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

[polarred21]

Punched the Turbo Tax return today. Had a few hiccups and a couple of things not clear like HSA contributions but I got it all figured out. Matched 100% to my manual 1040 I already did. Cost me $40 and another $40 for he state. So far so good, pretty happy with it.

 

[oosik]

I've had my taxes prepared by a local CPA for over twelve years now. The peace of mind - knowing that is has been done correctly - more than outweighs the minor cost.

 

[tibadoe]

Been using TT for a few years - no issues.

 

[TractorGuy]

Well I'm on the fence to continue paying our tax guy $250 again for what is now a very simple return. I just did it by hand using the 1040 .pdf file and know what the results should be. I've always done my own but the past 20 years we have used her family friend tax guy and the bill was $340 last year due to several phone calls and emails required.

Would mail it in but want to file electronically for the refund just need the access to do so.

Leaning towards pulling the trigger for the Turbo Tax or H&R block versions.

So if I use a pay to play version this fee is every year right? I'll have to weigh that against the $250 cost and no headache. Oh wait, I've already done the headache part :confused2:......and I keep my crap in order every year :thumbsup:

Free File: Do your Federal Taxes for Free | Internal Revenue Service

 

[MoKelly]

Do any of you guys have to make quarterly estimated tax payments? I am required because most of my income is not subject to tax withholdings.

Due to the quarterly estimates, I feel I’ve got to use an accountant.

MoKelly

 

[dfkrug]

I've used a spreadsheet from the site below for a good number of years and it's been accurate.
Federal Income Tax Spreadsheet Form 14 (Excel Spreadsheet) Income Tax Calculator

Once you get the hang of what numbers go where, it pretty much fills the rest out for you. Libre Office works with it if you don't have a newer version of Excel.

Wow, that's incredible. First I have seen that. Maybe I will try it out and compare to TT.

I used MacInTax in 1991 and '92, then TurboTax from '93 (got a Windows computer) to present. The 2 have long since merged. But I have used Excel for even longer, mostly as a stock and option trading log.

As others have noted, the harder part of prepping one's tax return is gathering the data and organizing it. Typing it in to the computer is the easy part.

BTW, I hear the "business" version of TurboTax now even handles estates and trusts (forms 1041, 706, etc.).

 

[polarred21]

Free File: Do your Federal Taxes for Free | Internal Revenue Service

Yes I checked this out also. Thanks for sharing!

 

[riptides]

Do any of you guys have to make quarterly estimated tax payments? I am required because most of my income is not subject to tax withholdings.

Due to the quarterly estimates, I feel I’ve got to use an accountant.

MoKelly

Another reason I see the person. Especially so with my job history and the economy of the last decade.

 

[KennyG]

Do any of you guys have to make quarterly estimated tax payments? I am required because most of my income is not subject to tax withholdings.

Due to the quarterly estimates, I feel I’ve got to use an accountant.

MoKelly

I have to do this on state tax, but so far, not Federal. It's not that complicated for me. I just take my tax liability for the last year, divide it by 4, and send that in quarterly. In our state, as long as you base it on what you owed the previous year, you avoid the penalty, even if you underpay. I'm not quite sure how Federal works, but it shouldn't be that complicated and shouldn't require an accountant.

 

[RalphVa]

Used Turbo Tax for quite a few years but started making mistakes picked up by our investment advisor. Then, about 6 or 8 years ago, started using a local accounting firm. Wife compiles the stuff for him. I'm out of it. Guy probably saves us enough on taxes to pay for his small fee.

Ralph