This years taxes! - Page 3

JustROLLIN · 01-15-2009

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.

Matt D. · 01-15-2009

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.

**asshanson** · 01-15-2009

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.

hippiekiller · 01-15-2009

Quote:

Originally Posted by asshanson

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.

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.

niterydr · 01-15-2009

Quote:

Originally Posted by hippiekiller

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.

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

hippiekiller · 01-15-2009

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

**Halon** · 01-15-2009

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.

sleepydsm · 01-18-2009

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?

Swifty1638 · 01-19-2009

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

**Halon** · 01-19-2009

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.

bill · 01-20-2009

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.

**Halon** · 01-20-2009

That's a nice chunk of change!

**Kracka** · 01-22-2009

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.

**Halon** · 01-22-2009

Quote:

Originally Posted by Kracka

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.

Awesome, I'm not alone

**Kracka** · 01-22-2009

Quote:

Originally Posted by Halon

Awesome, I'm not alone

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

john · 01-22-2009

Quote:

Originally Posted by sleepydsm

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?

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.

john · 01-22-2009

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.

SLOW_V · 01-23-2009

^^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.

john · 01-23-2009

^^ 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.

SLOW_V · 01-24-2009

^^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.