Re: This years taxes!
 

I used Turbo Tax last year for the first time. I found it very easy to use and quite helpful when filing my capital gains and options trades. I think the program was about ~$30 for the "Basic" version.

Re: This years taxes!
 

I've been using TurboTax Online for something like 6 years. Very easy to use and far more convenient than going to a place like H&R Block, plus they keep all of your previous years' information so you don't have to look back at your old documents every year.

Re: This years taxes!
 

I use TaxSlayer online, it's only $10 and super easy to use. Not sure about the more complicated stuff, I only use the basic deductions.

Re: This years taxes!
 

My girlfriend had been using tax slayer as well. Last year I made her do both, her return on Turbo Tax came out about $400 higher. All the same info as I watched her put it in. You don't have to pay for turbo tax if you don't file with them so I would suggest trying it once. Also, if you go the IRS' website there will be a link for turbo tax, if you click it your federal filing will be free.

Re: This years taxes!
 

Good info, thanks! I used tax-slayer, but I am curious to see what both will say this year.

Re: This years taxes!
 

Yeah, if nothing else it can't hurt to check them both out and compare.

Re: This years taxes!
 

TaxACT.com

I recommend everyone who uses TurboTax, to try TaxACT. I always use them, and for me their software is just as simple as TurboTax, but the cost of filing is cheaper.

I've used TaxACT the last 3 years, and every time I do it online, I also go and do them on TurboTax to compare the return, and they are always the same. Just TaxACT is half the cost of TurboTax to file so I file with TaxACT in the end. It's free to try it out up until the point when you press the FILE button, so it doesn't hurt to just give it a try.

Re: This years taxes!
 

This is my first year with two jobs at the same time, I have heard it may "hurt" the return I would get. Anyone have any real knowledge about this?

Re: This years taxes!
 

it hurt me every year i've done taxes, since I was 14. This is the first year I DON'T have more then one to file..
I never got why it hurt me though..I'm paying the gov. more money then I would be on 1 job.

-A. Swift

Re: This years taxes!
 

Does your second job bump you up into another tax bracket? If both your employers are taking out money for taxes based on your anual wage being in tax bracket "x", but in actuallity since you have two jobs which means you're making enough that you are actually in tax bracket "y", then I can see it affecting you. Otherwise, I guess I don't see how it'd affect you.

Re: This years taxes!
 

I have my mom do my taxes every year because she works at a tax place. Nothing beats getting it filed for free. And I am getting back about 5500 this year. It is going to buy quite a few goodies. But I don't know how much I will actually use for the Talon.

Re: This years taxes!
 

That's a nice chunk of change!

Re: This years taxes!
 

I just did my taxes online with TurboTax and TaxAct; both showed the same refund amount for me, but filing with TaxAct was $36 cheaper so I went that route. TurboTax is more user-friendly with less crap, ads, etc. on the site, but for a $36 savings I'll click "no thanks" a few times.

Re: This years taxes!
 

Awesome, I'm not alone :)

Re: This years taxes!
 

For sure, it was your recommendation that made me decide to look beyond TurboTax (which I've used the past few years).

Re: This years taxes!
 

Working more than one job will not directly hurt your return. Withholding choises are what matter.

Say one person works 2 jobs. Each employer will probably withhold a lower amount (say 15% tax bracket each job). Then, lets say by the end of the year, the individual's total income exceeds the 15% tax bracket and they are in the 25%. They owe 25% tax on certain wages which they only withheld 15% and a greater tax liability (or less of a refund) can happen.

If one is on salary for an income in the 25% tax bracket, they will typically withhold more money (to cover the $25% tax) and it will seem like a normal year.

Having two jobs isn't the problem though. This can be planned for and avoided with some tax planning.

Re: This years taxes!
 

I am not sure what to expect. I worked all tax season, took all summer off, then worked again. I am not going to file for my partnership as I plan on being in a higher tax bracket next year and would rather have the expenses written against a higher rate. No late file penalty for LLCs under 10 members. Worse case they make me file and claim a larger refund. Have two houses with loans, one without any loan, and a bunch of property taxes paid. Should get back a nice refund aswell.

I will be using the software at work as I can e-file for free.

Re: This years taxes!
 

^^I had never known uncle sam forgiving in regards to late filings (filed past filing date) when money is owe to them regardless of which type of entity you file under. Usually, there is a penalty of fees they accessed and it is not worth doing. It is easier to spend 5min filing for extention then avoiding not to file. However, I would assume you are talking about in cases where IRS owes you money. Then no, you are right. You may have a few years to file.

The state on the other hand will attempt to calculate your tax returns base on w2/1099 reported to them and determine what you owe them (only if you dont file at all). Once they determine you owe them money. They will contact you directly. However, if deemed they owe you, they won't bother.

Re: This years taxes!
 

^^ I am a business tax accountant, and yea, the LLC only has expenses this year. I would rather offset the large capital gain I am planning for 2009. I will probably file anyhow to run depreciation on my viper (yes, company car) but still not sure.

Re: This years taxes!
 

^^It's pretty cool you are a tax accountant....My job is to logically bullshit and paper push all day. I will look you up if I need any tax advice.

Re: This years taxes!
 

Well just got my W2 in the mail yesterday. Did my taxes using TaxACT. Combined Fed and State return of $5348, wooot!!!

Re: This years taxes!
 

Holy crap! That's a heck of a lot of DSM upgrades lol.

Re: This years taxes!
 

Damn! I only got a little over 1900 back total. I got my federal return yesterday :)

Re: This years taxes!
 

going to get bills paid off and maybe the fiero painted

Re: This years taxes!
 

As if I don't spend enough there already :P

Re: This years taxes!
 

My $750 (lol) is going towards DSMLINK V3!

Re: This years taxes!
 

Mine was a decent chunk, which all went into my new 1g. I didn't do too bad for only working 9 months, and in two different states.

Re: This years taxes!
 

I'll be using it at MAP! But I'll be going there to spend alot of money prob. next week sometime!!!!

I'll prob. start a project thread sometime in the next week or two..... But we'll see.

Re: This years taxes!
 

Sounds good to me sir :)

Re: This years taxes!
 

i heard the stimulus didnt pass??

Re: This years taxes!
 

I used TaxSlayer in the past and tried out TaxAct this time, that software found me almost $400 more in itemized deductions, I'm using that from now on. Thanks for the recommendation.

I filed this afternoon, federal and state were both accepted the same day, I should have $3500 by next Friday.

Re: This years taxes!
 

wow..jesus. I only itemized some things like my tools, union uniforms and etc..what all do you guys have to itemize to get that much?

-A. Swift

Re: This years taxes!
 

I sent them $58.

Re: This years taxes!
 

Well done sir!

Now THAT is how you are suspose to do it when you don't have a house.

I just got my last w2, so I am going to attempt to see how I did last year.

Re: This years taxes!
 

I believe owning a home, making large donations (to church, charities), having children helps I think...

Re: This years taxes!
 

The only things I itemize are my home loan interest (appx 10k), Property Taxes (appx 1700), and my license plate renewal (usually around 70).

That bumps my return up from around 1500 to over 5000.

Re: This years taxes!
 

just did my taxes.... State and federal combined is $6630!!
I used Taxact.com and was very happy with it. Its nice having a new son born in 2008!
Moving money here we come!

Re: This years taxes!
 

Glad that after mentioning TaxACT for 3 years, it's finally not just falling on deaf ears and people are having the same positive results I've had with it.

Re: This years taxes!
 

Got MN last week and Federal return today.