IGotWorms 4,058 Posted February 3, 2015 You do 'em yourself or have a professional do it? We've always done them ourselves but it's getting to the point where it's a bear and I'm not sure I'm getting all the deductions I could. Then again would hate to piss away money just to have a guy tell me we're going with the standard deduction TurboTax could've set me up with for a song. Share this post Link to post Share on other sites
frank 2,306 Posted February 3, 2015 Turbotax. Filed Sunday. Standard deduction. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 3, 2015 I still do my own. I used an accountant for a couple of years about 10-12 years ago. I did a better job than he did in knowing the tax laws.<br /><br />I use H&R Block tax software. Turbo Tax is now charging for certain schedules and it is BS. The software is pretty good at helping to identify opportunities. Most of the deductions that you could or should get will be caught by the software. The accountant will be good at telling you which things you can cheat on and not get caught, though. Share this post Link to post Share on other sites
Bert 1,128 Posted February 3, 2015 With a kid and a mortgage it is unlikely you are taking the standard deduction. It depends on the complexity of your portfolio. Do you have rental or investment property, partnership interest, own a small business, have stock options, invested in any MLPs? If not and you simply have standard W2 wages a kid and a mortgage I think you would be fine with Turbotax. Share this post Link to post Share on other sites
KSB2424 3,148 Posted February 3, 2015 I still do my own and either use Turbo Tax or Tax Slayer. I don't have tons of investments that I've cashed out or run my own business or have multiple rental properties or anything like that. I don't think an accountant is needed unless you have stuff like that going on. Share this post Link to post Share on other sites
NorthernVike 2,086 Posted February 3, 2015 Not a chance. With my business I have to use a CPA. With that said. Unless your taxes are very straight forward, I'd hire H&R Block so you have someone to help if you ever get audited. Share this post Link to post Share on other sites
Bert 1,128 Posted February 3, 2015 If you are going to use a professional I would choose a CPA and not H&R Block or Jackson Hewitt. There are too many people at H&R and JH that only take a two day training course and they are also very conservative. Share this post Link to post Share on other sites
SUXBNME 1,502 Posted February 3, 2015 If you are going to use a professional I would choose a CPA and not H&R Block or Jackson Hewitt. There are too many people at H&R and JH that only take a two day training course and they are also very conservative. This. Share this post Link to post Share on other sites
jerryskids 6,798 Posted February 3, 2015 With a kid and a mortgage it is unlikely you are taking the standard deduction. It depends on the complexity of your portfolio. Do you have rental or investment property, partnership interest, own a small business, have stock options, invested in any MLPs? If not and you simply have standard W2 wages a kid and a mortgage I think you would be fine with Turbotax. This. In the past we sold a rental for a big loss, had unusual investments, etc. and we used a CPA. It wasn't cheap ($1K+) but he saved us orders of magnitude. Heck, we amended one tax year 2 or 3 times. I'm actually amazed we didn't get audited. These days things are simple so we just do TurboTax. Share this post Link to post Share on other sites
Sho Nuff 720 Posted February 3, 2015 When we had more investments and wife had an at home business, we had them done. Our tax guy was way more aggressive with deductions than we would have been and made him worth the money. Now our taxes are simple and I do them. Share this post Link to post Share on other sites
DankNuggs 305 Posted February 3, 2015 My last year of turbotax was last year... Im done with that noise... Share this post Link to post Share on other sites
posty 2,700 Posted February 3, 2015 I use H&R Block's software and do it online... Filed Sunday... Share this post Link to post Share on other sites
KSB2424 3,148 Posted February 3, 2015 Our tax guy was way more aggressive with deductions than we would have been and made him worth the money. This is the reason why all these deductions and credits in the tax code are bad / wrong. It's a game at this point. Half of it is a sham. You have people, who own their own business who "meet a client in Orlando" and write the whole trip off on their taxes as a business trip. Well what they really did was take the family to Disney and met their buddy, who happens to be a client (with his family) out there. The tax code needs a complete overhaul. Gov't has created this nonsense by trying to govern and alter behaivor via the tax code. Lower the rates and get rid of all the deductions and credits. Share this post Link to post Share on other sites
Bert 1,128 Posted February 3, 2015 This is the reason why all these deductions and credits in the tax code are bad / wrong. It's a game at this point. Half of it is a sham. You have people, who own their own business who "meet a client in Orlando" and write the whole trip off on their taxes as a business trip. Well what they really did was take the family to Disney and met their buddy, who happens to be a client (with his family) out there. The tax code needs a complete overhaul. Gov't has created this nonsense by trying to govern and alter behaivor via the tax code. Lower the rates and get rid of all the deductions and credits. It will never happen. The d!ck faces in Washignton will never give up the power and ability to legislate morality. Share this post Link to post Share on other sites
Quickolas1 80 Posted February 3, 2015 If you are going to use a professional I would choose a CPA and not H&R Block or Jackson Hewitt. There are too many people at H&R and JH that only take a two day training course and they are also very conservative. This. And many CPAs are cheaper. Those cookie cutter locations generally give no advice, just throw your numbers in turbotax like you could, and don't know the tax code. Share this post Link to post Share on other sites
avoiding injuries 1,580 Posted February 3, 2015 What is: Things Al Sharpton doesn't pay Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 What is: Things Al Sharpton doesn't pay The former republican standard bearer had a lower effective tax rate than you or I despite being a multi gazillionaire Share this post Link to post Share on other sites
jerryskids 6,798 Posted February 4, 2015 The former republican standard bearer had a lower effective tax rate than you or I despite being a multi gazillionaire Warren Buffet is republican? Share this post Link to post Share on other sites
Gepetto 1,368 Posted February 4, 2015 I itemize deductions and I do it myself via an IRS link to a tax software website. Their stupid website actually makes things even more difficult but I figured it out. Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 The former republican standard bearer had a lower effective tax rate than you or I despite being a multi gazillionaire From the information you have shared here I doubt you effective tax rate is that high. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 From the information you have shared here I doubt you effective tax rate is that high. Oh dang, sick burn!!! Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 Oh dang, sick burn!!! That is not a burn. You are such a child. Try to help a guy out and he acts like a two year old. What should I expect get back to RP and Henry Hill you fit in better with those guys. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 That is not a burn. You are such a child. Try to help a guy out and he acts like a two year old. What should I expect get back to RP and Henry Hill you fit in better with those guys. You insulted me, dumbass Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 You insulted me, dumbass Wow. I didn't mean to insult you. So you are insulted that your effective federal income tax rate rate is lower than Buffett or Romney? Why? I hear this "I am paying a higher tax rate than these millionaries and I only make 100K" a lot this time of year. And what is the reality? I pull up his tax return and his effective tax rate is usually 8-9%. Share this post Link to post Share on other sites
MTSkiBum 1,620 Posted February 4, 2015 Wow. I didn't mean to insult you. So you are insulted that your effective federal income tax rate rate is lower than Buffett or Romney? Why? I hear this "I am paying a higher tax rate than these millionaries and I only make 100K" a lot this time of year. And what is the reality? I pull up his tax return and his effective tax rate is usually 8-9%. I don't know, I am with worm's. My wife and I each put 17 into our 401k, and I also deferred 5% of my last years salary into 2015 and we still ended up with a 19% effective tax rate. Households with two professional income's get crushed by taxes. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 Wow. I didn't mean to insult you. So you are insulted that your effective federal income tax rate rate is lower than Buffett or Romney? Why? I hear this "I am paying a higher tax rate than these millionaries and I only make 100K" a lot this time of year. And what is the reality? I pull up his tax return and his effective tax rate is usually 8-9%. Not sure how you pull up individual tax returns unless you are a CPA or something? I always thought you were more of a manager type but maybe that's just because of your pompousness. At any rate, I actually do know what I'm talking about and my effective rate has been well over 15% for a few years now. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 I don't know, I am with worm's. My wife and I each put 17 into our 401k, and I also deferred 5% of my last years salary into 2015 and we still ended up with a 19% effective tax rate. Households with two professional income's get crushed by taxes. Yeah that's probably it. We just get slaughtered despite taking advantage of every tax preferred account available. Not that I'm complaining, really. We still do just fine. But it does kinda stick my craw that the super rich pay a much lesser % Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 Not sure how you pull up individual tax returns unless you are a CPA or something? I always thought you were more of a manager type but maybe that's just because of your pompousness. At any rate, I actually do know what I'm talking about and my effective rate has been well over 15% for a few years now. My friend owns a cpa firm and I help out in busy season. Are you using federal income tax over gross wages? Good for you you are making a sh!t ton of money! Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 My friend owns a cpa firm and I help out in busy season. Are you using federal income tax over gross wages? Good for you you are making a sh!t ton of money! Well FYI, sounds like you might be committing a federal crime if you're pulling up people's tax returns for sh!ts and grins Share this post Link to post Share on other sites
edjr 6,590 Posted February 4, 2015 if you don't do 'em yourself, you're being ripped off. Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 I don't know, I am with worm's. My wife and I each put 17 into our 401k, and I also deferred 5% of my last years salary into 2015 and we still ended up with a 19% effective tax rate. Households with two professional income's get crushed by taxes. Two professionals and no kids and I am not sure if you bought a house but if you didn't you are one of the ones getting screwed. Share this post Link to post Share on other sites
Mungwater 597 Posted February 4, 2015 Well FYI, sounds like you might be committing a federal crime is you're pulling up people's tax returns for sh!ts and grins Only time I ever hope to see you in a courtroom is if you're the prosecution against me. Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 Well FYI, sounds like you might be committing a federal crime is you're pulling up people's tax returns for sh!ts and grins FYI not when he is paying me to do his tax returns. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 FYI not when he is paying me to do his tax returns. Well that's certainly true, if that's what you're doing Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 Only time I ever hope to see you in a courtroom is if you're the prosecution against me. Explain. You don't believe they are protected by law? Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 4, 2015 Explain It seemed obvious to me what he was saying - You suck as a lawyer, so he wants you to be going against him. Sort of like in Hogan's Heroes when they did not want to escape because they could help the war effort so much by just continuing to go against bumbling idiots. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 It seemed obvious to me what he was saying - You suck as a lawyer, so he wants you to be going against him. Sort of like in Hogan's Heroes when they did not want to escape because they could help the war effort so much by just continuing to go against bumbling idiots. Oh I understood that. But it seems like he is disagreeing that federal tax returns are protected by law? Which concerns me because isn't he an accountant? Share this post Link to post Share on other sites
Mungwater 597 Posted February 4, 2015 Explain. You don't believe they are protected by law? If he quotes specifics I can see it, but just talking in generalizations isn't an issue. Share this post Link to post Share on other sites
Bert 1,128 Posted February 4, 2015 Well that's certainly true, if that's what you're doing I am a licensed CPA and I occasionally help out a friend that owns a CPA firm during busy season. I am glad you are using gross wages not box one wages to detemine your effective tax rate and still have a rate that high after the spending account deductions, insurance deductions, mortgage deductions, property tax deductions, deductions for the kid and deduction for State taxes paid. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted February 4, 2015 If he quotes specifics I can see it, but just talking in generalizations isn't an issue. Oh I see the issue now. I didn't mean to imply anything he said in this thread is a crime - just that misuse of tax returns can be generally. If you're "helping out a buddy" and that includes snooping on people's returns just to see what's there, that could be an issue. However Bert clarified that he is apparently not doing that so it's a moot point. Share this post Link to post Share on other sites
