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How do you do your taxes?

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  • #16




    I’m wondering how the poll got up there? I didn’t put it there…

    I like it, though.
    Click to expand...


    Wonder no longer. I'm debating paying the developer to allow you all to post polls. It'll cost me about $1K for that feature. But the site software already has a poll function, you just don't have access to it. So if you ever really want one posted, send me an email or PM.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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    • #17
      I use Tax-Cut, too, and am very happy.  The only time I got a "letter" from the IRS was when I was using a cpa, before tax software.  Each year it becomes easier as you learn the ideosyncracies of the program.

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      • #18




        I’m wondering how the poll got up there? I didn’t put it there…

        I like it, though.
        Click to expand...


        I think only WCI can put up polls for now.

        I use TurboTax myself. I'm waiting for the Amazon 10%-of-refund deal to pop up before buying it. (Or perhaps I nailed my withholding this year and will come out even. I'm definitely getting state money back as I bought an electric car this past year, however.)

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        • #19




          Turbotax when I was an associate.

          CPA now that I have my own practice.  The logistics of the 401k/profit sharing/cash balance plan/ business write offs/depreciation is not something I want to deal with.
          Click to expand...


          I agree with this.  Until I bought in it was pretty simple.  Now, I like to have an understanding and go over it each year, but having so many moving parts it isn't worth it timewise for me now.  But, it does cost a pretty penny to have someone do it all.

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          • #20
            We've been using TurboTax for many years. Tried TaxAct for a couple years. It was cheaper, but didn't seem as easy as TurboTax. This was at least 10 years ago. Maybe they're more equivalent now.
            About 5 years ago I had a CPA review my taxes to see if I was missing anything. He felt like everything was covered, so he wouldn't add any value for me. Did it for no charge. Nice guy. I wish I had need of an honest accountant.

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            • #21
              [poll id="50"]
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #22
                About 10 years ago I had our corporate accountant do the personal taxes for my wife and I and the three kids. It cost me $600, most of the work involved was in collecting all of the documentation to supply to the accountant, and when I looked at the finished product it seemed like the actual return preparation that he had done just involved deciding onto which line to put the numbers I had given him. I figured I could do that part using TurboTax using the example that he had given me, and that's how I've done it ever since. My situation isn't all that complicated (I am an employee of our PC and my income is documented on a W2, my wife is an independent contractor physical therapist, and the only problem areas are the occasional schedules K-1 that I get from partnerships I've invested in), and any mistakes that I might make are probably de minimis and even if I was audited and had an adverse decision it probably wouldn't cost as much time and money as having the returns professionally prepared would.

                 

                I did switch to H&R Block software last year after the fiasco with TurboTax forcing customers with investment income to buy the more expensive high-end product. I don't think it was quite as easy and intuitive as TurboTax but it was a lot less expensive and TurboTax did deserve to lose customers over that scam. I'm planning to use HRB again this year.

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                • #23
                  I use TurboTax.  My first year in practice I hired the practice accountant, who charged like $700 for work that was mostly done by her staff.  Last year it took use a few hours on rainy January weekend afternoons; some would say that the time value of money makes it a waste...but I disagree!  Doing ones taxes is an invaluable lesson in how things actually work.  Many of my colleagues (all W2 employed) talk all the time about how this and that purchase can be a "tax deduction"...I try to explain to them about 2% AGI, but its just in vain.

                  Do it at least once so you learn

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                  • #24




                    We’ve been using TurboTax for many years. Tried TaxAct for a couple years. It was cheaper, but didn’t seem as easy as TurboTax. This was at least 10 years ago. Maybe they’re more equivalent now.
                    About 5 years ago I had a CPA review my taxes to see if I was missing anything. He felt like everything was covered, so he wouldn’t add any value for me. Did it for no charge. Nice guy. I wish I had need of an honest accountant.
                    Click to expand...


                    I use Turbo Tax...well, the first time I filed my taxes was last year. I tried Tax Act but found Turbo Tax was a lot easier and I liked the hand-holding for a newbie like me. So I'm going to keep using Turbo Tax b/c of that feature....who knows, may be when I become experienced at this thing, I may give Tax Act a try again

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                    • #25
                      I used to do my own when my wife and I were both residents. Once I started private practice and my wife started a side anesthesia business we got a CPA's help. I had done my taxes with turbo tax and I was going to owe > 10k in taxes. After a quick $900 trip to a CPA, who justified me stepping a little further into the gray zone than I was comfortable with by myself (wifes solo business), we ended up with a refund. It's great to save money and not use a CPA but sometimes it saves you $$$. In our case a good ROI. I will review my taxes yearly and if it stays constant I may start doing them myself.

                       

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                      • #26
                        I use Free Tax USA. It is free (except for a small charge to file your state taxes). It just came out highly rated by The Wirecutter when they were comparing different tax software companies (I would recommend reading through the detailed review if you are in the market for software and aren't already loyal to a specific company). It automatically ports in all of your information for prior years.

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                        • #27
                          I have done both.   I filed my own when I was in college/med school and had only minimal income/ accounts.   Then in residency I switched to a CPA because I felt things were getting too complicated.  (more bank accounts, 401k, work deductions, etc)  The CPA definitely was shady, taking deductions for things that did not occur, forget about grey zone, this guy was way into the black hole. I had to make him redo my return before I signed it. (3 of my friends got audited using the guy)  I then started using a family friend who works for H&R block.   She essentially was using a slightly fancier version of the software that is available to all.   Needless to say, I then switched from paying $250 bucks for a joint return , to doing it myself for less than $100.   I find it is also an opportunity to take a deep dive into my  finances and make any necessary changes I may have missed during the year.

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                          • #28
                            It will be a good learning if you told us what difference the CPA made over Turbotax that saved you money

                            thanks

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                            • #29
                              Up until this year have done myself with turbotax.  However now my wife has a s-corp which is a partner in her partnership, along with 1099 income and my w2.  We are trying out the CPA route.  So far have been spending a lot of time even using a CPA which was somewhat disappointing, figuring out payroll, retirement plans etc.  Will see how it goes.

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                              • #30
                                Used an accountant for years until he unexpectedly died last year. Since I felt that I did most of the work getting all of the forms together and I didn't want to "break in" a new one, I have downloaded turbo-tax (paid about $55).  We'll see how it goes.

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