Did you file your taxes yet?

PoopyfaceMcGee · January 30, 2007, 08:42:51 AM

How do you do it? Old school by hand, H&R Block or Jackson Hewitt or the ilk, or TurboTax or TaxCut?

We got the wife's W2, the last form we were waiting on, and I did all our taxes on TurboTax in about 2 hours. Many people's taxes are probably even significantly more simple than ours, in which case I would definitely recommend not wasting money on a tax preparation service like H&R Block.

I planned it pretty well, and we're getting a very small refund - so we don't owe anything, but we didn't give the IRS a significant interest-free loan. Oh, and the most surprising thing of all is how high NC Income taxes are, considering the "quality" of the school systems here.

SunMo · January 30, 2007, 08:56:08 AM

so TurboTax is pretty easy then?

Diomedes · January 30, 2007, 08:57:06 AM

Not yet. Still waiting on my W-2. My old lady files and gets to keep whatever return we get as her payment for the hassle.

PoopyfaceMcGee · January 30, 2007, 09:01:36 AM

Quote from: SunMo on January 30, 2007, 08:56:08 AM
so TurboTax is pretty easy then?

Yes, it is. I could help you with a couple of specific questions you had if need be.

Quote from: Diomedes on January 30, 2007, 08:57:06 AM
Not yet. Still waiting on my W-2. My old lady files and gets to keep whatever return we get as her payment for the hassle.

That seems fair, as long as you usually keep your refund under 4 figures or so.

Seabiscuit36 · January 30, 2007, 09:06:08 AM

We have a family friend who does our taxes. Oddly we just recieved checks from the State of Delaware, i guess they decided nearly a year after paying them money that we had overpaid?

PhillyPhanInDC · January 30, 2007, 09:12:39 AM

I haven't done mine yet. I've never owned a home, but I got married about three years ago. I usually use TurboTax or something of the sort, but we just bought our first home, and already paid for some of the property tax. I know a lot of it is deductible, but I'll have to figure out how to do it. A friend told me TurboTax makes it pretty straight foward.

Quote from: FFatPatt on January 30, 2007, 09:01:36 AM
Yes, it is. I could help you with a couple of specific questions you had if need be.

I may have some to fire at you. Are you an accountant or something?

PoopyfaceMcGee · January 30, 2007, 09:19:45 AM

No, I'm not. I'm a nerd and good with numbers, and I've used TurboTax 5 years running now.

As for your home, your mortgage lender should send you a tax document listing all the interest, points, and insurance (assuming your property tax is paid by escrow), if they haven't already.

If your property tax is not paid by escrow, you'll simply need to know how much you paid in 2006. Documentation of it will more than likely not be necessary, assuming you file your taxes electronically.

Zanshin · January 30, 2007, 09:20:21 AM

I use an accountant to do it. Only costs $150 bucks, and it saves me a huge hassle. I don't even open the tax envelopes, and I consistently get more back than when I did it myself. Pays for itself when I look at it that way.

Wingspan · January 30, 2007, 09:26:27 AM

Quote from: Zanshin on January 30, 2007, 09:20:21 AM
I use an accountant to do it. Only costs $150 bucks, and it saves me a huge hassle. I don't even open the tax envelopes, and I consistently get more back than when I did it myself. Pays for itself when I look at it that way.

Same here. I've used turbo tax before, but last year I wanted to see what was better. So i ran everything through turbo tax, and i also used an accountant.

The accountant got back $500 more than turbo tax, and my accountant also offered to refile our taxes for the 2 years before. To which my wife and I for back an additional $1500.

Going with the accountant again this year.

Cerevant · January 30, 2007, 09:26:44 AM

I'm still waiting for my W2's and other BS paperwork to find their way north of the border...

Anyway, I recommend TaxAct. It is very easy to use, and is free, if you don't mind a bit of nagging to upgrade. I usually paid the $12 and got the free e-file.

Drunkmasterflex · January 30, 2007, 09:35:00 AM

This year was year I went to Jackson Hewitt, they charged me a little over $100 with a "military discount". The only reason I went to them was I was having trouble with my loan repayment program. Turns out it is taxable income and it hadn't yet been taxed. So instead of getting the $1800 I thought I was getting back, I only will be getting $438.

Does anybody know the status of military personel as it relates to taxes in PA? My uncle said he was never charged state taxes his entire time in and he just got out, they have however been charging me the entire time.

ice grillin you · January 30, 2007, 09:37:04 AM

I don't even open the tax envelopes, and I consistently get more back than when I did it myself.

yep

its very advantageous to get to know a tax guy...whether it already be a friend or someone you will go to year after year...cause one a raltionship is forged they will find all the shady loopholes and such to get you back more than you could ever get for yourself

a guy i went to high school with is a cpa and does mine for me...

im getting just under 3000 back from the feds and about 300 from the state

PhillyPhanInDC · January 30, 2007, 09:58:01 AM

The accountant thing sounds like an excellent plan. Anyone know any tips on how to find a good one? Trial and error?

PoopyfaceMcGee · January 30, 2007, 10:08:35 AM

Getting more back through an accountant usually means you don't understand all the places you might be eligible for a deduction. TurboTax seriously goes through that stuff much better than 3-4 years ago. If you miss anything, it's your fault. It will even value your item donations to charity if you tell it what you donated.

One of these years, if a friend recommended someone specific or whatever, I might be willing to let an accountant do my taxes and then run the numbers on TurboTax myself to see if I get more/less.

$150 is a good deal if you're going to a trusted accountant. $200+ is a bad deal if you're going to a "licensed tax preparer" like a Jackson Hewitt or H&R.

Quote from: ice grillin you on January 30, 2007, 09:37:04 AM
im getting just under 3000 back from the feds and about 300 from the state

I think we mentioned this last year, but it's very generous for you to give the government an interest-free loan of that size.

Wingspan · January 30, 2007, 10:18:09 AM

Quote from: PhillyPhaninDC on January 30, 2007, 09:58:01 AM
The accountant thing sounds like an excellent plan. Anyone know any tips on how to find a good one? Trial and error?

Best bet is someone you know. Or at least is working with you more personally.

I use the same acountant that my Dad uses for his business. He charges me about $125

More than worth it, especially since I don't actually have to lift a finger, other than keeping documents organized throughout the year.