an issue with the IRS.

 

[notaz3]

We found that it is much safer to pay CPA. Two different businesses, rentals in three different states, and land we are developing in yet a fourth state.

 

[ROUSTABOUT]

Never paid to have taxes done. Cut my own hair too with some 4 dollar Clippers.

 

[Alan46]

Never paid to have taxes done. Cut my own hair too with some 4 dollar Clippers.

Pictures please!