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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 55,724
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taxes, accountant or turbotax?
So, what do you use to do your taxes?
My taxes should be relatively simple. Wife and I both have income, and we have a house. Is there much to be gained by going with an accountant to do taxes over something like turbotax (I've been using TT since 1997). If I should use an accountant for my taxes, how do I find a good one and what is a reasonable cost?
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa  SOLD 2004 - gone but not forgotten
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03-03-2010, 06:05 AM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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I've been fine with Turbo Tax for years.
When I have significant investment income or rentals or own my own business, I will use an accountant.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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03-03-2010, 06:15 AM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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Accountant, same guy forever. Don't know what I'm going to do when he finally hangs up his hat.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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03-03-2010, 06:22 AM
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Friend of Warren
Join Date: Oct 2000
Location: Lincoln, NE
Posts: 16,481
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I used to use an accountant until I found out that all he was doing was using turbo tax. So now I do it myself using either turbo tax or the H&R Block tax software.
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Kurt V No more Porsches, but a revolving number of motorcycles. |
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03-03-2010, 06:25 AM
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Senior Member
Join Date: Jun 2000
Location: N. Phoenix AZ USA
Posts: 28,943
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If you have no outside investments or anything fancy, turbotax is usually fine.
With all my overseas stuff I have to use an accountant. First year he saved me more than enough to pay for his fees, so its worth it for me. As well the older I get the more I need someone who really knows what they are doing. Also, any of you guys putting your valuables in a private trust? Is really a good way to secure things that you worked your rear off to get, and do not want to lose. Also does wonders for estate taxes...
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2013 Jag XF, 2002 Dodge Ram 2500 Cummins (the workhorse), 1992 Jaguar XJ S-3 V-12 VDP (one of only 100 examples made), 1969 Jaguar XJ (been in the family since new), 1985 911 Targa backdated to 1973 RS specs with a 3.6 shoehorned in the back, 1959 Austin Healey Sprite (former SCCA H-Prod), 1995 BMW R1100RSL, 1971 & '72 BMW R75/5 "Toaster," Ural Tourist w/sidecar, 1949 Aeronca Sedan / QB |
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03-03-2010, 06:36 AM
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Registered
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I'm torn on this. Last year's taxes were somewhat complicated, as I was a resident of VA and AZ for parts of 2008, had investment income, etc. But I didn't have enough deductions to justify itemizing, so I ended up paying an accountant to tell me what was already the very easy way to do things. Still, I kind of wonder if she was wrong, since I would have thought my rental depreciation and moving expenses would have exceeded my standard deduction. I think I fall into that loophole for the homeowner buying another house tax credit too, so I probably can't claim that.
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2022 BMW 530i 2021 MB GLA250 2020 BMW R1250GS |
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03-03-2010, 06:45 AM
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Get off my lawn!
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If you don't have complex investments just use Turbo Tax. I have used it for years.
I e-filed and got my federal refund in 4 days. I owe the state, so they get a paper check via snail mail in April.
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Glen 49 Year member of the Porsche Club of America 1985 911 Carrera; 2017 Macan 1986 El Camino with Fuel Injected 350 Crate Engine My Motto: I will never be too old to have a happy childhood! |
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03-03-2010, 06:45 AM
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Bill is Dead.
Join Date: Jul 2005
Location: Alaska.
Posts: 9,633
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I used a tax preparer for many years. Then, like Rot 911, I found that my tax preparer was just using TurboTax or a similar package. I started doing my own taxes with TT.
When I had multiple business holdings, I used an accountant. (And please note that there is a difference between a tax preparer and an accountant.)
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-.-. .- ... .... ..-. .-.. -.-- . .-. The souls of the righteous are in the hand of God, and no torment will ever touch them. |
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03-03-2010, 06:58 AM
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least common denominator
Join Date: Aug 2001
Location: San Pedro,CA
Posts: 22,506
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Can you use TT online? I think I have seen their add.
Been using a accountant forever... I also torn because I have a simple job, own a house and one rental so taxes shouldn't be rocket science... but worry I will "miss" something if I don't go to an accountant. Isn't the accountant fee deductible? I justify the expenditure with that. 
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Gary Fisher 29er 2019 Kia Stinger 2.0t gone 1995 Miata Sold 1984 944 Sold I am not lost for I know where I am, however where I am is lost. - Winnie the poo. |
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03-03-2010, 07:09 AM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,499
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W2's, sch A, turbo tax
Sch C, corp, LLC, estate planning, use an accountant. We (CPA's) all use software packages. It's not just about putting the numbers in the right places. For example with careful planning I put $6k into a client's pocket by maximizing certain credits and working with payroll in one of their corps. You don't get this kind of service from H&R Block or Turbo Tax. Buying a small business? If you are otherwise in a 28% tax bracket and the business assets cost $500k you can very easily make a mistake that will cost you $150k+ in tax over the ensuing years. Looking at buying/starting a small business? Most CPA's have seen countless small businesses fail and can provide very specific advice that could save your financial butt.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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03-03-2010, 07:36 AM
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Feelin' Solexy
Join Date: Oct 2003
Location: WA
Posts: 3,786
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This is a timely thread... am I the only person left who still does his taxes by hand? Back when I had an S-Corp and was consulting I had an accountant do my taxes, but these days the landscape seems pretty straightforward.... but perhaps I am being naive?
This years wife and I have: Two W2s investment income (stocks) interest income (savings) paid off student loans paid off home loan (2nd mortgage) Spent about 10k out of pocket on home improvements paying first mortgage on home donated money/goods to various charities Seems pretty vanilla to me... would I still benefit from using turbo tax or the like? I'm not particularly sophisticated/experiences with taxes, I just try to follow the directions on the various schedules etc.
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Grant In the stable: 1938 Buick Special model 41, 1963 Solex 2200, 1973 Vespa Primavera 125, 1974 Vespa Rally 200, 1986 VW Vanagon Syncro Westfalia, 1989 VW Doka Tristar, 2011 Pursuit 315 OS, 2022 Tesla Y Gone but not forgotten: 1973 VW Beetle, 1989 Porsche 944, 2008 R56 Mini Cooper S Last edited by Tishabet; 03-03-2010 at 08:25 AM.. |
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03-03-2010, 08:22 AM
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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 55,724
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Quote:
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa SOLD 2004 - gone but not forgotten
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03-03-2010, 08:27 AM
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Registered
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$250 to a CPA saves me a weekend of yelling at the computer and being mad at the government.
And she's there if I get audited or have questions.
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1979 911 SC Silver 2002 996 race car 2005 Ford Excursion |
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03-03-2010, 08:31 AM
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Registered
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Subtract the $50 you pay for Turbotax and it's $200 you "pay" for having someone else handle this headache.
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1979 911 SC Silver 2002 996 race car 2005 Ford Excursion |
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03-03-2010, 08:34 AM
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Bill is Dead.
Join Date: Jul 2005
Location: Alaska.
Posts: 9,633
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Quote:
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-.-. .- ... .... ..-. .-.. -.-- . .-. The souls of the righteous are in the hand of God, and no torment will ever touch them. |
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03-03-2010, 08:38 AM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,499
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Everybody's circumstances are different. AGI has to be right, etc etc.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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03-03-2010, 08:55 AM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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My guy comes to the house. Does them with me sitting there. All by hand. Brings previous 3 years returns and has them out to cross reference for the current year. Usually spends half hour talking to the wife and I about what went on during the year.
He routinely gets info from us that is to our benefit. Pay him under $200 and have always come out way ahead. If he doubled his rate I'd happily pay it.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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03-03-2010, 09:49 AM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Quote:
__________________
Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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03-03-2010, 09:57 AM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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Quote:
__________________
"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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03-03-2010, 10:10 AM
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Registered
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Turbotax basic!
Mine's not super complicated, but I do have some K-1's and 1099's. But then I'm an engineer and it just pissed me off to pay someone to do something so simple 
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2014 Cayman S (track rat w/GT4 suspension) 1979 930 (475 rwhp at 0.95 bar) |
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03-03-2010, 10:20 AM
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Only Porsche
Only bike
Carrera
2015 
1979 Porsche 930 3.4
