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Started By
Message
Tax preparation for relatively simple finances
Posted on 1/22/15 at 11:37 am
Posted on 1/22/15 at 11:37 am
I've used a guy in Birmingham for years, but it's time to sever that cord as I've been paying $150-200 the past few years.
My situation is pretty simple. I'm under 30, work, contribute to retirement, have a kid, and own a home. I take a standard deduction right now because it just makes sense. That's about as unique as it gets.
I've never used low-cost tax prep companies, so I'm asking you guys to let me know your experiences with those types of companies... maybe some pitfalls to avoid as well?
TIA.
My situation is pretty simple. I'm under 30, work, contribute to retirement, have a kid, and own a home. I take a standard deduction right now because it just makes sense. That's about as unique as it gets.
I've never used low-cost tax prep companies, so I'm asking you guys to let me know your experiences with those types of companies... maybe some pitfalls to avoid as well?
TIA.
8
Posted on 1/22/15 at 11:42 am to Cmlsu5618
When I had a similar return as yours, TurboTax was the way I went. Very easy, paid about $40, and had no problems.
The only reason I went to a CPA was because of stocks. I honestly could probably do it pretty easy on TurboTax, but I just do not trust myself.
The only reason I went to a CPA was because of stocks. I honestly could probably do it pretty easy on TurboTax, but I just do not trust myself.
Posted on 1/22/15 at 11:44 am to Cmlsu5618
Are you not using the guy because he's too expensive?
Buy Turbotax and use that.
I would never recommend the retail chains. They have no idea what they are doing and they really aren't all that cheap. Seriously, you can do a better job with the software than paying those store places.
Buy Turbotax and use that.
I would never recommend the retail chains. They have no idea what they are doing and they really aren't all that cheap. Seriously, you can do a better job with the software than paying those store places.
Posted on 1/22/15 at 11:48 am to LSUFanHouston
He's not overpriced.. but my situation is just so simple it doesn't warrant me to have a personal CPA.
Sounds like TurboTax is the leader?
Sounds like TurboTax is the leader?
Posted on 1/22/15 at 11:51 am to Cmlsu5618
quote:
Sounds like TurboTax is the leader?
There are other sites (TaxAct and taxSlayer come to mind because of bowl games
) but I never had any problems with TurboTax. I echo what LSUFanHouston said too about your H&R Blocks and whatever the one is you find in WalMarts.
Posted on 1/22/15 at 12:27 pm to OnTheBrink
I've used TaxAct for years because it's cheaper than TurboTax. $20 total for state and federal.
Only difference I have this year will be now I'm married and will be filing a joint account.
Only difference I have this year will be now I'm married and will be filing a joint account.
Posted on 1/22/15 at 12:48 pm to Cmlsu5618
Long time lurker but first time poster. No experience with TurboTax, TaxAct, TaxSlayer, etc. $150-$200 is not a bad deal, but you can do it yourself for sure on one of those wedsites.
Most people in your situation (owning a home) would itemize their deductions. Mortgage int + prop taxes + car tags + charitable contributions + State income taxes > standard deduction.
Most people in your situation (owning a home) would itemize their deductions. Mortgage int + prop taxes + car tags + charitable contributions + State income taxes > standard deduction.
Posted on 1/22/15 at 12:50 pm to LSUFanHouston
quote:
I would never recommend the retail chains. They have no idea what they are doing and they really aren't all that cheap. Seriously, you can do a better job with the software than paying those store places.
In a departure from this, I'm actually considering an H&R guy because he's a tax attorney.
Going to do a comparison.
This post was edited on 1/22/15 at 12:51 pm
Posted on 1/22/15 at 12:55 pm to Teddy Ruxpin
There are some decent preparers at the retail chains, but they are the very small exception not the rule. Only one I'd trust them with is a 1040EZ.
Back when I prepared returns, one of the returns I did every year was a girl that worked at H&R Block as a preparer. That should tell you all you need to know.
Back when I prepared returns, one of the returns I did every year was a girl that worked at H&R Block as a preparer. That should tell you all you need to know.
Posted on 1/22/15 at 12:59 pm to The Spleen
quote:
Back when I prepared returns, one of the returns I did every year was a girl that worked at H&R Block as a preparer. That should tell you all you need to know.
The firm I used to work for prepared an 1120-S for a Liberty Tax Service franchise.
Posted on 1/22/15 at 1:10 pm to Cmlsu5618
Jeez.
Just take the free option online for turbo tax and plug it into the state website.
Just take the free option online for turbo tax and plug it into the state website.
Posted on 1/22/15 at 1:30 pm to Teddy Ruxpin
quote:
I'm actually considering an H&R guy because he's a tax attorney.
WUT? There must be a story here. I'd love to hear it. Is he a retired attorney just looking for something to keep his mind occupied?
No doubt he would be one of the most qualified people in the company... but the amount Block pays preparers is terrible.
Posted on 1/22/15 at 1:41 pm to Cmlsu5618
quote:
My situation is pretty simple. I'm under 30, work, contribute to retirement, have a kid, and own a home. I take a standard deduction right now because it just makes sense. That's about as unique as it gets.
Either the free TurboTax online, or, if that one won't do it, go with the lowest tier from either TurboTax or H&R Block that will meet your minimum requirements.
I wouldn't overspend and am probably switching to H&R Block this year because of Intuit's Operation Cash Grab, 2015 (amping up those of us to Premier if we have any capital gains/losses - with a $30 to $40 kicker).
Posted on 1/22/15 at 1:44 pm to opiet
quote:
Most people in your situation (owning a home) would itemize their deductions. Mortgage int + prop taxes + car tags + charitable contributions + State income taxes > standard deduction.
Meh - I paid down my mortgage balance and I'm below the standard deduction now, myself. When I had 3 kids at home, a slew of medical expenses and a high mortgage balance, it made sense. They moved student loan interest to an above the line deduction and that took me out of itemizing (I think).
Posted on 1/22/15 at 1:58 pm to Cmlsu5618
turbo tax is really easy. it will be able to auto populate most stock transactions from whatever service you use for that.
Posted on 1/22/15 at 2:12 pm to Hermit Crab
quote:
it will be able to auto populate most stock transactions from whatever service you use for that.
Yeah - but you have to amp up to Premier for that - $70 to $80 versus Deluxe for $40 - we used to be able to do capital gains/losses in Deluxe. That's why I'm switching this year - I'm not going to pay a ransom of $40 because I have modest stock trading activity.
"Billions for defense, not a penny for tribute."
Posted on 1/22/15 at 3:35 pm to Cmlsu5618
quote:
Sounds like TurboTax is the leader?
The other player is H&R Block. I started with them six years ago based on reviews of the two software packages and I haven't been disappointed. Plus you can usually find it on sale in January for half the price of TurboTax. For your situation with home ownership I'd suggest the Deluxe Federal plus State package.
Just noticed that you live in Florida which doesn't have an income tax. In that case it's even cheaper without the state filing, probably under $20.
This post was edited on 1/22/15 at 3:39 pm
Posted on 1/22/15 at 6:55 pm to LSUFanHouston
Friend uses him.
So I haven't discussed anything with the guy yet. Waiting on my W-2.
He's an older guy. 20+ years experience. I'm curious if there's a "deal" as well.
It won't cost much to try him out one year and go back to doing it myself next year if necessary.
So I haven't discussed anything with the guy yet. Waiting on my W-2.
He's an older guy. 20+ years experience. I'm curious if there's a "deal" as well.
It won't cost much to try him out one year and go back to doing it myself next year if necessary.
Posted on 1/22/15 at 10:56 pm to LSUFanHouston
You saying the chains don't know what they are doing then your recommend buying taxes in a box. Anybody can get the box to spit out a number. You want to pay somebody to get it right and stand behind it.
Posted on 2/6/15 at 8:45 am to Cmlsu5618
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