Thursday

cwaggoner07 · January 2013

Then there's probably something on your 1098 with the property taxes listed (which makes things easier for your accountant, yay!), but I would take it just in case.

B2Z728 · January 2013

Sorry to bother you with all these tax questions Swag, but is there any real benefit to going to a place like H&R Block vs. using Turbo Tax at home? The one time I used H&R Block all they basically did was ask the same questions that Turbo Tax does. I would assume that going to an actual accountant would be more beneficial than H&R Block, but I don't think H wants to pay for that.

lls31 · January 2013

Swag - thanks!

Buzz - I used to think going to an actual accountant would be crazy expensive, but it's not (at least here). We're planning on going to the same accountant that my parents go to and I know they pay under $100. I'm drawing a blank on the exact amount - I want to say $50? He works for himself though. Do some research - you may be able to find someone who is cheaper than you think!

cwaggoner07 · February 2013

It's fine... I love taxes and I love answering questions. Seriously, I'm nerdy like that. Just remember, I've only worked in federal tax for 2 years, and have only been a CPA for one. So keep that in mind.

Anywho, I think if you both have full-time jobs (no contract/ self-employment income), no partnership investments, just a little bit of dividends and interest and don't own a home, there is no reason NOT to do turbotax. I did turbotax the past couple of years, even having free access to our fancy software at work. It wasn't worth the hassle. Now H is self-employed so I'm using our fancy software this year.

The more schedules you start adding, the more complicated it gets. Also, if you itemize (which 99% of the time if you own a house you itemize, if you don't, then you don't), you can deduct your accounting fees in the actual year you pay.

I don't really know what H&R Block does vs. someone like my firm, except we have a lot of HIGH income clients. I feel like for me personally if I didn't do this for a living, I would do either turbotax, or find a firm like ours. Because a lot of the in-between stuff I feel like you could probably figure out yourself if you really take the time to research. And the IRS website is a little confusing, but you can get a LOT of answers there.

And I can't say anything really on the side of state taxes, since I've lived in TX my whole life, and most of our clients are local, and TX doesn't have state income tax. We're having to do a CA return for the first time ever this year and I'm a bit intimidated.

UGH ok that was kind of all over the place, but if you have any more questions, please ask. I'll always give you the ol' college effort.

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