I've been using TurboTax for almost as long as it's existed. And yes, I use the "It's Deductible" portion to value material contributions...almost always clothing...that is donated to GoodWill each year.
I've been using TurboTax for almost as long as it's existed. And yes, I use the "It's Deductible" portion to value material contributions...almost always clothing...that is donated to GoodWill each year.
--
The most expensive tool is the one you buy "cheaply" and often...
I've used it for a few years now. I used to use an excellent CPA. One year, I bought TT to simply compare TT results to my CPA.....
result: within a few dollars of each other (less than $20).
I have saved myself the $250 for the CPA ever since. One thing that TT doesn't do, is figure out lots of buisness travel, away from home meals, etc....It also doesn't support my unique situation where I pay into a special retirement system and not Social Security. For those things I had to do my own research and figure that out on my own. Now it is easy for me, and I know exactly where to enter the information in TT so I get the proper deductions and credits.
H&R block version is just as good I hear, but $10 less. In an unbiased test I saw online, TurboTax and H&R Block software resulted in the EXACT figures, to the penny.
We've used TT for a number of years now and are real happy with it.
I used to use a CPA, but he moved out of state.
(I guess he bilked enough money. )
I've been using Taxcut for many years. It was a little cheaper than TurboTax, but I'm not sure if that's the case now.
There are also some free versions provided by my State, but I don't think they are as sophisticated as the store bought softwares in my experience.
I think the best solution is a simpler tax system. What do you make? Multiply by X%. Pay the tax. May even to be able to do it without my 30 year old Texas Instruments TI30 calculator. You know, the one that is about the size of a brick with tiny red led numbers and costed a small fortune.
-Jeff
Thank goodness for SMC and wood dough.
I am interning at a public accounting firm this tax season (2nd career). One more qtr to go and I will have my accounting degree!...we use CCH ProSystems FX which is a standard in the public accounting world. I have used TT for many years and it works fine. The reason to have a CPA do your taxes is for the ADVICE he/she should be giving you....if all you do is drop off your tax information, W2's, 1099's, K-1's, etc and you do not receiving any tax advice.... then go find someone else.
My bill rate is $60 @ hr and most tax returns take me ~1hr to complete. Of course that does not count for the time the partners or a CPA spends with the client.
Jim