doing taxes yourself

[NHHEMI]

Originally Posted By: ram_man
I aam considering doing my taxes myself this year. Is it worth it to buy turbo tax software or just use tax act.com?
Also couldnt you use your last pay stub for tax returns instead of waiting on a w-2?


I have used TT for years. I have used it when I was employed by others and I have continued to use it after I started working for myself. I also use it to do my Dad's and Sister's returns for them. IMO it is worth the $20 and it has always done a good job for me.

Better to wait on your tax forms( W2's, 1099's, other interest, etc... )to be sure you get it right. You have to report the same info the employer/financial institution does does. IF you don't it will get kicked.

 

[hattaresguy]

A friend of mine got audited a few years back and LOVED his accounting firm at that time because they sent down two CPA's to answer all the IRS agents questions as they went threw his books for a few days.

Tax software won't do that for $40, heck the CPA's were getting more than that an hour each to sit their!

 

[y_p_w]

Originally Posted By: greenjp
I do it old-school, instructions, forms, statements and whatnot spread all over the kitchen table and a calculator (TI-82, also old-school

). I have relatively simple returns most years mostly just regular income, house & kids sorta things (wife cashed in some stock options one year, another had some very small capital gains). It's actually sorta fun, in the way changing your own oil instead of taking it to a shop is.

jeff

I did it that way for several years. Then I decided to take depreciation on my rental property and I needed something to figure it out for me.

Even back when I was eligible to use the simpler forms (1040EZ or 1040A), I'd use the full 1040. I just took a pen and wrote down a bunch of 0s.

I wouldn't do it now. The biggest issue these days is calculator errors or transcription errors. Software reduces the chance of that happening.

 

[Vikas]

Unless you already work with an accountant for the entire year, how does an accountant help you just filing your taxes? I mean at the end of the day you have to gather all the tax related documents and then get them in to your worksheet. What does accountant do that you could not do since both of you have the same data? How that data needs to be massaged to come up with your tax liability is already decided by the IRS. You read the all the forms and then follow it (ha! ha!! you would have a massive headache just reading them late alone following them or you let the software take care of it. A drive-by accountant is going to do the same thing.

The funniest part of the whole ordeal is when some guy claims that Turbo Tax gave him bigger refund than Tax Cut or vice versa

 

[65cuda]

I started using Turbo Tax and then tried Tax Act and have stayed with it. My taxes aren't real involved and both have help sections to make it easier for you. When I was using the tax person all they were doing was using the computer program to go through it also. Can't say anything about business tax though.