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View Full Version : Tax time - Turbo Tax, CPA, etc...


cindycb
January 22nd, 2008, 1:46pm
It's tax time again. Which have you found works best for you, Turbo Tax, CPA, etc... especially with regards to our hobby. I had a big win last year and am worried about the taxes. Obviously my goal is to pay all taxes due and perhaps come away with a bit of a refund. Which path will lead me there?

Thanks for your input.

Cindy

Tricia316
January 22nd, 2008, 1:52pm
I just got my first 1099 today for a trip win last year. And it is $700 + more than the ARV because they went over budget on my trip.

We have always used Turbo Tax online and it has worked out well for us. All sweeps wins go under Misc. income and there is a section for that on the online form.

Tricia

VALENTINE
January 22nd, 2008, 1:56pm
We use a certified CPA for $60 she does all of our families returns.

Tarah716
January 22nd, 2008, 1:56pm
My friend is a CPA - she has TurboTax installed on her computer. She lets us do our own returns but will check it over and answer any questions we may have. Best of both worlds - it lets me figure out how to do my taxes and ask questions to someone who actually knows what they're talking about.

aaskur999
January 22nd, 2008, 1:56pm
I have always used H&R Block online, last 5 years. I sign on and import the previous years data..make my changes and submit. $14.95 each year. Fast and I dont have worry about software or if I have the data from a PC from last year.

You can do state via this also but my state has free filing on their site, so I just use that.

Tarah716
January 22nd, 2008, 1:57pm
We use a certified CPA for $60 she does all of our families returns.

You use a certified certified public accountant? :laugh: Sorry - just being silly.

tearek
January 22nd, 2008, 1:57pm
If you buy Turbo, is that for Federal only? Or is it for state as well? If it doesn't do state as well, why buy Turbo when you can do it online for free? I would like to know before my husband goes and buys Turbo this year.

Tarah716
January 22nd, 2008, 1:58pm
If you buy Turbo, is that for Federal only? Or is it for state as well? If it doesn't do state as well, why buy Turbo when you can do it online for free? I would like to know before my husband goes and buys Turbo this year.

TaxAct does federal for free - they have a website but I don't believe it does State

Curr4001
January 22nd, 2008, 2:12pm
I do returns for friends and family and I use which ever one costs less. Some online ones are free if your income is less than a certain amount, but others are free for even a higher income.
Tax Act, Turbo Tax are both good, although I found a difference in the results one year and had to review it all myself to see which one was right. (Former IRS employee here).

The programs are available for states, but there is more cost involved so I usually go to the State site and download the forms and just print them out. The state sites are usually pretty good with online instructions and you can always call if you have a question.

As Tricia316 said, wins just go under Miscellaneous Income, nothing special. Of course if you have expenses to claim against the winnings you can file a Schedule A and itemize deductions, but I've found that my expenses are never high enough. No enough snail mail entries I guess.

chvydupont24
January 22nd, 2008, 2:27pm
I file online every year. Used Tax Act the last few years, filed Federal online for free and then filed state via paper since all the work was done. Last year I filed stated online at their website for free, but they are not doing that this year, so I filed online with Turbo Tax, free for both.

NetworkSweeper
January 22nd, 2008, 2:43pm
Turbo tax includes one state, extra states are available for a fee. Two or more states are sometimes needed if you moved from state to state etc

DWils29
January 22nd, 2008, 2:54pm
I file for free. This is for all people who make under $54,000 a year. In order to get it for free though, you must go thru the IRS website - www.irs.gov and then hit "free file" otherwise you will get charged a fee. I have used HR Block in the past and it is great. Very easy.

MomofCourtney
January 22nd, 2008, 2:57pm
H&R Block in the past and TurboTax this year - just finished. A big $105 refund.

Keeya
January 22nd, 2008, 3:11pm
We use TaxAct for both Federal and State.

Lorren
January 22nd, 2008, 4:33pm
I used taxcut before but we're definitely eligible for free filing, so maybe I'll check that out. I've never really found taxes that hard to understand, even when we had royalties from dh's book to figure out. The last time we went and had someone do them, I did them at home first, and the guy that was doing them got confused because I worked at a day care and got some day care benefits but I still paid money, so he couldn't figure out the child care credit. I had to show him my calculations to straighten him out. :goofy3:

bemiss
January 22nd, 2008, 4:38pm
Turbo Tax

Scooterino
January 22nd, 2008, 4:46pm
I've used Tax Cut since 1997. For 4 years of that time I owned my own business. I've also had to pay capital gains for selling stock options, inheritance tax and sale of real estate and Tax Cut effortlessly handled those tax issues. I would recommend it.

PanamaKay
January 22nd, 2008, 4:55pm
I am a CPA and I use Turbo Tax for federal individual returns, for state individual returns and for all my corporate tax returns. It is easy and for the layman, it really walks u through all the issues. It asks the right questions and really is easy to use.

fourboys4kristi
January 22nd, 2008, 4:56pm
I don't recommend using H&R Block. I tried to use them before and they almost lost me over $2000. I ended up using turbo tax and doing it myself.

tattwo
January 22nd, 2008, 5:11pm
I previously used H & R Block - DH and I worked for a company that provided a voucher every year for free tax preparation. When the company was bought that perk went out the window. I went back to H & R Block the next year and had the shock of my life when I found out how much it costs. :jawdrop:

The next year I bought Turbo Tax and have used it for the past 4 years, with great success. It walks you through everything. Federal & State.

sallykay
January 22nd, 2008, 5:14pm
I do returns for friends and family and I use which ever one costs less. Some online ones are free if your income is less than a certain amount, but others are free for even a higher income.
Tax Act, Turbo Tax are both good, although I found a difference in the results one year and had to review it all myself to see which one was right. (Former IRS employee here).

The programs are available for states, but there is more cost involved so I usually go to the State site and download the forms and just print them out. The state sites are usually pretty good with online instructions and you can always call if you have a question.

As Tricia316 said, wins just go under Miscellaneous Income, nothing special. Of course if you have expenses to claim against the winnings you can file a Schedule A and itemize deductions, but I've found that my expenses are never high enough. No enough snail mail entries I guess.

You cannot deduct expenses against sweeps wins. If you don't believe me, ask an expert.

brenske
January 22nd, 2008, 5:22pm
We've used it for years and it's great....

ariyana9501
January 29th, 2008, 12:46pm
How exactly do you claim all your wins....is it everything? Do they need an itemized list? I thought as long as your wins weren't over a certain amount, you didn't have to file them? PM me if you could....I'd like to know what I am suppose to be doing!!! Thanks in advance!

traceme
January 29th, 2008, 12:52pm
We use TaxAct for both Federal and State.


Ditto for me.

Tweaka
January 29th, 2008, 12:53pm
We used to use a CPA but she seems to be having some issues. I think we're doing Turbo Tax

State Tax???? Oh my gosh.. I am so glad I don't have to worry about that. Talk about government double dipping.. GEEZ!

cubhill
January 29th, 2008, 1:00pm
I won a large check from a sweep in Canada last year. Someone said that they do not send a 1099. Is this true? Do I just put the amount I won on my taxes without a 1099?

jndperry
January 29th, 2008, 1:01pm
We have used Tax Act the past couple of years. For I think $14.95, it automatically inputs my pertinent info from last year (including state tax refunds and capital losses which can be carried over), which is well worth the money to me. That may include letting me file with the state as well, but I can't remember for sure.

suziebee20
January 29th, 2008, 1:16pm
We used TaxAct online. This was our first year doing it ourselves so I was a little nervous but it was really straight forward. We didn't have any wins to claim and we don't itemize or anything though- just the info on the W2, which is why it was really easy. It was free for the federal and $14 for state.

MisConduckt
January 29th, 2008, 1:28pm
I have used Turbotax several times with great success:snowflake

kennys2006
January 29th, 2008, 5:47pm
http://turbotax.intuit.com/taxfreedom/index.jhtml

This is a very nice place. I actually did my taxes here last night! :)