Jump to content
IGNORED

Tax Time! How Do You Do Yours?


MrMark0673
 Share

Recommended Posts

It's that time of year again and I was wondering what everyone uses to file their taxes.

I use Turbotax Business to create K1 statements for a small LLC I have. I use Mac computers almost exclusively, but have to bust out a PC once a year for TurboTax Business.  Might spend a couple bucks and get a new and cheap laptop as the one I've been using is junk.

My personal taxes are super complex due to a bunch of rental properties I have, so I use a CPA that I trust. Not super cheap, but we received $25k back last year from mostly phantom deductions like depreciation, so it's money well spent.

Link to comment
Share on other sites

Member · Posted
3 minutes ago, Gloves said:

Noooooo. Don't remind meeeeeee. 

So, what is tax time like in Canada?  I hope, for you guys sake, Canada hasn't modeled their tax mechanisms after out overly complicated, fear inducing structure we have in the US (and in our local states!)

To answer OP, I use TurboTax.  I've used TT for over 10 years.  For the past couple of years I've also used QuickBooks Self-Employed Online since I've been an independent contractor and my personal expenses are few and far between.

They can be pricey, IMHO, but it's so easy to use, especially if you also use a tool like ItsDeductible.  It just imports all of those details for you.

I try to structure my taxes so that I always get a "little" refund but last year was bonkers.  As I mention, I've worked as an independent contractor, but in September I took a W-2 role. My first two quarters were horrible and I had to over-pay my tax estimates because there was no way to judge how the later quarters would turn out. So, after setting up my W-2 with the new employee, it looks like I'm going to be getting a sizable refund from my earlier over payments.  It's nice to be getting a fat check from my taxes but I really wish it wasn't SO large.  I would have done better keeping that cash in the bank.

Link to comment
Share on other sites

I use Turbo Tax since I own a rental property in a different state which adds some complications.  With that said, I've usually filed my taxes by the end of January or within the first week of February.  I typically have my federal return by the middle of February and state return in early March (Illinois is pretty slow).  

I've used Turbo Tax for probably 8 or 9 years now.  It's pretty simple and straightforward.  I like how they show you the prior year numbers for comparison and and as sanity check that you are entering the correct data in the current year.  If I ever get rid of that rental property, I might switch back over to doing everything myself.  

Link to comment
Share on other sites

I had about a decade, or more, of using Turbotax... switched to H&R block's software for a year...and promptly switched back the following year.

H&R block's software looks and feels like it is from the mid-90's.

 

I also need the full-up business software to generate a couple of K1's, which is how H&R block enticed me with their MUCH lower price on their "full featured" product.

Total...piece...of...shit, compared to Turbotax Business.

Edited by arch_8ngel
Link to comment
Share on other sites

Man, tax time sucks so much for business owners. Yesterday, spent 10 hours doing so much paperwork, record looking and preparing documents for not only for our side, but for so many of our customers as they count on us for their statements for taxes. Most is due on January 31 too, which I did finally catch up yesterday and parents want it all soon as possible so they can do their taxes, so it is a big responsibility on me. Still though got that big April 15 tax to do and I always do it in April since I never get any money back and always owe. Always use TurboTax Business. Just such a helpful tool and well worth the $100 fee after using a coupon code imo especially being able to have it all in one place and fill in previous year info that has not changed.

Link to comment
Share on other sites

Do my own taxes?  Pfft.  My woman is a CPA so it’s usually something along the lines of

“hey sugartits, do my taxes”

”fuck you, do your own taxes”

Then she does them anyway because she’s way more responsible than me.  Oh yeah.

Edited by Hammerfestus
  • Like 1
  • Haha 3
Link to comment
Share on other sites

I do ours the old fashioned way - on paper and snail mail since we are in no grand rush on this.  Ours are very very simple and whatever money we will get does a u-turn to cover property taxes and auto insurance in the spring.   This year we will have a bit left over  because of  an increased state exemption, the tax changes and we now get a modest property tax discount due to my age.  I will throw that at our car payments (we only have 8 payments left in any event).  I will send them off as soon as we get our 1099-Rs.

Edited by Wandering Tellurian
Link to comment
Share on other sites

1 hour ago, DefaultGen said:

I've used TaxAct for the past few years. It spat out the same numbers as Turbo Tax when I compared the two, so seems fine to me. My situation is pretty normal so it's just a waste of $15 and 30 minutes every year.

One would hope that the answers should be identical...

I just thought TaxAct was extremely "clunky" compared to the level of interface-design Intuit has put into their product.

 

Part of the "problem" for H&R block is that they really want you to use their stores and in-person services, so only have cursory interest in improving their DIY product and making it clear how "easy" it is to DIY with a modern software package.

Whereas Intuit ONLY sells software, and on top of that get year-round feedback on their other software products like Quicken, so simply have a much better cycle of user-feedback and resulting user-experience.

Link to comment
Share on other sites

I use a a few plug and chug auto return programs to see if they give me the same result which they typically do. My taxes are extremely simple. Honestly it doesn't really matter because the gov't has been fucking up my pay for the last 4 years so I just send in my best guess but they always get revised as I get multiple revised T4's throughout the year and then they adjust my taxes accordingly. I think I had 4 or 5 T4's last year.

Link to comment
Share on other sites

Member · Posted
43 minutes ago, TDIRunner said:

Taxes.jpg

Now now, there is one step before prison.

"Govments: You just owe us the difference, plus interest. Oh, and no worries, we'll figure the difference out 5 years later and then send you a ludicrous bill years later. THEN, if you can't pay it, you'll go to jail."

Link to comment
Share on other sites

Hmm... maybe I will try TurboTax. If it’s good enough for @arch_8ngel...

I’ve always used an accountant, because that’s what my father does. So I mostly used his people forever. I finally found a local accountant I expected I could trust, referred from a coworker. I used her for the last 2 years and I guess her work is fine, but her bedside manner is kind of terrible.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...