Should You File Your Taxes Yourself or Call in a Tax Expert?

US News and World Report ^ | 02/13/2015 | Molly McCluskey

[Kickass Conservative]

The bad news is, our Health Insurance costs us $1,900 a Month thanks to Obamacare. The good news is, I write it off.

The write off is more than my Mortgage Interest and Property Tax Deductions.

I use TaxCut Software. My goal is paying ZERO Income Taxes.
Haven’t finished the 2014 Taxes yet, but I’m keeping my fingers crossed.

[A CA Guy]

Always have done mine and my wife’s taxes. You do have to research changes in the law, but unless you are filing a schedule c there is no reason for a tax expert IMO.

[roadcat]

We used the an online tax progranm then went to H&R Block and it was exactly the same except we would have had to pay H&R Block

I always laugh when writers use the term "expert", as in "Tax Expert" at H&R Block. Just because one has familiarity with a field (regardless of length of time exposed to it), that does not convey being an expert in said field of study. My sister-in-law applied for a temporary job at H&R Block for tax season, with no experience and was given less than a week of training. She was no more an "expert" in tax preparation than Obama being an "expert" in leadership.

[Night Hides Not]

I’ve used TaxAct for nearly a decade and swear by it. Doesn’t have the bells and whistles of Turbo Tax, fine by me. I used the Professional version when I used to do tax work, and it saved me $25 per return, and my clients were just as happy.

[CyberAnt]

I get treated very well at TurboTax because I’ve been with them for such a long time.

I’m retired and I don’t usually have to file because of my low income, but this year, because of ObamaCare, I will have to inform them I had insurance in 2014.

But, TurboTax will help me .. so I’m not worried.

[MrB]

Depends on the level of complexity.
If you get beyond deducting home mortgage, personal property taxes, and child tax credit,

you might want an accountant to have a look.

[Bruce Kurtz]

I’ve been using Tax Cut for about 20 years. My wife and I are both retired, We have two retirement pensions, she draws SS and I started tapping into my IRA so I had to fill out form 8606. I e filed my return and my refund was in my bank account in about 5 working days.

[abb]

https://sites.google.com/site/excel1040/

[CyberAnt]

I’ve never used TaxAct .. what do they charge for a single person with a low income ..??

[Terry L Smith]

If all you have is your W2 form, and nothing else, of any kind of papers, make copies of the 1040 forms of your choice, and a simple calculator, if you need one, and one sharpened pencil, and one ink pen, for the final, clean-inked signed form, and have fun. Then, mail it to them, on March 31st. (Anything electronic can be lost or modified, once you click the ‘send’ button.)

When I was writing for profit, any- and everything, that could be counted, was, with receipts, and a pen and ink journal, submitted to my tax preparer. I could have done them, myself, but since I was writing for profit, this was all business in the big leagues, and i wanted another name besides mine, should there have been any foul-ups, once i sent my completed forms.

The online tax preparations are all part of this hotly contested FCC mess too, are they not?

[Night Hides Not]

I paid $12 for the 1040 program, but I don’t have a state tax return to file.

[slorunner]

If your sister-in-law got a job with Block with no training it was as a receptionist, not a TaxPro.

I am a retired civil engineer, did my own taxes for years, by hand, then with TurboTax.

Five years ago I took Block’s Course ( which you have to have to do do taxes for them unless you are a CPA or have other prior qualifications) and I worked for them for 3 years.

I am a numbers guy but found out from the course that I had dropped considerable money in the past with TurboTax but was able to recoup 3 years worth with amended returns.

I no longer work for Block as it was too much work and stress for too little pay but I can say that Block’s system works, is good and their people are VERY well trained, very good and very dedicated.

TurboTax is good, Block’s online or software version (they cost the same) is better but either one will give you the correct results IF, AND ONLY IF, you answer ALL the questions you are confronted with correctly and know what you are looking for.

Most people do not have that expertise. Unless your return is dead simple, I suggest Block for most people. I have even told my wife to go to them if I croak.

I only do mine now because of what I learned with Block.

[roadcat]

True, I'm not sure what my sister-in-law did at Block, she was mum about it (the temporary job). Anyway, we always do our own taxes, having done so since we began filing as a couple back in the early 1970s. I even wrote my own computerized tax programs for my microcomputers back in the late 70s, and did taxes for relatives. I should have sold the programs or developed it, I'd be richer now. I then gravitated to other tax programs as they were offered, starting with AM-Tax and recently with Turbo Tax. Anything you need to know can be learned by reading the tax codes. Through the years, taxes became easier to compute as allowable deductions disappeared, and most people filed simple returns. More difficult returns for us involve stock sales and dividends, and when we get hit with the AMT.

Regarding my statements about "experts", I have run into a number of "professionals" who seem to be the C-average students and not the A or B-average students in their field. Let the buyer beware.

[Fresh Wind]

I use TaxAct.com. Haven’t had a problem yet.

I used TurboTax Home and Business last year, and decided to use TaxAct this year.

So far (haven't filed yet), I'm very happy with my choice.

I have run across two situations that TaxAct handled properly, and that TT didn't address at all. One was federal, the other state.

One of the TT selling points was the claim that you would be able to get questions answered, I got no satisfaction all all on that point.

For what you get, TT is way overpriced. For way less than I paid for TT, TaxAct gives me both a federal and state efile. TT wants extra money for state.

As it stands right now, I see no reason to use TurboTax in the future.

[Fresh Wind]

The wife and I are engineers. She wanted to continue doing our taxes after we got married. I said, “Would you want to see an accountant doing machine design?” We have been going to a pro ever since.

Some years back, after a relative passed away, it fell on me to administer the estate. I hired a lawyer for the things I couldn't do, and I did all the financial stuff, including tax returns and accounting. The lawyer was obviously impressed with my thoroughness and accuracy, and he asked me if I was a lawyer. I told him I was an engineer.

[jughandle]

I like that! Now I have a mission every year after I retire.

[Kid Shelleen]

THANKS !!!!
I am going to give that a try. I made a vow not to make it easy for the IRS to collect my money by. That is my small act of protest against this rogue government.

[abb]

I had run across that form some years ago. I didn’t use it for myself, as I had a K-1 form, and use TurboTax. However, my father-in-law’s return was relatively simple and it worked very good for his calcs.