Comments on: Hiring An Accountant To Do Your Taxes Vs Using Turbo Tax Or Tax Cut http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/?utm_source=rss&utm_medium=rss&utm_campaign=hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut Starting An Online Business When Your Wife Wants to Stay at Home With the Kids Wed, 08 Feb 2012 23:45:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Terri http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-7275 Terri Wed, 08 Feb 2012 21:26:19 +0000 http://mywifequitherjob.com/?p=8114#comment-7275 My husband and I first had a CPA do our taxes the year we got married. We'd sold two houses that year and bought a third, plus his two sons were living with us a little more than part-time, so we figured a little extra help would be a good idea. That was five years ago, and we are still going to the same CPA each year for our taxes. Why? Because I HATE doing them, because my free time is limited (and thereby very precious), and because I like supporting local businesses. My husband and I first had a CPA do our taxes the year we got married. We’d sold two houses that year and bought a third, plus his two sons were living with us a little more than part-time, so we figured a little extra help would be a good idea. That was five years ago, and we are still going to the same CPA each year for our taxes. Why? Because I HATE doing them, because my free time is limited (and thereby very precious), and because I like supporting local businesses.

]]> By: Jess http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-5502 Jess Thu, 17 Feb 2011 18:09:08 +0000 http://mywifequitherjob.com/?p=8114#comment-5502 We always have done our taxes with TT and never had any problems. They have always been fairly simple and straightforward. Not much has changed this year, except that we purchased our first house. I decided to to our taxes online with TT and it basically came back with the same refund as last year. I was worried I was doing something wrong, so I decided to go to a CPA to do our taxes and see what he came up with. Well, long story short, he is getting us back 150$ less and charging us 240$. I'm not sure what to do from here. Do I have to file them with our CPA? or can I just file them on TT since that would get us more money? Any info would be helpful! We always have done our taxes with TT and never had any problems. They have always been fairly simple and straightforward. Not much has changed this year, except that we purchased our first house. I decided to to our taxes online with TT and it basically came back with the same refund as last year. I was worried I was doing something wrong, so I decided to go to a CPA to do our taxes and see what he came up with. Well, long story short, he is getting us back 150$ less and charging us 240$.

I’m not sure what to do from here. Do I have to file them with our CPA? or can I just file them on TT since that would get us more money? Any info would be helpful!

]]> By: Ben http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3876 Ben Fri, 23 Apr 2010 15:59:46 +0000 http://mywifequitherjob.com/?p=8114#comment-3876 I used to have my taxes done by the accountants and often time I found mistakes. They do the taxes based on what I provide them and if something is missing or does not look right, they would not know or even ask. So, I started to do my own taxes using TT in the past 8 yrs. I did the same experiment like you are doing and went to H&R Block to see if they can get a different result after I have already done my taxes in TT. I also did not understand ISO stock option and HSA account contributions and deductions. It turned out that tax preparer did not know the answer either but she said she will ask and get back to me. In the end, her result turned out exactly like what I had in TT, off by $3. This year, however, I have an issue with TT that I did not understand, needed help and thinking of going to an accountant but I wish I can figure out on my own and cont to do my taxes. The issue is with rental passive losses. At the beginning I have passive losses on my rentals and I did not manage my properties so the losses cannot be deducted against income. However, in the last year, I started to manage my property so the passive losses now become active and I should be able to deduct it against my income according to the IRS to a certain amount based on my income. The problem is, I don't know how to make that change (from passive to active) in TT. With TT, you put in what they asked and you either get it or not get it. I don't know where in TT that I can make that change. I used to have my taxes done by the accountants and often time I found mistakes. They do the taxes based on what I provide them and if something is missing or does not look right, they would not know or even ask. So, I started to do my own taxes using TT in the past 8 yrs. I did the same experiment like you are doing and went to H&R Block to see if they can get a different result after I have already done my taxes in TT. I also did not understand ISO stock option and HSA account contributions and deductions. It turned out that tax preparer did not know the answer either but she said she will ask and get back to me. In the end, her result turned out exactly like what I had in TT, off by $3. This year, however, I have an issue with TT that I did not understand, needed help and thinking of going to an accountant but I wish I can figure out on my own and cont to do my taxes. The issue is with rental passive losses. At the beginning I have passive losses on my rentals and I did not manage my properties so the losses cannot be deducted against income. However, in the last year, I started to manage my property so the passive losses now become active and I should be able to deduct it against my income according to the IRS to a certain amount based on my income. The problem is, I don’t know how to make that change (from passive to active) in TT. With TT, you put in what they asked and you either get it or not get it. I don’t know where in TT that I can make that change.

]]> By: Outcome Of Hiring An Accountant To Do Our Taxes Vs Using Turbo Tax Or Tax Cut | MyWifeQuitHerJob.com http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3699 Outcome Of Hiring An Accountant To Do Our Taxes Vs Using Turbo Tax Or Tax Cut | MyWifeQuitHerJob.com Mon, 05 Apr 2010 13:56:45 +0000 http://mywifequitherjob.com/?p=8114#comment-3699 [...] Similar PostsHiring An Accountant To Do Your Taxes Vs Using Turbo Tax Or Tax Cut [...] [...] Similar PostsHiring An Accountant To Do Your Taxes Vs Using Turbo Tax Or Tax Cut [...]

]]> By: Jd http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3583 Jd Thu, 25 Mar 2010 19:08:19 +0000 http://mywifequitherjob.com/?p=8114#comment-3583 Hello, I was curious when you might post the results of your experiment. I find myself in the same predicament and have been using accountants the past 4-5 years but was thinking about switching to Turbotax to save $500. Nice blog btw! Hello,

I was curious when you might post the results of your experiment. I find myself in the same predicament and have been using accountants the past 4-5 years but was thinking about switching to Turbotax to save $500.

Nice blog btw!

]]> By: Sri http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3521 Sri Mon, 22 Mar 2010 16:34:28 +0000 http://mywifequitherjob.com/?p=8114#comment-3521 Hi Steve, Thanks for taking this topic. When do you think you will have the result of the comparison? I completed my taxes with turbotax this year. I have IRA, investments, rental property, real estate professional and a full time job. I felt that TurboTax made it pretty simple and optimized my return quite well given the number of possible deduction options it provided. However, I have no basis of comparison with anything else. I should ask TurboTax to see if they do these kinds of analysis regularly to ensure that they are at the top of their game. sri Hi Steve,
Thanks for taking this topic. When do you think you will have the result of the comparison? I completed my taxes with turbotax this year. I have IRA, investments, rental property, real estate professional and a full time job. I felt that TurboTax made it pretty simple and optimized my return quite well given the number of possible deduction options it provided. However, I have no basis of comparison with anything else.

I should ask TurboTax to see if they do these kinds of analysis regularly to ensure that they are at the top of their game.

sri

]]> By: Great Tax Options And Questions Answered http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3473 Great Tax Options And Questions Answered Fri, 19 Mar 2010 11:15:33 +0000 http://mywifequitherjob.com/?p=8114#comment-3473 [...] An Accountant Better Than A Tax Program Like Turbo Tax?- My Wife Quit Her Job experiences this in Does Hiring An Accountant To Do Your Taxes Make A Difference Versus Turbo Tax? and says “This year, we are using an accountant to file our taxes as well as Turbo Tax to [...] [...] An Accountant Better Than A Tax Program Like Turbo Tax?- My Wife Quit Her Job experiences this in Does Hiring An Accountant To Do Your Taxes Make A Difference Versus Turbo Tax? and says “This year, we are using an accountant to file our taxes as well as Turbo Tax to [...]

]]> By: Sophia http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3346 Sophia Thu, 04 Mar 2010 20:41:18 +0000 http://mywifequitherjob.com/?p=8114#comment-3346 absolutely LOVE your site and all the great info... extremely helpful, well laid out and nice to know there is a real person behind it all! thank you! absolutely LOVE your site and all the great info… extremely helpful, well laid out and nice to know there is a real person behind it all! thank you!

]]> By: Steve http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3340 Steve Thu, 04 Mar 2010 15:43:49 +0000 http://mywifequitherjob.com/?p=8114#comment-3340 @Sophia I feel exactly the same way about Turbo Tax. I'm always a little skeptical when it comes time to take some of the more obscure deductions. I'm also wary that the software may have bugs from time to time. The good thing though is that the IRS and Intuit seem to work together. If TurboTax has bugs, then the IRS provides a bit of leeway as well. I remember a few years back, Intuit was having server problems so the IRS gave the affected people more time to file and pay their taxes. I took a look at some of those anti-Turbo Tax websites. I think with any software there will always be problems. Many of the complaints seem to be installation issues which doesn't concern me as much. Thanks for sharing your story. I will definitely be posting the follow up whenever my accountant finishes up. @Sophia
I feel exactly the same way about Turbo Tax. I’m always a little skeptical when it comes time to take some of the more obscure deductions. I’m also wary that the software may have bugs from time to time. The good thing though is that the IRS and Intuit seem to work together. If TurboTax has bugs, then the IRS provides a bit of leeway as well. I remember a few years back, Intuit was having server problems so the IRS gave the affected people more time to file and pay their taxes.

I took a look at some of those anti-Turbo Tax websites. I think with any software there will always be problems. Many of the complaints seem to be installation issues which doesn’t concern me as much.

Thanks for sharing your story. I will definitely be posting the follow up whenever my accountant finishes up.

]]> By: Sophia http://mywifequitherjob.com/hiring-an-accountant-to-do-your-taxes-vs-using-turbo-tax-or-tax-cut/comment-page-1/#comment-3336 Sophia Wed, 03 Mar 2010 22:35:29 +0000 http://mywifequitherjob.com/?p=8114#comment-3336 Interesting blog! I have been using Turbotax for 2 years -this will be my 3rd. I have used an accountant for the last 9 years and I think he's great. The last 2 years I paid him and turbotax to do the same experiment (although my life and taxes are much simpler than yours :) I found that I have gotten more back with turbotax and I like it, but I am very cautious of turbotax. I worry about them being a huge company and getting too big to care. This year I had a MAJOR problem and it turns out it is a MAJOR problem for MANY other people.. and still hasn't been fixed by turbotax or the IRS (whoevers prob it is) <a href="http://turbotax.intuit.com/support/kb/e-file/ef-rejections/7863.html" rel="nofollow">so major, in fact, that turbo tax has an entire page devoted to the issue- Rejection Code 1132 or 1133: Schedule M - Economic Recovery Payments Received does not match IRS records</a> So, this year it turns out I have to file by paper. which is frustrating and I still don't understand what the problem is. The only way to talk to a turbo tax person is to google: turbotax customer service phone number and then you get <a href="http://www.contacthelp.com/directory/Shopping/Computer+Software/TurboTax?ListingID=451" rel="nofollow">this fantastic site</a> I also found <a href="http://www.consumeraffairs.com/computers/intuit_turbotax.html" rel="nofollow">this website with so many negative things about turbotax it will freak you out,</a> but I realize everyone has a critic. (but it seems esp this year there is a lot of negative feedback. I wonder if turbo tax has made some changes lately?) And finally, whenever submitting your sensitive data online, here is an old, but good reminder and well written article: "Putting too much trust in TurboTax" http://blogs.computerworld.com/node/5358 I am also a control freak too and I think I will cont to do both, because I like my accountant and I like knowing there is a professional I can talk to. (I will cont to do both unless I get screwed bigtime by turbotax or my accountant retires! :) Can't wait to hear more about the experiment! -Sophia Interesting blog!
I have been using Turbotax for 2 years -this will be my 3rd.
I have used an accountant for the last 9 years and I think he’s great. The last 2 years I paid him and turbotax to do the same experiment (although my life and taxes are much simpler than yours :)
I found that I have gotten more back with turbotax and I like it, but I am very cautious of turbotax. I worry about them being a huge company and getting too big to care.
This year I had a MAJOR problem and it turns out it is a MAJOR problem for MANY other people.. and still hasn’t been fixed by turbotax or the IRS (whoevers prob it is) so major, in fact, that turbo tax has an entire page devoted to the issue- Rejection Code 1132 or 1133: Schedule M – Economic Recovery Payments Received does not match IRS records
So, this year it turns out I have to file by paper. which is frustrating and I still don’t understand what the problem is.
The only way to talk to a turbo tax person is to google: turbotax customer service phone number and then you get this fantastic site

I also found this website with so many negative things about turbotax it will freak you out, but I realize everyone has a critic. (but it seems esp this year there is a lot of negative feedback. I wonder if turbo tax has made some changes lately?)
And finally, whenever submitting your sensitive data online, here is an old, but good reminder and well written article: “Putting too much trust in TurboTax” http://blogs.computerworld.com/node/5358

I am also a control freak too and I think I will cont to do both, because I like my accountant and I like knowing there is a professional I can talk to.
(I will cont to do both unless I get screwed bigtime by turbotax or my accountant retires! :)
Can’t wait to hear more about the experiment! -Sophia

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