OT - Filing Taxes

[DaddyChoc]

do you do your own via a online software (Turbo Tax, HRBlock)?

family member do them for you, you just gather all your documents... hand them over and wait?

or do you make an appointment with a IRS office in your area?

maybe you have a professional numbers cruncher who handles all your finances?

I do my own and a few family members using HRBlock's online service.

returns came back within a week for both... surprised that the State return came back as quick as it did. (about 5 days)

 

[Huskies Rule]

TAXES? BIGGEST BUMMER OF A POST...EVER!

 

[Drumguy]

do you do your own via a online software (Turbo Tax, HRBlock)?

family member do them for you, you just gather all your documents... hand them over and wait?

or do you make an appointment with a IRS office in your area?

maybe you have a professional numbers cruncher who handles all your finances?

I do my own and a few family members using HRBlock's online service.

returns came back within a week for both... surprised that the State return came back as quick as it did. (about 5 days)

I'm a CPA (reading the blog at work actually on a Saturday afternoon!). For many people these programs can do an ok job, if you as data inputer get it right. Realistically though I save my clients a ton more than my service costs. Not to demean everyone who tries to save a buck or two doing their own taxes, but in general the mistakes I see when we get those clients down the road are unbelievable. Even fairly uncomplicated returns can be messed up pretty easily. Taxes are not simple and those programs available to you or even HR Block are only so-so. My tax software and related packages cost me about $45k/year and I do about 3 weeks of continuing education a year, not to mention my daily newsletters, tweets and articles to stay on top of tax changes.

Also a CPA provides a lot more than tax services - tax preparation itself is a low value service for our clients. Tax planning and advice much more value.

Do you help your family with their other financial needs like wills (advice), insurance, investments, estate, gifting, education financing, etc? Thats why you should go to a CPA and spend the money.

I don't change the oil in my car or paint my house or my electrical, plumbing etc. for a reason.

 

[HuskyNan]

I would like to throw out there that regardless of which method you use to file taxes that you get them in as soon as reasonably possible. One kind of identity theft that has become increasingly common is that someone that's stolen your social security number will file for your tax refund, hoping they've submitted the tax form before you have. They then get your money and you are out of luck.

See The Tax Refund Scam, CBS News (scroll down below the ad at the top to read the story)

 

[Kibitzer]

TonyC does mine. Filing is too tuff for me.

 

[vtcwbuff]

I change the oil in my car, paint my house and do my own electrical (most of it anyway) and plumbing. I also do my own taxes and have been for 50+ years.

I also wait until the last minute to file. My annual goal is to owe the government an amount just less than the underpayment penalty limit. I can't remember the last time I got a refund. IMO that's a good thing.

 

[DaddyChoc]

I change the oil in my car, paint my house and do my own electrical (most of it anyway) and plumbing. I also do my own taxes and have been for 50+ years.

I also wait until the last minute to file. My annual goal is to owe the government an amount just less than the underpayment penalty limit. I can't remember the last time I got a refund. IMO that's a good thing.

the refund is just money they "held" for you... that's what I hear.

why wait til the last minute... as Nan mentions they encourage you to get it before the crook (not the govt) does? but I guess if you're not getting anything back there's no need to file right away

 

[DaddyChoc]

I'm a CPA (reading the blog at work actually on a Saturday afternoon!). For many people these programs can do an ok job, if you as data inputer get it right. Realistically though I save my clients a ton more than my service costs. Not to demean everyone who tries to save a buck or two doing their own taxes, but in general the mistakes I see when we get those clients down the road are unbelievable. Even fairly uncomplicated returns can be messed up pretty easily. Taxes are not simple and those programs available to you or even HR Block are only so-so. My tax software and related packages cost me about $45k/year and I do about 3 weeks of continuing education a year, not to mention my daily newsletters, tweets and articles to stay on top of tax changes.

Also a CPA provides a lot more than tax services - tax preparation itself is a low value service for our clients. Tax planning and advice much more value.

Do you help your family with their other financial needs like wills (advice), insurance, investments, estate, gifting, education financing, etc? That's why you should go to a CPA and spend the money.

I don't change the oil in my car or paint my house or my electrical, plumbing etc. for a reason.

I have basically one W-2 and my mortgage tax info to file that's it... no gifts, no winnings, no itemizing clothes to Goodwill etc.
I don't try to milk the IRS for no more that what I "think" I deserve based on the forms I need to do my taxes. seems str8 forward and simple to me using services like HRBlock or CT Revenues online software

 

[Drumguy]

I have basically one W-2 and my mortgage tax info to file that's it... no gifts, no winnings, no itemizing clothes to Goodwill etc.
I don't try to milk the IRS for no more that what I "think" I deserve based on the forms I need to do my taxes. seems str8 forward and simple to me using services like HRBlock or CT Revenues online software

I get it, but I have seen so many basic "easy" returns totally messed up. If you have an HSA, a 1099, expenses from your job; did you get your 1095-a, B or C and enter it correctly? Did you get the CT property tax credit corect, etc. Do you contribute to a 529 plan. All of those little things now make even a straightforward return hard to get right!

I should also add that our systems and procedures are built to minimize errors.

 

[johnnyc]

AARP for free.

 

[vtcwbuff]

the refund is just money they "held" for you... that's what I hear.

why wait til the last minute... as Nan mentions they encourage you to get it before the crook (not the govt) does? but I guess if you're not getting anything back there's no need to file right away

I wait until the last minute because I always owe. I plan it that way. It's just my mini tax protest. If you have the time to waste sit down and add up how many different ways your hard earned dollar is grubbed on by politicians.

 

[ctfjr]

I change the oil in my car, paint my house and do my own electrical (most of it anyway)and plumbing. I also do my own taxes and have been for 50+ years.

I also wait until the last minute to file. My annual goal is to owe the government an amount just less than the underpayment penalty limit. I can't remember the last time I got a refund. IMO that's a good thing.

I get 2 extensions & have my accountant file for me by Oct 15th

 

[DaddyChoc]

I wait until the last minute because I always owe. I plan it that way. It's just my mini tax protest. If you have the time to waste sit down and add up how many different ways your hard earned dollar is grubbed on by politicians.

lets not go down that road... dont wanna get sent to the ceespool but I do understand your protest

 

[DaddyChoc]

I get it, but I have seen so many basic "easy" returns totally messed up. If you have an HSA, a 1099, expenses from your job; did you get your 1095-a, B or C and enter it correctly? Did you get the CT property tax credit corect, etc. Do you contribute to a 529 plan. All of those little things now make even a straightforward return hard to get right!

I should also add that our systems and procedures are built to minimize errors.

yeah all those you may need someone to help you

 

[feste]

AARP for free.

There are various for-free preparers, and the Tax-Aide (AARP) nationwide program is an excellent one. [Disclosure: I've been a preparer since I retired in 2002]. The quality of the volunteers (and others, e.g. VITA & TCE -Tax Counseling for the Elderly) is outstanding. And the programs aren't limited to the elderly.

Here's a link to the IRS site where you locate preparers ready to help you.

 

[uconnfan68]

I change the oil in my car, paint my house and do my own electrical (most of it anyway) and plumbing. I also do my own taxes and have been for 50+ years.

I also wait until the last minute to file. My annual goal is to owe the government an amount just less than the underpayment penalty limit. I can't remember the last time I got a refund. IMO that's a good thing.

Too much work to squeak under that number. More power to you.

 

[Fiftyish]

I've always done my own tax returns. Pretty straight forward when I started my working career but got a little more involved as I bought a house, made investments, had a side job as a real estate agent, etc, etc. I've always used TurboTax and have never had a problem.

 

[KnightBridgeAZ]

Mine are done by an accountant back in NJ. Eventually I'll move to an accountant out here, but he also does my Mom's return, she has dementia, so I've stayed with him. Also his office is connected to my financial adviser's office (and lawyer's, as well). The tax statement for the type of accounts Mom and I have isn't due to very late in the process, so he can get them direct from the adviser. Also, he has continuity for monitoring whatever it is he monitors from year to year.

 

[DaddyChoc]

Mine are done by an accountant back in NJ. Eventually I'll move to an accountant out here, but he also does my Mom's return, she has dementia, so I've stayed with him. Also his office is connected to my financial adviser's office (and lawyer's, as well). The tax statement for the type of accounts Mom and I have isn't due to very late in the process, so he can get them direct from the adviser. Also, he has continuity for monitoring whatever it is he monitors from year to year.

is it businesses or retirement type of documents that you may file.
investment documents etc (other than the ones that's attached to the W2)

got the bucks to pay someone to do all that (not trying to be a snob with you)... the "let them guys do that crap" type of person?
I see lawyers, accountant and financial advisers etc. in you comment so I could understand.

as I mentioned earlier, I don't have much of anything than the normal 40hr/wk job, home and a couple of cars... doesn't take much to do mine online.
I know some people are "old school" but I figured out a while ago I can "cut out the middle man" (maybe when I got my 1st car, 1992...) I think my mom and older sister wanted me to go to their "agent, underwriter" but I went straight to Geico (over the phone).

I just think some of these self-service things are good if everything is just basic.

The CT DMV and their mess... they're trying to encourage people to do stuff "online" but what if you dont have a computer or cant read/write. I dont think they understand that but that's a rant for another day.

 

[AllAmerRedHeads]

Used to use H&R until their prices started going through the roof. with many various forms we need we went with a company out of Middletown.

5 years later they are still cheaper than H&R. With many forms now electronic, was able to file by January 15 and refunds arrived quickly.

with interest rates so low, I am not as concerned with the feds holding on to a bit of my money as I am with delaying my filing and having possible hackers file under my SS#

 

[KnightBridgeAZ]

is it businesses or retirement type of documents that you may file.
investment documents etc (other than the ones that's attached to the W2)

got the bucks to pay someone to do all that (not trying to be a snob with you)... the "let them guys do that crap" type of person?
I see lawyers, accountant and financial advisers etc. in you comment so I could understand.

I started having H&R Block do taxes when we got married, the wife had some back years (nothing owed), we were able to itemize, and my hours were divided between NY & NJ which reduced my NY taxes.

About 8 to 10 years ago we hooked my Mother up with a financial adviser my wife knew from work because, while not wealthy by any means, she had enough to invest in a trust (i.e. managed) investment account, as are some of my funds. So there is income and capital gains of various sorts (short term / long term), losses that can sometimes be carried over, etc. We pay about $300 each for the privilege of having our taxes prepared by a CPA, which isn't bad. It just so happens that the financial adviser shares an office suite with the CPA firm and a lawyer as I mentioned above - other than using the law office for wills and home closings when we moved, I only really deal with the adviser.

I'm not wealthy, and the last 15 months of net losses in my assets (on top of depletion to live on) is killing me. I never went back to work when my company was "merged" and my job eliminated (2006), originally to assist Mom (then 87), then assist my wife when she became ill (2008) and ultimately it was determined she was unable to work. And Mom, at 96, just moved into a care facility. And I'm still short of Social Security age, so I'm not happy, but that's another story.

 

[DaddyChoc]

I started having H&R Block do taxes when we got married, the wife had some back years (nothing owed), we were able to itemize, and my hours were divided between NY & NJ which reduced my NY taxes.

About 8 to 10 years ago we hooked my Mother up with a financial adviser my wife knew from work because, while not wealthy by any means, she had enough to invest in a trust (i.e. managed) investment account, as are some of my funds. So there is income and capital gains of various sorts (short term / long term), losses that can sometimes be carried over, etc. We pay about $300 each for the privilege of having our taxes prepared by a CPA, which isn't bad. It just so happens that the financial adviser shares an office suite with the CPA firm and a lawyer as I mentioned above - other than using the law office for wills and home closings when we moved, I only really deal with the adviser.

I'm not wealthy, and the last 15 months of net losses in my assets (on top of depletion to live on) is killing me. I never went back to work when my company was "merged" and my job eliminated (2006), originally to assist Mom (then 87), then assist my wife when she became ill (2008) and ultimately it was determined she was unable to work. And Mom, at 96, just moved into a care facility. And I'm still short of Social Security age, so I'm not happy, but that's another story.

wow... I totally understand, you have a lot on your plate. 300.00 for them to keep things in order is a great move.