Turbotax: What Was Your Experience Like?

[Kolombo]

Got all my W-2s, Schedule C, 1040 together and about to use Turbotax. Anyone ever used it before and what was your experience like? If I have Schedule C and SE, along with form 1099, will Turbotax let me do all my itemized deductions under one 1040 or do I have to submit my schedules and 1099 along with my W-2 online?

[AbdiWahab252]

Kolombo,

I use HR BLOCK's tax software. There is a special for $49.95 that gives you 5 free Federal E-files and 1 State E-file.

I recommend HRBlock over Turbotax as its cheaper & You can go to your HR Block office after doing your taxes to double check by having them file your taxes and seeing how much you'd get back. If its the same or close enough, Abdi walks away

[The-Screw]

i used Turbo tax last year and i have nothing but positive things to say about it. the whole process took me 20 mins and 3 weeks later i had the largest tax return deposit in a long time. they even save your info so next year you can login and make the changes and you're done.

[Cali_Gaab]

Fuckin hell, that's f-king good.

[AbdiWahab252]

i used Turbo tax last year and i have nothing but positive things to say about it. the whole process took me 20 mins and 3 weeks later i had the largest tax return deposit in a long time. they even save your info so next year you can login and make the changes and you're done.

HR Block does the same thing too.

[SummerRain]

I used AW's cousin's services.

[Kolombo]

AW,

I've always gone to Jack Hewwitt or H&R Block to do my tax return for years, but this year I'm thinking about doing it myself. Turbotax has a live support specialist and a personal+business in one combo along with free federal e-file. My only concern is can I have all my deductions together under one 1040. Also, am I missing out on other deductions that I'm aware of that these tax return companies know about?

I just came up with an annual $9,000 deduction just from my automibile expenses i.e. fuel, maintenance, insurance, etc.

[AbdiWahab252]

Kolombo,

HR Block and Turbotax are close enough. The thing I favor HR Block is that I can double check by going to a local office and having them do it for me,.

You are under no obligation to file or pay a fee and can walk away.

As for your automobile deductions, make sure you have proper logs to track your business mileage, good receipts for your repairs etc. Documentation is key.

I assume you will be filing a 1040 Schedule C

[Ladane21]

Kolombo,

A/W is right in terms of double checking with the Block and it won't cost you a dime. I'm accountant by trade and work part-time for H&R Block during tax season....You should be able to combine all your schedules on one 1040 and it seems your deductions are very minimal and close to the standard deductions. Are you sure that you're not overlooking? I say this because you stated that you have W-2s, your employer withhelded federal taxes and had all these other expenses related to your personal business.. Good lucky...

[AbdiWahab252]

Ladane21,

I heard they pay those tax filers at HR Block, a paltry amount, $7-9/hr and most of them are not even tax accountants. Is it true at the end of the season share some of the earnings with the employees ?

[Ladane21]

A/W,

I don't know where you at and their pay system. They pay me 27% commission on all my individual returns and 32% on all business returns. It is very good part-time job. I have been making between $12K to 20K those 3 months......

[AbdiWahab252]

Ladane,

You got a good deal. Do you work in one of their offices or have your own private office setup ? I called once and they told me a ridiculous $8/hr plus a slice of the office take.

[Kolombo]

AW,

Thanks for the tip, I'll double-check with H&R BLOCK.


Ladane,

I got both W-2, 1099 and then Schedule C that I gotta work with. One of the deductions I mentioned is just for my transportation to and from work. I have other deductions relating to my self-employment expenses and others as well that I plan on listing.

Just a general question since you're an accountant: is it best to file married filing jointly or married filing separetely?

Also, have you heard about the federal tax break for first time home buyers that was enacted last year? I'm planning on submiting form 5405 along with my 1040.

Throw whatever tips you got at us, man.

[Ladane21]

A/W,

I work @ their office. I work by appointment only. They set it up and text me when to come in and they already know my work schedule so there in no scheduling conflict....Last week i worked about 22 hrs but it usually gets very busy mid February but they compensate well......

[Ladane21]

AW,

Thanks for the tip, I'll double-check with H&R BLOCK.


Ladane,

I got both W-2, 1099 and then Schedule C that I gotta work with. One of the deductions I mentioned is just for my transportation to and from work. I have other deductions relating to my self-employment expenses and others as well that I plan on listing.

Just a general question since you're an accountant: is it best to file married filing jointly or married filing separetely?

Also, have you heard about the federal tax break for first time home buyers that was enacted last year? I'm planning on submiting form 5405 along with my 1040.

Throw whatever tips you got at us, man.

Worst filing status for all tax payers is Married filing seperate hands down. Literally, you lose all your benefits cuz IRS assumes your significant other or you are cheating the system by choosing this.

There are a lot tax benefits for being 1st time home buyer. Federal Government is giving out $7K to $15K tax deductions based on your income and filing status in 2008 tax year. You can also save all or part of the acquisition and closing costs.

Good lucky.