Online Tax preparation

[Grimpala]

Originally Posted by mstng86

$800??? What the hell?

24 yr old, making over 100k in the OK oil fields and driving back to Texas every two weeks. They saw a sucker coming. They didn't figure in his mileage on his truck, depreciation, etc... He had all kinds of deductions that they overlooked, and still charged him out the ass.

[slow99]

Originally Posted by Grimpala

Just throwing this out there for those that might need/want some help. My wife is a CPA and does her family and a few friend's taxes. She preps everything for them and then has them submit either electronically or through the mail. She doesn't charge, just takes whatever money they choose to give her.

H&R Block told her cousin(a roughneck) two years ago that he was only getting ~$2500 back and then charged him $800 to prep and file. She filed an amended return and got him another $4800 back.

What's her location?

[Grimpala]

Originally Posted by slow99

What's her location?

We live in Rockwall, but she works in Richardson and we're in and out of downtown all the time.

[quikag]

Originally Posted by mstng86

$800??? What the hell?

That's what I mean about dicking people. There doesn't appear to be flat rates or scales. They figure out how much they can f* someone for and try to get it. They must get commission.

I had a girlfriend of a friend literally have a $24k W2 and a like $10 1099 from her bank for interest income. They charged her over $300 to do her return because she didn't know any better. That is like a 3 minute 1040EZ tax return filing online for free and H&R Block bent her over because she was poor and gullible.

It's pretty messed up.

[GhostTX]

I use Turbo Tax (purchased). Turbo Tax did screw with people on the "upgrade" for what used to be standard features, and then they quickly backpedaled.

Originally Posted by mstng86

We have never had someone do it, and I feel we may be missing out on some credits such as working from home and its write off potential.

If you have a "dedicated" home office, you can deduct that square footage "cost" from the home value (percent of square footage, home value per square foot), as well as the same percent on phone, electricity, etc.

[mstng86]

Originally Posted by GhostTX

If you have a "dedicated" home office, you can deduct that square footage "cost" from the home value (percent of square footage, home value per square foot), as well as the same percent on phone, electricity, etc.

Yea, I did all of that last year, I may have gotten a $50 credit if I recall correctly. Ah well, its better than nothing.

I am just curious to see if we are doing everything right since no one else has ever looked at them.

[David]

How often is someone audited off of these automated service? I use it for mine, but Im going to a CPA next time. Im sure the CPA will want to see previous years taxes to verify anything new I have coming. All I know about audits is the 7yr one my dad was put through.

[8mpg]

Originally Posted by quikag

H&R Block will dick you big time. Refunds depends on what you put on your W9 when you give it to your employer. If you get a big refund (unless you get some earned income tax credit or other credit), it just means you over withheld throughout the year.

It cracks me up how people get excited about big refunds (short of getting credits). It just means you loaned the fed your money for the whole year interest-free. Sweet.

slow99, I think TurboTax can use a standard amount for sales tax deduction based on your income, but it's pretty low. The other option is to calculate it yourself. A little trick I use that helps a lot is to print my credit card statement and impute my sales tax at roughly 8.25% of the total. Then I add any car purchases or other large individual purchases subject to sales tax. That normally gives me a pretty nice sales tax deduction.

It appears your wife didn't input the amounts and just took the standard amount presuming y'all itemized.

While that credit card amount sounds good.. have you been audited? I never paid attention to sales tax deduction until this year. Online purchases often dont have sale tax. Grocery store purchases only tax some things. Im doing standard deduction + car purchase tax. We spent a shitload last year remodeling and didnt keep receipts

[slow99]

Originally Posted by 8mpg

While that credit card amount sounds good.. have you been audited? I never paid attention to sales tax deduction until this year. Online purchases often dont have sale tax. Grocery store purchases only tax some things. Im doing standard deduction + car purchase tax. We spent a shitload last year remodeling and didnt keep receipts

Our attorney here at work does something similar to what quikag posted. He totals up credit card receipts for the year, takes 75% of the total and uses that to total sales tax. It held up in an audit.

[Snatch Napkin]

I've always done my own, but I was with the same job for many years.
I decided to have someone else do it that was recommended from a coworker from when I was oilfield all because I bought a house and went into business for myself in the later part of last year.
I'm happy that I was only charged $250, but I'm not real sure that she did any better than I've ever done myself.
I'll most likely do my own again next year.

[black2002ls]

You guys are getting ripped off! When I was having my taxes done, my lay only charged $75. She was a CPA and used to work for the IRS

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[Snatch Napkin]

Originally Posted by black2002ls

You guys are getting ripped off! When I was having my taxes done, my lay only charged $75. She was a CPA and used to work for the IRS

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When was the last time you had them done?

[black2002ls]

2 years ago. I haven't had any business revenue to report since then, so I have been filing my own

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[8mpg]

Originally Posted by quikag

H&R Block will dick you big time. Refunds depends on what you put on your W9 when you give it to your employer. If you get a big refund (unless you get some earned income tax credit or other credit), it just means you over withheld throughout the year.

It cracks me up how people get excited about big refunds (short of getting credits). It just means you loaned the fed your money for the whole year interest-free. Sweet.

slow99, I think TurboTax can use a standard amount for sales tax deduction based on your income, but it's pretty low. The other option is to calculate it yourself. A little trick I use that helps a lot is to print my credit card statement and impute my sales tax at roughly 8.25% of the total. Then I add any car purchases or other large individual purchases subject to sales tax. That normally gives me a pretty nice sales tax deduction.

It appears your wife didn't input the amounts and just took the standard amount presuming y'all itemized.

Originally Posted by black2002ls

You guys are getting ripped off! When I was having my taxes done, my lay only charged $75. She was a CPA and used to work for the IRS

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Thats what I paid a CPA like 4 years ago but my taxes are pretty simple... I think thats what they still charge

[zemog]

Originally Posted by black2002ls

2 years ago. I haven't had any business revenue to report since then, so I have been filing my own

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Send me her info, I haven't paid under $175 for 10-15 years
And some of those were "individual tax preparers " not cpa's. I normally pay from 250-450 for a cpa.

[SVTNorthTexas]

I use Turbo Tax every year but mine is very simple and I use the standard deduction. Got back $1100 this year.

[Big A]

Our tax guy charges $140, which is deductible on the next year's return, so even the $400 isn't off putting if you know that you are always over the standard deduction. We set an appointment as soon as tax season opens, spend 30 minutes with his assistant and then him, and leave with copies of what's being filed and amounts for each return (State and Fed.)

Well worth the time and effort saved.

[HarrisonTX]

So how's everyone looking this year?

Im using turbotax again and I'm just about to finalize. I owe $1,100. What in the fuck?

[blownragtop]

I made slightly more than the previous year and paid $1,453 less in taxes thanks to the man in the MAGA hat.

[Ruffdaddy]

Originally Posted by HarrisonTX

So how's everyone looking this year?

Im using turbotax again and I'm just about to finalize. I owe $1,100. What in the fuck?

What's your effective tax rate?

Your paychecks were probably higher.