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

[Citydude]

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 use an accountant since I pay quarterly taxes as well. I got audited once by the IRS over a simple mistake years ago. Not a pleasant way to spend a couple of hours.

 

[ruffdog]

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致e got to use an accountant.

MoKelly

Yep...I have to file quarterly estimated tax with fed and state IRS. My income is predictable so it is easy to estimate next years amounts. I also file my own taxes old school.

 

[JethroB]

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.

Same here. I used TT for many years but switched to a CPA five years ago when I got the farm to deal with. She's worth the extra $100 or so above the cost of TT to me.

 

[tradosaurus]

Turbo Tax for the last 10 yrs.
Also pay the extra $50 for audit protection.
Hopefully won't ever need it since the IRS gestapo has almost unlimited powers.

 

[JethroB]

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致e got to use an accountant.

MoKelly

I just make one April annual payment and get it over with rather fooling with the quarterlies. But my income is pretty predictable.

 

[dfkrug]

For those who pay estimated tax quarterly (Fed or state), TT or other software does that for you, too, including multiple ways to calculate it. Then it prints the coupons for you to send in and the due dates. I have paid est tax for fed and state for many years, but no city tax here on the left coast. I did pay city income tax many years ago when I lived in Ohio.

I suppose many folks on TBN have to pay city income tax, too? Is that handled with paper returns?

 

[Oaktree]

Yep...I have to file quarterly estimated tax with fed and state IRS. My income is predictable so it is easy to estimate next years amounts.

Same here. First couple years of self-employment were a little tricky since I didn't have the history to go by, but as someone else mentioned I use the previous year's income as a reference...it doesn't change that much year to year. Don't have state tax here, just federal.

 

[Bearsixty7]

Early in my "Career" I sold some employee stocks and so I thought I should use a Tax company, I can't remember if it was Block or some other company. I had all my paperwork and sat down with this "seasonal" worker that must have just been trained...somewhat. I had to keep correcting them on several entries, one being the stocks. After that encounter I figured why the heck am I paying them 3 to 4 times what TurboTax costs if I still have to figure it all out. Been using TT for many years, decades actually.

 

[GeneV]

Bearsixty, that's exactly my experience the few times I went to a tax service the 5 some times in the last 20 some years.

Look here's the thing, it's ok to be lazy and hire out, I totally don't judge that. But if you're talking personal taxes, that's what you're doing by hiring out. This stuff is just too hard to screw up with turbotax, to justify going to h&r block or whatever because you're worried you'd screw up and get audited.

 

[goeduck]

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.