Octopus Overlords

El Guapo wrote:Yeah I'm happy with H&R Block. My experiences with them (at least two previous filings, possibly three) are pretty consistent with my experiences with TurboTax before. The interface is fine, everything seems reasonably intuitive, no audits yet.

Like Jeff V I am always tempted to file state forms myself to avoid the state fees, but laziness and convenience has trumped frugality so far.

I like H&R Block, the one thing I miss from TurboTax is the summary page that shows all your income and deductions you entered on one page so you could see if you missed anything. H&R Block shows all the income and deduction that you could enter but it just says Go To (without the amounts entered)and you have to go to that section to see what you entered. Nothing major just a little more inconvenient.

Paying our accountant to do this shit is some of the best money I spend all year.

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

+1

Worth every dollar -- and deductible.

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

I tried that once, but to me, it's as much or more work to organize and find all the appropriate documentation I need (in a way that someone else can understand it), then have to sit down with that person to do what I can do myself faster.

Now if they find certain deductions that I would not have found without their help, that's another thing.

It seems like I will get slightly less then five grand this year.

Drazzil wrote:It seems like I will get slightly less then five grand this year.

I'm not your accountant, but you 're doing something wrong. You should ideally be +/- $1000 each year for taxes. Stop giving Uncle Sam a free loan.

Carpet_pissr wrote:

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

I tried that once, but to me, it's as much or more work to organize and find all the appropriate documentation I need (in a way that someone else can understand it), then have to sit down with that person to do what I can do myself faster.

Now if they find certain deductions that I would not have found without their help, that's another thing.

I can do my own taxes without any hesitation when we add my wife's stuff we end up with a 20 page return. I am not taking responsibility for that. The same person has done our taxes for 15 years, and he did hers before that as long as she has had reportable income. He doesn't ask a lot of questions at this point. We're screwed if he retires.

Zarathud wrote:I fill out the Illinois tax forms myself. I use a program for the Federal returns so I don't miss any limitations, but I also get to prepare my wife's S Corporation return.

Are you an accountant? I wouldn't dream of doing my own S Corp return. The freakin laws change so often I would be sure to miss something.

Scuzz wrote:

Zarathud wrote:I fill out the Illinois tax forms myself. I use a program for the Federal returns so I don't miss any limitations, but I also get to prepare my wife's S Corporation return.

Are you an accountant? I wouldn't dream of doing my own S Corp return. The freakin laws change so often I would be sure to miss something.

I think keeping up on those laws specifically is his job. Tax lawyer or something like that.

Smoove_B wrote:

Drazzil wrote:It seems like I will get slightly less then five grand this year.

I'm not your accountant, but you 're doing something wrong. You should ideally be +/- $1000 each year for taxes. Stop giving Uncle Sam a free loan.

My tax professsor in law school told us this. Then he paused an extra beat and said, "But I really like getting that big refund."

coopasonic wrote:

Scuzz wrote:

Zarathud wrote:I fill out the Illinois tax forms myself. I use a program for the Federal returns so I don't miss any limitations, but I also get to prepare my wife's S Corporation return.

Are you an accountant? I wouldn't dream of doing my own S Corp return. The freakin laws change so often I would be sure to miss something.

I think keeping up on those laws specifically is his job. Tax lawyer or something like that.

Okay, then that makes sense. I have the same guy do my S Corp as my personal return and maybe every other year he comes up with some change that effects my S Corp filing. Some weird credit or small change in the law that I would miss otherwise. I am also required by my insurance and bonding companies to have an accountant report in tandem with my tax return.

Those of you with PMI, you might double check that your software is letting you use it. Apparently the deduction was "continued" very late in the year. On-line checks show it as have elapsed and then renewed again.

ImLawBoy wrote:My tax professsor in law school told us this. Then he paused an extra beat and said, "But I really like getting that big refund."

I mean, I guess in theory if you're going to turn around and do something responsible with a $5,000 check maybe it's not a bad thing. But I'm guessing most people do not and it's either squandered on nonsense or used to chip away at credit card debt.

I was concerned about not having a schedule D in the deluxe version I just bought because I have capital gains to report. After doing some searching online, I concluded since I am getting 1099-Div forms, I will be able to use the deluxe version. I did not buy or sell anything. I hope I don't run into any unexpected problems in the program. I checked Amazon and Intuit is getting blasted in the reviews.

Carpet_pissr wrote:

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

I tried that once, but to me, it's as much or more work to organize and find all the appropriate documentation I need (in a way that someone else can understand it), then have to sit down with that person to do what I can do myself faster.

Now if they find certain deductions that I would not have found without their help, that's another thing.

If you have the same guy (or firm) they're pretty good about using previous years as a template and they get to know all your financial quirks. All I have to do is bring in tax forms, total up payments and P/L for the year, and the wife brings in receipts for major purchases. As long as we have the little stuff (charity receipts, daycare, mortgage statements, etc) we don't actually have to gather it and bring it in. I just scan/download it all and save it in case it's ever needed.

At this point they aren't really finding new stuff for deductions but they are maximizing what we do have.

Smoove_B wrote:

ImLawBoy wrote:My tax professsor in law school told us this. Then he paused an extra beat and said, "But I really like getting that big refund."

I mean, I guess in theory if you're going to turn around and do something responsible with a $5,000 check maybe it's not a bad thing. But I'm guessing most people do not and it's either squandered on nonsense or used to chip away at credit card debt.

I would say that chipping away at credit card debt is the definition of a responsible thing.

El Guapo wrote:

Smoove_B wrote:

ImLawBoy wrote:My tax professsor in law school told us this. Then he paused an extra beat and said, "But I really like getting that big refund."

I mean, I guess in theory if you're going to turn around and do something responsible with a $5,000 check maybe it's not a bad thing. But I'm guessing most people do not and it's either squandered on nonsense or used to chip away at credit card debt.

I would say that chipping away at credit card debt is the definition of a responsible thing.

Unless you build that debt up all year expecting to pay it with your return check.

If we get an overly large refund this year, it's because my wife worked a ton of OT, and was employed just 3/4 of the year. The problem is she has (possibly stupid) friends that seem to always get about $6000 back and use it to fund annual trips to the Philippines, something she would like to do. I can't seem to convince her that the Government Savings Plan is not a smart thing to do.

LawBeefaroni wrote:Unless you build that debt up all year expecting to pay it with your return check.

Yup. Or build up more because you just paid off $5K of it. It's a horrible cycle.

Smoove_B wrote:

LawBeefaroni wrote:Unless you build that debt up all year expecting to pay it with your return check.

Yup. Or build up more because you just paid off $5K of it. It's a horrible cycle.

That would then not be chipping away at your credit card debt.

I kind of doubt that anyone who racks up credit card debt in anticipation of a refund would suddenly become more fiscally responsible with the money if it were part of their paychecks.

El Guapo wrote:Yeah I'm happy with H&R Block. My experiences with them (at least two previous filings, possibly three) are pretty consistent with my experiences with TurboTax before. The interface is fine, everything seems reasonably intuitive, no audits yet.

Like Jeff V I am always tempted to file state forms myself to avoid the state fees, but laziness and convenience has trumped frugality so far.

Yes but saving $37 for not filing electronically isn't just a matter of frugality. I just can't do it.

Does H&R let you fill out the state forms and print them? or do you HAVE to file electronically? I'm lazy enough and now almost technologically dependent on tax software that I wouldn't want to do it manually. but for the money they want to file, they can suck it.

I saw laura's note and I'm pretty sure my "sched. D" stuff will be the same. I can just report it on the 1040. I hope. I read the turbotax reviews as well. That was shitty of them, but intuit has so many fingers in pies if they lose a bunch of people, eh! they are making it up with the price increase of the software.

I would like to use an accountant, but can't justify the cost of that either. my taxes are simple enough, and I don't earn the type of money that can afford paying someone to use turbotax for me. I can't see any hidden tax-y type things that they could find with my situation. Then again, I'm not a tax person so I am speaking out of my ass. there may be tons of things I don't know about

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

Out of curiosity, about how much do you pay your account to do that shit? I guess the main reason I don't is that I assume it would be much more than I would want to pay.

A nonny mouse wrote:

El Guapo wrote:Yeah I'm happy with H&R Block. My experiences with them (at least two previous filings, possibly three) are pretty consistent with my experiences with TurboTax before. The interface is fine, everything seems reasonably intuitive, no audits yet.

Like Jeff V I am always tempted to file state forms myself to avoid the state fees, but laziness and convenience has trumped frugality so far.

Yes but saving $37 for not filing electronically isn't just a matter of frugality. I just can't do it.

Does H&R let you fill out the state forms and print them? or do you HAVE to file electronically? I'm lazy enough and now almost technologically dependent on tax software that I wouldn't want to do it manually. but for the money they want to file, they can suck it.

I don't really remember. I think they let you print it out. At least, they give you an electronic copy of the form, which is a state form, so I can't see what would stop you from printing it out and mailing it in yourself. Or do you mean can you print it out and send it in without paying $37?

El Guapo wrote:

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

Out of curiosity, about how much do you pay your account to do that shit? I guess the main reason I don't is that I assume it would be much more than I would want to pay.

I think we are up to $140/yr for an actual accountant to file federal only.

El Guapo wrote:

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

Out of curiosity, about how much do you pay your account to do that shit? I guess the main reason I don't is that I assume it would be much more than I would want to pay.

$230 or so last year I think. Federal & state, filing together. Includes all my stocks/options/etc and wife's multiple contract gigs.

He's done taxes for a friend's family for years and came highly recommended when we moved here. We drive 35 minutes to the burbs to see him but it's worth it. We could probably do it all over email/phone but it's nice to meet in person to go over any questions.

Having to pay $37 to file a state form electronically is just crazy. I wouldn't do that when it was $20. It is so easy to just print it out and mail.

When you guys use an accountant, can you hand over a big shoebox of receipts and have him figure out the rest (as tv shows have led me to believe) or is it not that easy?

wonderpug wrote:When you guys use an accountant, can you hand over a big shoebox of receipts and have him figure out the rest (as tv shows have led me to believe) or is it not that easy?

Depends. Most people probably don't have a big shoebox of receipts. Businesses probably do. I imagine the bigger the shoebox, the more the accountant will charge. Generally if you have a lot of expenses to write-off you should keep a logbook or spreadsheet. You give that to the accountant and just keep the receipts on reserve in the case of an audit.

I mean the only receipts we keep are business purchases/payments for the wife and any charity receipts. But then I don't try to write-off a portion of windshield wiper blades as a commuting expense or something.

El Guapo wrote:

LawBeefaroni wrote:Paying our accountant to do this shit is some of the best money I spend all year.

Out of curiosity, about how much do you pay your account to do that shit? I guess the main reason I don't is that I assume it would be much more than I would want to pay.

My accountant charges me $250....but I own parts of a couple companies and have investments so it is beyond anything I would want to do on my own. I know there are years he finds stuff that saves me that much.

Also, since he does it every year it is a very 'easy" process to have him do it. He basically does everything after we have a short talk and review of the year.

wonderpug wrote:When you guys use an accountant, can you hand over a big shoebox of receipts and have him figure out the rest (as tv shows have led me to believe) or is it not that easy?

My accountant gives me a form every year that asks questions about the prior year and asks me to fill in some data. Expecting your accountant to decipher your shoe box receipts is like going to the bank and having them balance your check book for you. Except the accountant will charge you for the extra time it takes.

There are really very few receipts (unless you have some extraordinary circumstances) that actually apply to a tax return.

El Guapo wrote:Out of curiosity, about how much do you pay your account to do that shit? I guess the main reason I don't is that I assume it would be much more than I would want to pay.

A few years ago it was about $60 per form. I don't know about rates now. So how many forms do you anticipate filling out? For me that would Fed, State, and now 1 Schedule D, I think. I am not sure if the 1040 requires other actual "forms" like for deducting mortgage interest or the homestead for property taxes as I've never filed professionally.

http://taxes.about.com/od/findataxpreparer/a/prices.htm

If home tax software keeps going up then going to professional won't sound so bad.

While Turbotax shelf rates are admitedlly outrageous, I hope everyone here knows to NOT pay that rate. It's like paying Price is Right prices for shit. Just don't. There are bazillions of deals on Turbotax all over the internet, and often through businesses or providers that you already use, like banks, insurance agencies, etc.

For a few years, State Farm had a spectacular deal on TT for its customers. That ended, but that same year, my bank (Bank of America) started a deal where they give account holders discounts on TT. Like 50% of the normal rate or less.

At the least, visit a deal site and search for 'turbotax' so you don't get screwed.

Scuzz wrote:There are really very few receipts (unless you have some extraordinary circumstances) that actually apply to a tax return.

My wife and I are almost certainly going to qualify for a medical expenses deduction this year, so that's where my receipt situation is gonna get hairy. The whole year I did my best to track the weird things like eye solution purchases and distance driven to/from the hospital, but I keep getting "well what about this?" questions. Do I deduct the sharps containers I bought? Bandages and alcohol wipes used for chemo injections? Magnifying glasses and other similar equipment I bought to help my wife's vision issues?

Carpet_pissr wrote:While Turbotax shelf rates are admitedlly outrageous, I hope everyone here knows to NOT pay that rate. It's like paying Price is Right prices for shit. Just don't. There are bazillions of deals on Turbotax all over the internet, and often through businesses or providers that you already use, like banks, insurance agencies, etc.

For a few years, State Farm had a spectacular deal on TT for its customers. That ended, but that same year, my bank (Bank of America) started a deal where they give account holders discounts on TT. Like 50% of the normal rate or less.

At the least, visit a deal site and search for 'turbotax' so you don't get screwed.

I abandon TT after I got a sweet deal on their retail product -- and discovered it was completely incompatible with the online product that had my tax history. It would have been a major PITA to transfer depreciation schedules, so much so I ate the cost of that "deal" atop the "no-deal" price for being a continuing web customer. It was the last year I was filing with that particular self-employed business; the following year I switched to H&R Block (who for all I know does the same thing).

If you're creating your return from whole cloth, then, like cell phones, deals are out there for the taking. If you are a continuing customer and are importing prior year tax data...not so much; you're pretty much stuck the list price they are offering. Just like a cell phone.

Carpet_pissr wrote:While Turbotax shelf rates are admitedlly outrageous, I hope everyone here knows to NOT pay that rate. It's like paying Price is Right prices for shit. Just don't. There are bazillions of deals on Turbotax all over the internet, and often through businesses or providers that you already use, like banks, insurance agencies, etc.

For a few years, State Farm had a spectacular deal on TT for its customers. That ended, but that same year, my bank (Bank of America) started a deal where they give account holders discounts on TT. Like 50% of the normal rate or less.

At the least, visit a deal site and search for 'turbotax' so you don't get screwed.

Apparently some VP (verified) from Intuit has been commenting on reviews on Amazon. I imagine if you call the number he gives out you can work a pretty big discount.

I don't want haggle and I don't want all a bunch of fees to come after the fact. The Schedule D thing coming on the first (and perhaps only) year I will actually have to worry filling out a Schedule D is just the kick in the pants to get off my lazy ass and figure something else out. $92 (almost $100 after tax) plus maybe more hidden in from state games and then worrying about spending effort to fight to get it down to $75 plus maybe more hidden from me just seems like too much.

Tax lawyer/planner for people with their own accountants and bookkeepers. I understand the tax rules better than the returns, which are annoying.

wonderpug wrote:When you guys use an accountant, can you hand over a big shoebox of receipts and have him figure out the rest (as tv shows have led me to believe) or is it not that easy?

Our accountant gets all the usual forms. But we also include about half a dozen receipts for work related expenses that aren't reimbursed. For example, I submit about four or so receipts for staples for copying costs. The wife belongs to various associations or takes classes that her work doesn't pay for. We toss in a few gift/donation receipts and it's a day. Probably ~$500 a year or so at most and I spreadsheet it all up for him first so he has the totals. I provide the receipts as a courtesy -- he is signing his name to the report after-all and I want to make sure he knows I'm not trying to fudge things on my end.

Our CPA sends me a booklet to fill in category totals and answer a bunch of questions. I return the completed booklet to him with the appropriate forms; he sends us the completed returns after e-filing. There might be a brief phone call with questions in between.

If it weren't for the home office deductions I could do it myself. The home office stuff mostly wipes out the 1099 income and the dreaded SE tax. Last year our itemized deductions were only slightly higher than the standard deduction, so we're close to that tipping point. If her 1099 income tapers into insignificance this year, as I expect it will, this might be the last time we hire the CPA.

the one time i went to a tax preparer was a decade ago, when i found myself in a terrible '1099 contract' job. he did not sign the tax return, though - is this a common thing? it seemed like he made up some random deductions, which also seems sketchy to me - but then, i was sketchily hired as a '1099 contractor' in the first place, so...

i've used TaxAct for the past nine years and will probably continue to do so. it is free for me.

The accountant didn't want to sign because your 1099 status raised many risks you weren't telling him all the necessary information, the return was taking reporting positions without complete information and/or you lacked a long-term relationship. There can be penalties on the preparer.