Taxes
1/21/13, 01:27 PM
#1
MOTM Committee Member
Thread Starter
Taxes
Do you do your own? Through an online source (H&R, TurboTax)? Or do you have some fancy accountant?
I did mine on my own last year. But everyone keeps saying I should have someone do them for me this year. I may just do mine then let someone else do them and compare the results..
I did mine on my own last year. But everyone keeps saying I should have someone do them for me this year. I may just do mine then let someone else do them and compare the results..
1/21/13, 03:23 PM
#4
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Join Date: December 14, 2007
Location: State of Jefferson Mountains USA
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I paid an LTC/EA for 22 years but the last 5 she worked for a CPA office - and the bills doubled. I have always stayed on top of tax laws (one of the keys to effective asset mgmt) and did much of the prep work myself on XL trying to save CPA time. Still the bills were around $300+. Since I had closed my businesses and only had my personal returns I tried do it yourself again. For relatively basic returns (house, investments, but no business) I have used both Turbo & last year Tax Act, and they seem fine.
My problem with them is I have business loss carryforward that I do not want to lose. For 09 Turbo Tax had an easy entry form. But it did not carry into the 10 Turbo Tax though my other data did. So for 11 I tried Tax Act because it said it would import data but it did not bring the business loss forward - nor was there an easy entry form. I don't know if the law had changed requiring a different or yearly method of entry or if this is just a fail of the program. So I just skipped that data for 10 & 11, hoping I can enter it during a future year that I need to report the loss.
But now I am worried that if I don't enter it each year I may cause a problem. So I may have to hire help and amend my 10 & 11 return - which means I didn't save a dang dime.
Wish I knew the answer... and that's the problem with Turbo & TA - you're on your own.
My problem with them is I have business loss carryforward that I do not want to lose. For 09 Turbo Tax had an easy entry form. But it did not carry into the 10 Turbo Tax though my other data did. So for 11 I tried Tax Act because it said it would import data but it did not bring the business loss forward - nor was there an easy entry form. I don't know if the law had changed requiring a different or yearly method of entry or if this is just a fail of the program. So I just skipped that data for 10 & 11, hoping I can enter it during a future year that I need to report the loss.
But now I am worried that if I don't enter it each year I may cause a problem. So I may have to hire help and amend my 10 & 11 return - which means I didn't save a dang dime.
Wish I knew the answer... and that's the problem with Turbo & TA - you're on your own.
Last edited by cdynaco; 1/21/13 at 03:31 PM.
1/21/13, 08:14 PM
#9
Mach 1 Member
I do ours, and use TurboTax deluxe CD and file online both state and feds.
1/21/13, 08:31 PM
#10
Cobra Member
I do my own just downloading the forms from the IRS web site (fill-in-the-blanks PDFs). However, we are so close to having our mortgage paid off that we are probably only a year or two away from the short form and standard deductions.
1/21/13, 08:41 PM
#11
I can remember 20 years ago when I used to have to get them at the post office here. IRS would always mail you a blank form like you filed the year before. But with moving I'd have to go get my own and the post office was the only free place to get them.
How times have changed.
There was no e-file. Al Gore hasn't finished inventing the Internet yet.
I think EIC was new and even though I thought I was poor I never qualified for any of it.
How times have changed.
There was no e-file. Al Gore hasn't finished inventing the Internet yet.
I think EIC was new and even though I thought I was poor I never qualified for any of it.
Last edited by 2k7gtcs; 1/21/13 at 08:43 PM.
1/21/13, 09:08 PM
#12
MOTM Committee Member
Thread Starter
Due to late changes in federal legislation, California schedules CA (540) and CA (540NR) are delayed as Franchise Tax Board staff analyzes the changes.
The California schedule CA is used by most taxpayers to make adjustments for differences between federal and state tax laws. Because these forms are currently not available for filing, you may enter your information but you will not be able to file your California tax return if either form is necessary. Check back in mid-February for the status of these forms.
The California schedule CA is used by most taxpayers to make adjustments for differences between federal and state tax laws. Because these forms are currently not available for filing, you may enter your information but you will not be able to file your California tax return if either form is necessary. Check back in mid-February for the status of these forms.
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