Turbo Tax??

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FishingBuds

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I've got a few people telling me to try it out and I really don't know? Can you practice use it??

I have a guy I have used for years but he cost alot. I have been happy with the results from him.

So anyone use Turbo tax and can tell me a few things about it?
 
Its simple, it asks all the questions, 90% of tax preparers use the same program, Not to many do it Old school any more with a book and pencil.. IMO the software in the store is a waiste of money, I do mine online, Have for 4 or 5 yrs.
 
Does it help if you have business deductions also? My wife does some cleaning and has deductions for mileage and supplies.
 
I prep taxes and have for a number of years. Used 4-5 different programs and tried turbo tax out to see what it was like.

CAUTION!!!! You can get yourself in trouble if you don't answer the questions right in Turbotax!!!!

As a CPA, I know what they are getting at with their questions, but if you don't investigate, or half read the question, you could end up with some deductions that you don't really qualify for. If you are just filing a 1040 with a few itemized deductions, it should work fine. The only reason I can see to buy it is to efile or calc AMT tax.

If you just want to efile and can calc your taxes by hand, prepare them and take your forms to your local accounting office and ask them to efile it. We used to charge $30 to file the easy ones - but you need to understand, we need to enter everything in on your return again. The W2s need to be exact or it will get kicked out by the IRS.

Turbo Tax will calc business deductions, but depending on how much help you need, you might need to upgrade to deluxe or business versions.

Bugpac is right on one point, Turbo Tax is owned by the biggest tax software company, but it isn't the same software. Most CPA firms use more advanced software for tax returns. Turbo Tax data entry system would take way too much time to navigate to file returns on any large scale.

Whatever you do, please do not use H&R Block. EVERY return I've seen from them has been overcharged for, and about 50% (no joke) are wrong. Sorry if anyone here works for them, but in my years of experience, they don't have the experience to handle the more technical returns, but they do have the guts to charge my friend $200 for a tax return that should run only $75 -100 at the most.
 
As of last year, turbo tax used to let you download and use their software for free. If you wanted to print or file, you had to pay for it. Looks like it's the same this year at turbotax.com.

If you get stuck on anything, feel free to PM me, I'll help you out if I can,

Will
 
Thanks for the offer wasilvers :)

Like I said I have used a pro and pay hefty for him, I had a real estate business back in the 90's and needed a good one. I quit the real estate in 2005 and still have kept him, I kinda invested some money(nothen to big) in a small business last Oct. But don't know about doing any claiming yet?

Other than that I'm gonna be a simple claim. Just alot of people tell me to try it and I just don't wanna screw me up, if it works then Im saving $150 bucks, actually he's $180 but I'd get the $30 dollar deduction one from TrTx
 
As to your business, you can start deductions either the first day you 'open your doors' - generally collect your first dollar. Fixed assets start depreciating that day, setup costs (legal fees, org costs, etc) generally get amortized over a few years.

For the business, don't forget about the little deductions - mileage, cell phone, office supplies etc... as much as you can get out/back of the investment tax free is the goal.

Later,

Will
 
wasilvers said:
As to your business, you can start deductions either the first day you 'open your doors' - generally collect your first dollar. Fixed assets start depreciating that day, setup costs (legal fees, org costs, etc) generally get amortized over a few years.

For the business, don't forget about the little deductions - mileage, cell phone, office supplies etc... as much as you can get out/back of the investment tax free is the goal.

Later,

Will
Excellent advice and all very true. Just be certain that you can document all those "little deductions". :wink:
 
I've been using turbo tax for the last 5 years... and I'm doing it again now as we speak.

My deductions are not bad, but I get a few military one's that I can take advantage of since I do my service in a different state. Luckily, it knows what it's doing and every year it's been right on the money (I also do it by hand to double check).

Don't let it scare ya... you can do it and we are only a click away
 

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