Poll

How will you be preparing your taxes?

Pay a tax preparer
5 (20.8%)
Tax software
7 (29.2%)
Do it yourself
10 (41.7%)
Other
2 (8.3%)

Total Members Voted: 24

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Author Topic: Tax Time!  (Read 882 times)

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Offline jasc15

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Tax Time!
« on: March 22, 2012, 08:13:43 AM »
I decided to do mine myself this year.  Last year (2010) was messy as I had 2 different jobs, was unemployed for half the year, and had 2 residences with my new job.  This year is much easier, and I figured I would do it myself and save a few bucks.  Last time I did it myself was 6 or 7 years ago, and I used the 1040EZ form.

I've finished filling out the 1040A form, and am fairly certain it is accurate, but there are some things I am still unsure about.

How is everyone else faring?
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Offline Sigz

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Re: Tax Time!
« Reply #1 on: March 22, 2012, 08:16:38 AM »
My taxes are always really simple, so I just do it myself.
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Offline rumborak

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Re: Tax Time!
« Reply #2 on: March 22, 2012, 08:53:25 AM »
I use TurboTax despite it being a giant ripoff. It's just damn convenient ti import your previous tax return.

Already did my taxes in February. Old new is old news.  ;D

rumborak
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Offline Zydar

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Re: Tax Time!
« Reply #3 on: March 22, 2012, 09:08:20 AM »
Quote from: Sigz on March 22, 2012, 08:16:38 AM
My taxes are always really simple, so I just do it myself.

Yup.
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Offline lordxizor

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Re: Tax Time!
« Reply #4 on: March 22, 2012, 09:08:43 AM »
Quote from: rumborak on March 22, 2012, 08:53:25 AM
I use TurboTax despite it being a giant ripoff. It's just damn convenient ti import your previous tax return.

Already did my taxes in February. Old new is old news.  ;D

rumborak

Exactly this. TurboTax is really convenient and easy to use. I could do it myslef easily enough, but it's worth the money for the convenience. I've already had my return for a month or so.
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Offline bosk1

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Re: Tax Time!
« Reply #5 on: March 22, 2012, 09:13:37 AM »
Mine aren't that complicated, but they're complicated enough that it's just easier to have someone else do them for me.  It saved me a ton of time.  She just sends us a worksheet that has all of last year's data, and we just make the appropriate changes in the column for this year, attach all of the backup (W-2, 1099's, 1098's, etc.), and she does the rest.  Makes it pretty easy, and if I make a mistake and put something in the wrong place on one of the schedules, she picks up on it pretty quickly.  It's hard to imagine going back to doing it myself unless I could just go back to a straight 1040 with no schedules.
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Offline Dr. DTVT

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Re: Tax Time!
« Reply #6 on: March 22, 2012, 09:26:24 AM »
I've always done my own, and each of the last two years the government auditted me and sent me MORE money than I had coming back to me on my tax form.  I don't know what tax credit I'm missing so hopefully they audit me again :)
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Offline jasc15

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Re: Tax Time!
« Reply #7 on: March 22, 2012, 09:27:06 AM »
I thought this would be a good skill to have.  I like to learn things on my own, and being an engineer it's almost insulting for me to yield this supposedly simlple task to someone else.  Alas, this is the IRS we are dealing with, so with the countless cross references, I realized that I need to fill out a different 1040 because of my health savings account. (this is why you hire a professional, but I am stubborn this year)
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Offline Cool Chris

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Re: Tax Time!
« Reply #8 on: March 22, 2012, 09:38:03 AM »
Quote from: lordxizor on March 22, 2012, 09:08:43 AM
TurboTax is really convenient and easy to use. I could do it myslef easily enough, but it's worth the money for the convenience. I've already had my return for a month or so.

I've always done my own. I thought getting married, buying a house, having a kid, and having multiple retirement accounts would make it more complicated, but it hasn't. I don't mind paying TurboTax for the convenience, especially sicne I get a discount through USAA.
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Offline Ryzee

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Re: Tax Time!
« Reply #9 on: March 22, 2012, 09:42:23 AM »
Mine have done been did for a while now.  Turbo Tax all the way here too.  Also this year rather than just blowing our tax return on fun toys like we usually would we decided to just leave it alone and let it be an extra cushion in the 'ol savings account.  Feels good man.  We're growing up!
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Offline wolfandwolfandwolf

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Re: Tax Time!
« Reply #10 on: March 22, 2012, 09:53:36 AM »
I've got a family friend who does mine plus my (almost) wifeys.
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Offline j

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Re: Tax Time!
« Reply #11 on: March 22, 2012, 10:16:59 AM »
I do my own.  They're relatively simple since my wife and I have very little income and virtually no assets, but I guess that will change soon.

Also my buddy is a CPA so I can just run crying to him if it gets too complicated.

-J
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Offline Cecilia

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Re: Tax Time!
« Reply #12 on: March 22, 2012, 03:39:35 PM »
I got them done on campus. A student does them and their boss checks it. I got a very nice return which paid for my iPad and had leftover.
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Offline Dublagent66

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Re: Tax Time!
« Reply #13 on: March 22, 2012, 04:27:22 PM »
I pay someone.  They already have my information in their system and it takes about a half hour.  If something is done wrong, it's on them not me.  Well worth it for peace of mind.
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Offline carl320

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Re: Tax Time!
« Reply #14 on: March 23, 2012, 12:25:20 AM »
I do mine myself.  Just sent it in this past Wednesday /fogeywhostillmailsthings  :biggrin:
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Offline Ħ

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Re: Tax Time!
« Reply #15 on: March 23, 2012, 12:44:35 AM »
Did you know that you're supposed to file sales tax for things you buy online?
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Offline jasc15

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Re: Tax Time!
« Reply #16 on: March 23, 2012, 06:32:28 AM »
Quote from: Ħ on March 23, 2012, 12:44:35 AM
Did you know that you're supposed to file sales tax for things you buy online?
In some states you can choose to deduct sales tax or state income tax, depending on which is higher.  Further, in order to do that you must itemize your deductions, which means if your itemizations (is that a word?) total less than $5800 for the year, it doesnt make sense to do that.

Someone who knows taxes better than I do please correct me if I am wrong.
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Offline lordxizor

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Re: Tax Time!
« Reply #17 on: March 23, 2012, 07:34:55 AM »
Quote from: Ħ on March 23, 2012, 12:44:35 AM
Did you know that you're supposed to file sales tax for things you buy online?
Yep, but I'm pretty sure no one does.
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Offline wkiml

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Re: Tax Time!
« Reply #18 on: March 23, 2012, 09:39:19 AM »
Been using Turbo Tax for about 6 years now, first time in 3 years I'm actually getting money back instead of owing, but to show you how bad our payroll department is here I had them bump my deductions up to 8 (I have 5) so I could have more $$$ paycheck to paycheck and I still got a refund. I mentioned it to HR and they told me they know that payroll is not as efficient as they need to be

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Offline Hyperplex

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Re: Tax Time!
« Reply #19 on: March 23, 2012, 10:47:26 AM »
I pay my family attorney, who has a tax lawyer on his team, to prepare our taxes. My taxes are always complicated with rent income, investments and dividends in addition to our salaries, so it's just easier and gives me more peace of mind to have a professional take care of it all. As a matter of fact, I just faxed E-File authorization to him yesterday, so all is done and good this year.
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Offline jasc15

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Re: Tax Time!
« Reply #20 on: March 23, 2012, 12:29:56 PM »
Since I started this thread, I already re-did my taxes.  I was under the impression that my health savings account contributions were already deducted from my gross pay.  Since they werent, I needed to fill out a regular 1040 (which has a separate line for HSA deduction) instead of the 1040A (which did not).  I went from owing ~60 to a refund of ~300.
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Offline bosk1

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Re: Tax Time!
« Reply #21 on: March 23, 2012, 12:33:21 PM »
Just got an email from our preparer about our refund.  Good news.  :tup
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Offline Hyperplex

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Re: Tax Time!
« Reply #22 on: March 23, 2012, 12:50:00 PM »
Yeah, we got a nice refund as well, from both the Feds and the state. Now just comes waiting for the deposit to show on my account.
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Offline TheOutlawXanadu

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Re: Tax Time!
« Reply #23 on: March 26, 2012, 08:57:41 AM »
I submitted my taxes yesterday using software. As a student, I make almost no money so it's a very simple process. Today I got an e-mail saying what I sent had been rejected because my 2010 AGI didn't match what they had in their records. I then called the IRS and the automated voice system told me to put "0" for my 2010 AGI. I'm so confused by all this.

Hopefully everything will go through smoothly now.
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