Tax Time

[Sachin]

How many of you will use accountants to do your taxes?

How about tax prep programs like TurboTax?

How many of wish it didn't take so damn long to get them done?

Sachin

[Footer Phooter]

How many of you will use accountants to do your taxes?

How about tax prep programs like TurboTax?

How many of wish it didn't take so damn long to get them done?

Sachin


I'm a CPA, so I do them myself.

I still think they're complicated and take waaaay too long to complete.

[Stogey23]

I use TurboTax and this is my first year ever filing a Schedule C. If anyone has any general tips that will keep the Feds off of my case, I'd appreciate them.

[Quango]

Poor enough to do Free File online via Turbo Tax. Got my refund in 8 days. I feel like I didn't do well this year. Paid more, got half as much back. The tuition break must have helped out last year. Glad to have some cash to pay for my Rapids tickets, though. Q

[Roel]

I use TurboTax and this is my first year ever filing a Schedule C. If anyone has any general tips that will keep the Feds off of my case, I'd appreciate them.

I never eFile. I always do taxes by pencil and paper. Two reasons. First, IRS can automatically do analysis if you eFile. They aren't quite staffed up to do much analysis manually. Second, it allows for much better tax planning. Software packages automatically link all the number sets, so you never get an appreciation for interdependencies if you only type numbers into a software package and get a neat answer at the end.

Schedule C is no big deal. Putting expenses on schedule is just about the best place. Comes straight off you income, so you don't pay Self Employment Tax on the income you generated to pay off the business expense, and it helps you avoid or reduce the scaling factors at higher incomes. There supposedly are a number of "red flags," like if you have a home office, you are more likely to get audited. Or section 179. Or excessive travel, food and entertainment. I've never been audited. Just use good judgment on deductions. If you have documentation to back up your deductions, you will sleep better after filing.

[christopher d]

Big tax question here, and no I won't consider it professional advice if someone has some advice to give.

The Ex- and I had, for two tax years, actual homes in two states. She worked in one, while I worked in another. Both homes were, for all intents and purposes, our primary residences.

Federal 1040 has been no problem. Add it all up and take my deductions. But what do I do with the mortgage interest deductions at the state level? Can I take deductions for property in IL on my CA taxes? For that matter, as I'm claiming both houses as primary residences, do I have to report CA income in IL or vice-versa?

And I am so happy that '04 is the last tax year I have to deal with this :)

Oh, and for the original question: pencil and paper. Tax forms usually aren't all that difficult to figure out.

[striker]

I never eFile. I always do taxes by pencil and paper. Two reasons. First, IRS can automatically do analysis if you eFile. They aren't quite staffed up to do much analysis manually.

Why do you care whether IRS analyses your return?

[Ray Luca]

How many of you will use accountants to do your taxes?

How about tax prep programs like TurboTax?

How many of wish it didn't take so damn long to get them done?

Sachin
Accountant


On turbo tax and the HR block program better off going on HR Block site and fill in info and do it that way instead of buyng their program.

[bmurphyfl]

We used to use TurboTax but my wife bought a dental practice this year so our taxes became much more complicated very quickly. So, we are using an accountant this year.

[peledre]

I did mine myself about on Feb. 3rd and already spent my return. I had a pretty easy time doing em.

I can't wait until next year, I'm going to have a gigantic return. Hopefully most of it will be put toward my WC fund.

[peledre]

I use TurboTax and this is my first year ever filing a Schedule C. If anyone has any general tips that will keep the Feds off of my case, I'd appreciate them.
I had to file a Schedule C last year, what questions do you have?

[bigredfutbol]

This is the first year I won't be doing them myself, due to some complications involving my wife co-singing her Mom's mortgage. We found someone good who'll do it for a very reasonable fee from his house. I've always done them before without any trouble, but since my mother-in-law is involved, I want to make sure I get it right. If only to avoid giving her something to hold against me. ;)

Seriously, though, it is a bit more complicated this year, and I've got enough headaches with work and grad school.