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Thread: YEAH Tax Time

  1. #1
    Cyburbian PlannerByDay's avatar
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    YEAH Tax Time

    It is that time of the year again, TAX TIME.

    Last night I started getting my Tax documentation together and thought it would be a good topic of discussion.

    I have a CPA do my Taxes for me and have for about the last 5 years. Typically it takes me between 3-4 hours to get all my info together and fill out my Tax Preperation Worksheets. I then give the CPA the work sheet and she does the "Math".

    Personally I think it is worth while to have a professional do it.

    Being a newly wed this will be the first time we will be filing taxes together. Mrs. PBD thought it was a waste of money to pay a CPA to do my taxes, but given my investments, rental property, and other writeoffs I convinced her it was worthwhile.

    So share your Tax stories,
    have you been audited,
    do you usually get refunds,
    do you do your own taxes,
    do you have a CPA do them, or
    Do you even file?

  2. #2
    Cyburbian Mtn Woman's avatar
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    Between using Quicken for our regular finances year round and Turbo Tax to file, tax time took approximately 2 hrs! And that includes hunting down the W-2s

  3. #3
    Cyburbian Emeritus Chet's avatar
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    Took about 2 hours with H&R Block tax cut software. Getting a big refund too

  4. #4
    Cyburbian Emeritus Bear Up North's avatar
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    Have not started yet. Always long form. Use software to make it easier. This year I may even make the medical deductions limit. Even though all my med stuff was covered by health insurance and script coverage, with co-pays and all the milelage to doctors (including Ann Arbor, 75 miles from home), etc. I may still have a legit deduct.

    If not, oh well.

    Bear

  5. #5
    Cyburbian PlannerByDay's avatar
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    We talked about using one of those software packages you can buy, but for the software I/we would need it would be $100. For another $80 I can have a professional put her autograph on it and deal with the IRS if I get audited.

    Not sure about a refund for us this year. I hoping to break even.

  6. #6
    Cyburbian donk's avatar
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    The last couple of years I have been using the Canadian version of quick tax. Easy, takes 15-20 minutes to do my taxes. Prepares both a printed version and an e-version that you FTP to the gov't, if no problems, you have your refund in a week or so. Unfortunately, because I have moved during tax season I have to send in paper files this year and wait for the refund cheque.

    Things look good this year for a big refund. I took over a month off last year and both employers took deductions off as if I did not. Combine that with moving expenses and a few other things and I am looking at getting a few thousand back.
    Too lazy to beat myself up for being to lazy to beat myself up for being too lazy to... well you get the point....

  7. #7
    Corn Burning Fool giff57's avatar
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    I use Turbo Tax and it took an hour or so. Mrs giff was able to expense out enough from her business that we raked in a pile of cash from Uncle Sam....
    “As soon as public service ceases to be the chief business of the citizens, and they would rather serve with their money than with their persons, the State is not far from its fall”
    Jean-Jacques Rousseau

  8. #8
         
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    Have used Turbo Tax the past three years, this year changed to H & R Block online..both about the same...little hassle, quick return. I dont really have anything special, kids, mortgage, student loan, FRIGGIN DAYCARE , so it is pretty easy for me to do it on my own. Big refunds this is my favorite time of the year

  9. #9
    Cyburbian boiker's avatar
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    I have never, ever been able to crack the standard deduction. Maybe I should start lying like everyone else

    Since I don't have any investments, intrest income, capital gains/loses, etc it's not worth it for me to pay a CPA to run the 1040A form. I just use the tax software.

    I get about $800 back this year.

  10. #10
    We pay a CPA every year, but have been unhappy with the charges. When we started out with this company, we had a small business plus investments, and a bunch of other write offs, so we were happy with the CPA charge, but in the last two years, all we have had were basic deductions (charitable, student loand interest, mortgage interest, etc) and our investments (which have not been changed). I even organize everything by category in a little binder with pocket dividers. But, we have been charged the same, or more by this company every year. Last year I asked for detailed billing, but never received it. This year will probably be our last year of using a CPA - especially if they charge more because I did not organize everything the way I usually do. I will probably go back to turbotax.

  11. #11
    Cyburbian Salmissra's avatar
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    Before getting married, I used turbotax or some other free/cheap software, and never had a problem. Only had to pay one year - and it was less than $100. Between school, being out of work and always making high deductions, I usually get back a nice check.
    This year, the hubby's doing the paperwork. He's got an accounting degree (that he doesn't use but once a year) and everything lined up. I haven't asked about refunds, but really I just hope we don't have to pay.
    "We do not need any other Tutankhamun's tomb with all its treasures. We need context. We need understanding. We need knowledge of historical events to tie them together. We don't know much. Of course we know a lot, but it is context that's missing, not treasures." - Werner Herzog, in Archaeology, March/April 2011

  12. #12
    Cyburbian Zoning Goddess's avatar
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    I've been using TurboTax online for 4-5 years. Filed a couple weeks ago, and my nice refund is already in the bank! Too bad it's all going for the hurricane deductible...

  13. #13
    Cyburbian zman's avatar
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    I always sent mine in with my folks. That hired an accountant because they are both self employed.
    Working at the university the past couple years there has always been some glitch where they don't take out enough for the Feds, so I have had to pay like $200 out of pocket. Hopefully it won't be so much this year, and I may get a refund... for that new bike I saw in the window. (I'll probably have to use it towards the house....)

    I'm on my own this year for taxes, but I have a small IRA through work and a private account, some charitable donations, and three W-2s. I may have to go someplace for Tax service...
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

    You can go out, you can take a ride/And when you get out on your own/You get all smoothed out inside/And it's good to be alone
    -Peart

  14. #14
          Downtown's avatar
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    We pay a CPA also. We do have investments, a house and student loan interest.

    We still file Single Zero on our W2 to maximize our return, but we're going to change that once the twins get here. I normally really like getting the return in one big chunk, but considering that all we do with it now is stick it in a savings acct and use it for daycare, I've decided I wan the money up front and we'll just transfer it into that account each payperiod.

  15. #15
    Cyburbian michaelskis's avatar
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    I am going to work with an accountant who goes to my church. They are good people, and last year they wrote off just about everything... including rent. I am hoping that I will get a good chunk of money back this year.
    If you want different results in your life, you need to do different things than you have done in the past. Change is that simple.

  16. #16
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    Took a total of 45 mins to do mine and Planner Groupie's taxes using TaxAct Software. E-filed, got refunds deposited last week. Between the 2 of us, we got over $6000 in refund money.
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  17. #17
    Cyburbian Mud Princess's avatar
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    Quote Originally posted by PlannerByDay
    We talked about using one of those software packages you can buy, but for the software I/we would need it would be $100. For another $80 I can have a professional put her autograph on it and deal with the IRS if I get audited.
    Me too. I helped a friend complete her tax forms online with Turbo Tax and thought about doing it myself, but I like the fact that our H&R Block rep can back us up with the IRS if need be (which I did need, once).

    We've been using the same professional for 10-15 years. She's great. We often talk about mutual funds, property values, and cars, extending our appointment far longer than necessary, but that's fine.

  18. #18
    Cyburbian Cardinal's avatar
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    Did mine myself a couple weeks ago. I"ll be getting about $4800 back. I found that if you report less income than you actually had, your taxes go down!
    Anyone want to adopt a dog?

  19. #19
    Cyburbian
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    I have Turbo Tax waiting, just haven't done it.

  20. #20
    Cyburbian Emeritus Chet's avatar
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    Quote Originally posted by boiker
    I have never, ever been able to crack the standard deduction. Maybe I should start lying like everyone else
    I never did until I had a really big mortgage. God I hate that tax law.

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