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  • How much do you pay for tax preparation and filing?

    How much do you pay to prepare/file your taxes?

    What kind of tax service do you use (CPA, TurboTax, HR Block, self, etc)?

  • #2
    I have used TurboTax for years and it's been relatively easy to use. Cost has gone up over time though - I paid $90 for federal for 2021 and $50 x2 for state (I had to file 2 separate state returns).

    I was going to ask the group as well if anyone has experience with a lower cost but still user-friendly alternative to TurboTax. Specifically, I'd like to maintain the ability to download investment tax data directly from my financial institutions as that reduces manual data entry that I have to do. I was looking at TaxAct but I'm not sure they have that feature for my relevant financial institutions (Vanguard, Morgan Stanley). Thoughts?

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    • #3
      This is the first year we are using a cpa because last year hrblock charged us a couple hundred bucks and made us talk to an incompetent employee because my husband has a k1. Our taxes aren't filed yet but cpa estimated it would be $500ish. If he's at all capable it will be money well spent. If we didn't have the k1 we'd keep doing it ourselves, I'm the weirdo that enjoys doing my taxes.

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      • #4
        TT business LLC $120 and TT home $80.

        Works well.

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        • #5
          TT. Fed plus state was just over a hundred bucks

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          • #6
            I have a cpa for the last 3 years that has charged $350.

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            • #7
              Since being FIREd the past 2 years, I’ve done our taxes myself using H&R Block Premium for Mac ($32) for 1099, 1099-R, 457(b) W-2 income, capital gains, and dividends. No state taxes in FL.

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              • #8
                TT previously. CPA $450, needed some specific tax planning not just a return

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                • #9
                  I used to have a CPA do it for $500. Then I got a letter saying he was raising it to $700 or $900…. I can’t remember now. So I started doing it myself on TurboTax for $70-90 every year. That’s cheap enough for the service they provide.

                  I got a congratulations message this year that it’s my 8th year on TT now. I usually do it in February when I’ve assembled all the documents, before the IRS is even accepting. It automatically gets submitted the moment they open for the season.

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                  • #10
                    Originally posted by dsog View Post
                    I have used TurboTax for years and it's been relatively easy to use. Cost has gone up over time though - I paid $90 for federal for 2021 and $50 x2 for state (I had to file 2 separate state returns).

                    I was going to ask the group as well if anyone has experience with a lower cost but still user-friendly alternative to TurboTax. Specifically, I'd like to maintain the ability to download investment tax data directly from my financial institutions as that reduces manual data entry that I have to do. I was looking at TaxAct but I'm not sure they have that feature for my relevant financial institutions (Vanguard, Morgan Stanley). Thoughts?
                    I use TaxAct. ~$75 for both federal and state. Real Estate business, plus 1099s, so I need their “premium” package. But to your question, TaxAct imports several financial institutions’ data, but not Vanguard, who has a relationship with TT. TaxAct is user friendly though. Handles backdoor Roth etc easily. The financial data entry is is straightforward.

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                    • #11
                      TT deluxe + state for $22. Tends to go on sale on amazon the week between christmas and new year's I've noticed over the years

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                      • #12
                        $1k for a CPA. I'm in a group practice where I get a K1 and associates buy-in. My 2020 return was 70+ pages of PDF.

                        I've thought of doing TT but figure it's better to have a professional in case I get audited. I'll try the TT route after I retire.

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                        • #13
                          about $700 for 1040, lots of 1099-DIV, 1099-R, and a schedule C for self-employment. Plus College kid taxes. Plus state taxes. K-1s. Plus advice all year.

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                          • #14
                            I have been using Free File Fillable Forms for years and can't stomach the thought of having to pay to pay my taxes. However, there are so many bugs after they switched the software out that I may need to find an alternative this year. Free Tax USA won't let me get Ibonds with my refund. I may try OLT.com for $10-$15.

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                            • #15
                              It is all so ridiculous. We should be able to do it on an index card!

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