- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Taxes: Hire a CPA or Do It Yourself
Posted on 2/3/10 at 2:41 pm
Posted on 2/3/10 at 2:41 pm
I'm trying to decide. I've always done them myself on TurboTax, but I bought a house this year so I thought I might hire a professional.
Thoughts?
Thoughts?
Posted on 2/3/10 at 2:42 pm to WONTONGO
I hire a pro just so I can yell at someone if it gets fricked up. And obviously being on TD.com, I have an extremely complex portfolio.
Posted on 2/3/10 at 2:45 pm to Bussemer
quote:
And obviously being on TD.com, I have an extremely complex portfolio.
naturally...
my portfolio was much more complex before I bought the house.
Posted on 2/3/10 at 3:37 pm to WONTONGO
quote:
but I bought a house this year so I thought I might hire a professional.
Don't worry, I bought a house in March 2009 AND I got married in July 2009.
Just get all of your necessary paperwork together (property taxes, 1098, etc.) I did much better itemizing this year versus taking the standard deduction.
This post was edited on 2/3/10 at 3:38 pm
Posted on 2/3/10 at 4:01 pm to WONTONGO
If all you have changed is buying a house and have done it previously. Do it yourself. Turbotax can walk you through it in about 5 minutes, and save you some money.
Posted on 2/3/10 at 4:10 pm to LSUAfro
quote:
If all you have changed is buying a house and have done it previously. Do it yourself. Turbotax can walk you through it in about 5 minutes, and save you some money.
This...
I have a house and stock and option trades etc and handled it on my on.
This post was edited on 2/3/10 at 4:14 pm
Posted on 2/3/10 at 6:34 pm to WONTONGO
I have done both this year...consulted a CPA and am filing on line...taxACT.com as my circumstances changed with regard to filing nuances and don't wish to be audited...been there before
Posted on 2/3/10 at 8:40 pm to wfallstiger
I let a professional do them last year, and it was a mess. Now I am back to doing them. Last year was complicated, but in hindsight I should have just done them.
Here's a tax credit for this year - deductions for purchasing a new car. I didn't know that until I went through the H&R Block (formerly TaxCut) questionaire.
Here's a tax credit for this year - deductions for purchasing a new car. I didn't know that until I went through the H&R Block (formerly TaxCut) questionaire.
Posted on 2/3/10 at 9:07 pm to Bayou Tiger
Have done my own for over 20 years. No way I pay someone for that.
Posted on 2/3/10 at 9:28 pm to Bayou Tiger
quote:
Here's a tax credit for this year - deductions for purchasing a new car. I didn't know that until I went through the H&R Block (formerly TaxCut) questionaire.
Here's a reason why you might want to pay someone: It's a deduction for state and local taxes paid on the car, not the purchase itself. Likely to be widely different numbers. Just sayin' [LINK]
Posted on 2/3/10 at 10:06 pm to WONTONGO
If you did a lot of work, had a lot of maintenance expenses, its a handful by yourself.
Posted on 2/4/10 at 5:33 am to kfizzle85
quote:Yes, I only deducted the taxes. Since I couldn't remember the exact deduction offhand, I only mentioned the new car deduction in general to avoid leading someone else astray. Didn't think anyone would take it to mean the purchase price, although that would be a sweet deduction.
Here's a reason why you might want to pay someone: It's a deduction for state and local taxes paid on the car, not the purchase itself. Likely to be widely different numbers. Just sayin'
Posted on 2/4/10 at 8:15 am to Bayou Tiger
Either way, I think most people can do their own taxes. Unless you own a business and need someone to keep track of basis stuff and passive-losses and business related income/exp, you don't need to pay someone.
Posted on 2/4/10 at 3:37 pm to WONTONGO
Just bc you bought a house doesn't mean your taxes are going to be rocket science. Go to taxact.com it is step by step.
Posted on 2/4/10 at 10:15 pm to WONTONGO
Hire a CPA, we get returns all the time from people who think they know what they are doing or their returns are simple. Nothing is simple when the government gets involved. Federal and/or state add a new deduction or a new credit every year. You may think you know what you are doing, but you don't. If you have more than a w2, do not do them yourself. You are not doing any favors for yourself or your refund.
QUIT GIVING THE GOVERNMENT EXTRA MONEY
QUIT GIVING THE GOVERNMENT EXTRA MONEY
Posted on 2/5/10 at 12:47 pm to WONTONGO
As a CPA (but not a tax one), I would say yourself online should be fine if you have reasonable understanding of terminology and such. Tax Act for example is pretty user friendly IMO.
Posted on 2/5/10 at 1:06 pm to WONTONGO
I used to do it myself. Then I realized how much I hated waiting for the day when I had to sit down and spend 4 hours doing it.
Then, after one of the block parties the wife and I threw for the neighbors I found out that one of them is a CPA.
He's been doing my taxes for 6 years. He charges about 80 bucks. Two years ago I got a notice from the La. Dept of Revenue that they didn't get my tax return.
I called my tax guy and he provided me with a copy of the filing. Saved me a lot of grief.
I'll never do my own taxes again.
Then, after one of the block parties the wife and I threw for the neighbors I found out that one of them is a CPA.
He's been doing my taxes for 6 years. He charges about 80 bucks. Two years ago I got a notice from the La. Dept of Revenue that they didn't get my tax return.
I called my tax guy and he provided me with a copy of the filing. Saved me a lot of grief.
I'll never do my own taxes again.
Posted on 2/5/10 at 1:54 pm to Zach
CPA does mine.
120 bucks.
Does a great job. Sends me everything I need in a nice little packet.. Even puts a little love note in there with the amount of the check I got to write!
120 bucks.
Does a great job. Sends me everything I need in a nice little packet.. Even puts a little love note in there with the amount of the check I got to write!
Posted on 2/5/10 at 8:39 pm to WONTONGO
As someone who is sef employed I do it myself because I want to understand the tax return and be able to make my financial decisions with a good understanding of the tax implications.
Popular
Back to top
Follow TigerDroppings for LSU Football News