Author |
Message |
Spygirl
Moderator
04-23-2001
| Saturday, February 26, 2005 - 6:15 pm
I'm trying to decide how I want to file my taxes this year. I have always done it myself either online or with software until last year. Last year, I got a recommendation for an accountant and tried that out. My return wasn't any more than it was when I did it myself and I had to pay him $250! After that, I had decided that I couldn't justify that expense in the future, but here I sit a year later wondering what to do. I have a Mary Kay business, a mental health private practice income (however piddly), two mortgages (80/20), a student loan payment, and a regular income. What are the chances I'd be able to swing all of that on my own? And if I can't, where should I take my stuff? How do the rest of you do this?
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Schoolmarm
Member
02-18-2001
| Saturday, February 26, 2005 - 6:31 pm
Spy...you can do it. I use TurboTax and it really helps with filling out those schedule C's for your self employment. I really like how you can decide where certain deductions go (A or C) and check out which is better...at least for ME, some of my deductions could go A or C. I am in a dither this year because I moved. LOVE those moving deductions, but at my new job they don't pay SS. I have always paid SS on my self-employed income, but I get the feeling that I shouldn't pay on my university income since they are NOT an "electing organization". I have incredibly complicated taxes and can do it with the computer.
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Juju2bigdog
Member
10-27-2000
| Saturday, February 26, 2005 - 7:45 pm
We just pay the danged accountant and forget about it.
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Texannie
Member
07-16-2001
| Saturday, February 26, 2005 - 8:00 pm
Same here! LOL
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Schoolmarm
Member
02-18-2001
| Saturday, February 26, 2005 - 8:01 pm
Don't you just spend enough time WITH the accountant and explaining your stuff to the accountant to do it with the computer? I have never used an accountant, but I would have to spend the same amount of time sorting and explaining receipts, wouldn't I? Of course, I have not yet started mine!
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Mocha
Member
08-12-2001
| Saturday, February 26, 2005 - 8:03 pm
I go to a tax place. I can't balance a checkbook to save my life. So the cost is worth it to me.
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Halfunit
Moderator
09-02-2001
| Saturday, February 26, 2005 - 8:07 pm
Unit and I have no house, no kids, and nothing difficult so we just tele-file and, with direct deposit, we get our refund 2-3 weeks after filing. I have an additional amount withheld from our checks ( yes, I know this money does not gain any interest but interest rates are crummy and I don't have the discipline to put it into savings, lol ), so our refund is larger than it should be and I use it for our vacations and toys and such.
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Texannie
Member
07-16-2001
| Saturday, February 26, 2005 - 8:09 pm
Nope, Marm..we don't even live in the city same anymore as our accountant. We just send him the wad of receipts for the year and he sorts it all out.
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Schoolmarm
Member
02-18-2001
| Saturday, February 26, 2005 - 8:12 pm
Hmmm....but with several Schedule C's how does the accountant know what receipt goes with what unless you label them all or tell them? By the time I would do all that, I could to it on the computer. And you would still have to figure out your mileage for the self-employed forms and the unreimbursed business expenses wouldn't you? Maybe I COULD save time with an accountant, but it seems like my "piles" are quicker.
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Texannie
Member
07-16-2001
| Saturday, February 26, 2005 - 8:14 pm
He is a very smart accountant!
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Texannie
Member
07-16-2001
| Saturday, February 26, 2005 - 8:19 pm
maybe 18 years ago, when we first hired him, dh sat down with him, but now, we just send the stuff up to him. he's come up with all sorts of creative ways to save us money through out the years, and we have all sorts of complications of commission, rental income, deferred income ect. He was able to see some changes that we didn't when dh switched to self employed. We do alot of income averaging too. In fact, his returns show both. I also figure he is up on the tax laws, and I am not!
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Schoolmarm
Member
02-18-2001
| Saturday, February 26, 2005 - 8:21 pm
Do you have to file Schedule Cs? Or have unreimbursed business expenses? I find that my taxes are more complicated than others because of self-employment AND employment. I would have to label everything or sort it out in envelopes. I'm not that organized! LOL! Spy....careful if you claim part of your house as a business...it's a red flag for an audit. I actually had TWO pianos so that I could depreciate one as my SOLE business piano. You usually have to have people actually come to your home office or show in another way that it is necessary for your work. I don't take off for my office room at home because I have an office at the university, but I did for my teaching studio when I had lessons at home. Anyone else want the name of Texannie's accountant?
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Texannie
Member
07-16-2001
| Saturday, February 26, 2005 - 8:39 pm
LOL..he's really good! I think my dh sorts reciepts into envelopes but that's about it. We have all sorts of co-mingled expenses...we write off everything we can!!! Like I said, we have a long relationship. It was probably more high maintenance in the beginning. A funny story. We usually got money back, and usually the accountant would call dh and tell him the amount. One year we knew were going to have to pay, and unfortunately pay big. He calls me. He says, annie, you owe 12. I very meekly say 12 hundred??? and he said no, 12thousand. I don't remember a whole lot after that except for a faint voice in my ear saying annie...annie, you ok?? ANNNIE!!!!!!!!!!! it became a joke that he would call dh with the good news and me with the bad, so now if i see his name on called ID, i pick up the phone and say 'not talking to you!!"
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Jbean
Member
01-05-2002
| Saturday, February 26, 2005 - 10:28 pm
cheese 'n' rice, spy...you have a lot of stuff to figure! i'm with 1/2...no house, no kids...do mine through h&r onliine and get the refund in 2-3 weeks. it costs me $40. but is worth it...i can't figure it out on my own to save my life. good luck! hey, shouldn't we all be working for the government? seems like that where all our money goes!
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Fabnsab
Member
08-07-2000
| Saturday, February 26, 2005 - 11:34 pm
We went to www.Taxact.com this year and paid $16 and they did both the federal and state taxes for us. They even did the Lifetime Learning credit for my husbands tuition. It was simple and cheap. We got our state refund in 5 days and our federal in 7(direct deposit for both)
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Seamonkey
Member
09-07-2000
| Saturday, February 26, 2005 - 11:49 pm
You can do it, Spy! Especially with Turbo Tax. And if your preparer set up those items last year you have a template anyway. I did mine myself when we had two incomes, two businesses and later with work, mortgage, tons of itemization.. and quarterly estimates as well.. Preparation is a deduction but you only get a fraction of that.. and your tax prep software counts that way too.
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Froggiegirl621
Member
02-14-2003
| Sunday, February 27, 2005 - 12:28 am
I know this isn't going to help you Spy, but I thought I would post it for anyone out there who hasn't yet filed their taxes. If you file your taxes online, you can do so FREE by going to the IRS website. They have a link to e-file and you get to choose which program to use. For the past two years I was paying to do my taxes at H&R Block online...this year I filed with them for free. Same program as in previous years, and I still got my refund in 2-3 weeks. Same thing with your state taxes. Check with your state's tax website to see if the offer free filing. I've been filing online for free in PA for the past three years, previously doing tele-file. I know not everyone's taxes are easy enough to do online, but for those of you who have pretty cut and dry circumstances I thought you'd want to know this and possibly save a few bucks!
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Egbok
Member
07-13-2000
| Sunday, February 27, 2005 - 9:41 am
Spy, I'm no help here. My plan for getting the taxes done is to keep Egbob healthy and continue to save all those damn receipts that he wants every time this year! LOL!! He uses TurboTax and is done in no time. I really should peek over his shoulder to see what he does. Good luck with your taxes!!
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Spygirl
Moderator
04-23-2001
| Sunday, February 27, 2005 - 12:19 pm
Thanks for the advice everyone. I'm kinda with Marm in that I still have to sort through all the receipts, organize, itemize and total them, figure how much my Mary Kay sales were, calculate my ending inventory, and total my private practice income...so by the time I do that, I wonder if I might as well file myself. The accountant would do all those things, but he would charge even more for it. But, at the same time, even with all that information, filing still isn't easy. At this point, I think I'm just gonna take it all to him and let him do it. I'll give it another year.
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Schoolmarm
Member
02-18-2001
| Sunday, February 27, 2005 - 12:27 pm
TURBO TAX...it's easy and the program will walk you through everything, such as Do you have a business? What were your sales? and it thinks of things that you wouldn't. It recalculates at every step. Do you have a second business? Blah Blah Blah...quite easy. I think it's only $40 or $50. I gotta get a better system of saving receipts.
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Karuuna
Member
08-31-2000
| Sunday, February 27, 2005 - 12:32 pm
My accountant provides me with a form to fill out. It organizes my income, expenses, donations, deductions etc. During the year, I file all my receipts into the appropriate category as I go along, so all I have to do is list them on the form. The complicated part of my return is that I own one business and am a partner in several others, so I have an accountant, since many of the law changes often effect those partnerships and business income and expense. But since I do much of the sorting, listing stuff the accountant is really only providing her professional expertise, which keeps the costs down.
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Colordeagua
Member
10-25-2003
| Sunday, February 27, 2005 - 12:39 pm
My tax returns don't look too complicated, but I pay an accountant to do it. I don't have the patience to figure it out. Probably would miss something. In December, I found out that Mark Everson, husband of a former boss of mine (attorney) in Chicago, is now Commissioner of the IRS. That was a surprise !! Tax help from high places -- except the Mrs. and I did not get along very well . . . . ("Everson" is pronounced with a long E, not short. Only allowed one time to mispronounce it with the Mrs. Second time -- you're in trouble.)
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Wendo
Member
08-07-2000
| Sunday, February 27, 2005 - 1:32 pm
I, too, use an accountant. I send him all the relevant information and he sends me back the returns to sign and send in. I believe that accountant fees are tax deductible.
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Essence
Member
01-12-2002
| Monday, February 28, 2005 - 8:35 am
Spy, if you're used to doing your own taxes I think you could do it with Turbo Tax. It's pretty simple and it does walk you through everything. If you are organized (and from what I've seen of you, you are) you should have no problems with it. If you have any questions you can pm me. Tax prep fees (that you paid last year) are tax deductible if you itemize.
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Denecee
Member
09-05-2002
| Monday, February 28, 2005 - 12:58 pm
I do ours, the long hand way. I also did my son's and his wife's this year and my dd's. We itemize but still it's fairly simple. This year we are going to try to sell the house and move to Texas so next year I think I will do the turbo tax.
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Dipo
Member
04-23-2002
| Monday, February 28, 2005 - 2:54 pm
I do my taxes every year with Turbo Tax. I have unreimbursed expenses, a home office deduction, an investment club with gains and losses, plus my regular stock account. It is fabulous, and very simple, I have already received both my refunds. It is very simple to follow the instructions, and this year they reminded me about a deduction I had totally missed. Turbo tax is the way to go!!
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