Anyone use Turbo Tax?

[FishingBuds]

I've got a few people telling me to try it out and I really don't know? Can you practice use it??

I have a guy I have used for years but he cost alot. I have been happy with the results from him.

So anyone use Turbo tax and can tell me a few things about it? Like it or not?

And so it doesn't get heated, I would like to stay on the subject

[retiredbosn]

I've used the online version a few times.  From my experience you need to know what your deductions are and also the lesser used deductions especially if you run your own business.  Which forms etc.  I've always done my own taxes, and actually like doing mine, I typically end up doing mine and half the families.  A couple of years ago my lil brother used H&R Block, and they hosed him, I had him show me his taxes, re-did them for him and saved him a few thousand in taxes, all legally and above  board.  Also beware even though you pay someone else to do your taxes, it is your responsibility to know whether or not they are done properly and are accurate.  Example the tax preparer omits some tax that you owe, or if they screw them up royally, they are not liable at all, they are not even required to assist you with an audit.  The only exception is a CPA, and even then there is enough wiggle room that you are on the hook and they are not.

[bilgerat]

I have been using it for years. Unless you have a complex financial situation such as investment properties, inheritance, trust fund, etc., it's fine.

It takes you step by step through each and every page. If something is not right it tells you about it. It does all of the math for you. You can go back and make changes (prior to sending it off electronically !)

It's got a value calculator that determines the value of anything you donated such as clothes, household goods, etc. It will take you through a bunch of deduction scenarios to see if they apply to you or not.

The cost of it is tax deductible also.

One other thing. If you are entitled to a refund, don't take the direct deposit option. It costs extra. Opt for the check.

The guy that did our taxes for years HATED large refunds. He said they equalled to interest free loans for the government. He always said the perfect tax return would be a "0". You owed them nothing and they owed you nothing

[moby bass]

I've been using it for 10 or more years.  One thing that is nice about it, once you start using it and input information, all of that info is imported next year for you automatically.  I have a small business, just me as the owner/employee, and the deluxe version works fine for me.  You still have to get all your records, deductions, expenses, etc together but it walks you through everything and will also take you through areas where you think you might not have any deductions.  I agree about the tax free loan, although we purposely set our taxes up that way so I can use the refund to pay the local tax. At 2 or 3% a year in interest if I was to try to put that money aside, how much am I going to gain?  Then I have to pay tax on that interest  >

[Bassn Blvd]

I don't use it but my dad and several friends do.  They all like it.  My tax guy charges me $275 and he does a good job with my refund, plus I'm too lazy.  You can get a copy of your deductions from your tax guy as a go by to do your own.  I pretty much have the same deductions every year so I know I could use my last years deductions as a go by but like I said, I'm too lazy.

[SirSnookalot]

For people with simple returns it's ok, I would never use it. I have done side by side comparisons and my CPA always saves me more money, he's not special but he is a professional. Many CPA's use Turbo Tax, but the professional version not the online version, it's different, plus they know the changing laws and are required to attend yearly educational classes. A storefront tax preparer, like an H&R Block is still better than doing it yourself, but still is not a CPA.

As in law a person that represents himself/herself has a fool for a client.

[done]

I have used it for 3 years. Before that it was a CPA, for the price (which was about as much as my CPA), I get as much money back and I do not get errors (which was a problem with the CPA).

[Root beer]

. A storefront tax preparer, like an H&R Block is still better than doing it yourself, but still is not a CPA.

.

You know, these home shop tax preparer are now being regulated by the IRS. People that just puts a sign on their lawn saying they will do taxes are now subjected to IRS's tax exams. H&R Block fully backs this billed. I have to agree with it myself.

For me, I used TaxActs the last two years. Never used Turbo, so I don't know how it compares.

[GLADES]

I used turbo tax last year and I found it to be very easy. I started a new business in 2009 so now I might need some help. 

[Fishbone]

Call Tim Geithner for advice. Wait, I forgot, he doesn't file tax returns. Well, maybe there is someone in Washington you could call, then again, maybe not.

[fishfordollars]

I have used it for the last eight years. I run a business and the wife works for a large company. We have had not one problem with it.

[Fisher of Men]

We've used it for the last two-three years and haven't got a complaint.  To my knowledge you can input all your information and see your final refund/payment before having to pay the fee.

[flechero]

We've used it for the last 6-7 years...  liked my old cpa but between the cost and errors we like turbo tax much better.  It walks you through each step and you can't scew it up. (unless you just type in the wrong numbers)

[tyrius.]

I've used turbo tax for years and it's great. You can complete the online version for free. You won't be charged until you actually file the return so you can compare what you get vs what you're "CPA" gets.

Just an fyi, the CPA exam does not cover personal income taxes. One does not need to know anything about personal income taxes to be a CPA. So, why do you think that having a CPA qualifies someone to be any sort of competent tax preparer?

[Root beer]

Just an fyi, the CPA exam does not cover personal income taxes. One does not need to know anything about personal income taxes to be a CPA. So, do you think that having a CPA qualifies someone to be any sort of competent tax preparer.

I don't understand why everyone thinks CPAs are all taxes. A friend of mine asked me the other day what would a CPA do when it not tax season. Seriously? : I guess it a stereotype I have to live with if I ever pass the exam.

[tyrius.]

As in law a person that represents himself/herself has a fool for a client.

Not hardly. If you just have a personal return without a lot of investment income then software like turbotax or taxcut will walk you through every step and most every possible deduction that you can take. Paying hundreds of dollars for a personal tax return just doesn't make any sense when you can do it for $40 using turbo tax.

required to attend yearly educational classes

Licensed CPA's are required to attend a certain number of hours of training per year. However, that requirement is for public accounting standards and practices. There is no requirement for a CPA to attend ANY courses on personal income taxes.

[SirSnookalot]

As I said in my previous post, for a simple return it's ok, but nothing I would use, what some one else uses is their business.

Past good fortune does not mean that in the future you may not run into problems, I like to be prepared as much as possible.  Turbo tax will not write letters in my defense, make phone calls, or will they accompany me to a "meeting",  CPA's talks their language better than I do and are taken more seriously.

My CPA is there for me through out the year with answers I may have long before or after my returned is filed.

Being retired tax preparation for my returns do not exceed $400, a pittance for all he provides and pays for himself easily.