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Leroy
02-17-2007, 11:50 PM
Sorry to remind everyone, but it's that time again. What software does everyone use? Or do you have a professional do it? What are your tax tips?

I used Turbo Tax, it works well and found another 3k for me. So this is my tip. When I changed jobs in the summer the new company withheld Social security tax for the last 5 months of 2006 and I had already paid enough for 2006 with my old company. I never would have found that on my own. Once again too much refund.

Since I'm getting a refund I also used e-file.

MarkP
02-18-2007, 12:06 AM
I donít use a professional any more but do use H&R Block.. When I was in business I used a professional but donít need it now..

shepherd
02-18-2007, 12:35 AM
Do it myself. By hand.

MarkP
02-18-2007, 12:40 AM
Do it myself. By hand.Ouch!!!!!!!!!!!!

JimN
02-18-2007, 01:40 AM
I use Tax Act from Second Story Software and have for about 6 yours now. One benefit of staying with one package is that the previous years' info is still there and is imported each year. I've been happy with it. I haven't done mine by hand since I started. I also have a tax worksheet that I made up in Excel because I have my personal income, business and rental property to keep track of. The worksheet adds everything for me and once that's done (after I use my calculator to get the totals with tape), it takes care of what I need to have ready for Tax Act.

robisjo
02-18-2007, 03:02 AM
Using a professional (CPA), if you are self employed will usually benefit you more in tax savings than it will cost you. I highly recommend using a good CPA if you are self employed or have schedules other than Schedule A. I am bias in that I am a CPA and doing returns on a Saturday night at 11:00. Busy in the spring, not so busy when it counts.....summertime!

JKTX21
02-18-2007, 04:48 AM
What?! A tax return? I thought the government took the amount they need out of my paycheck automatically?

Leroy
02-18-2007, 08:03 AM
THey sometimes take more than they should :)

BriEOD
02-18-2007, 09:19 AM
My father-in-law is a CPA and does ours every year.

ski_king
02-18-2007, 09:36 AM
I have been using Tax Cut the last few years, it works for me.

I was pleasntly suprised to find the $1700 for having a kid in college.:)

bigmac
02-18-2007, 10:17 AM
My tax situation is complicated by interrelationships between my main business and a couple of partnerships, so using the same CPA for all of them really simplifies my life. Boy, those guys are expensive.

I always had him do my kids' taxes too because their situation was complicated, but now that they're both over 21, a lot of those issues have gotten simpler so I may just send both of them a copy of TurboTax this year.

TMCNo1
02-18-2007, 11:10 AM
CPA that knows his stuff, for self employed business and personal and last year cost us $130, cheap for piece of mind!
I do everything but the #'s on the forms and have everything to back it up for his use if reqd.

shepherd
02-18-2007, 11:17 AM
Ouch!!!!!!!!!!!!

Our taxes aren't that hard. Don't own a business or have any rental properties, etc. So it's pretty easy to keep track of the income/deductions.

The hardest part is just getting all the records together. I would still need to do that with software or using a professional. The math, I can handle, and I'm pretty good at reading instructions :cool:

bigmac
02-18-2007, 11:30 AM
OK, here's something to consider...there is no actual law that requires an individual to pay taxes on wages or compensation for labor. "Income" is generally construed in legal circles to refer to investment income, not wages. There is an argument that the extension of taxation to wages was nothing more than a regulatory, not statutory (and certainly not constitutional), decision by the government.

I acknowledge that the argument is moot. The government is pretty entrenched in its tax policy and really have no sense of humor when it comes to the avoidance of paying what they think we owe them. Even so, it's kind of an interesting argument.

http://www.edbrown.org/wordpress/



.

Leroy
02-18-2007, 11:01 PM
The "movement" doesn't appear to be going well!

On Jan. 18, a federal jury in Concord found Brown and his wife, Elaine Brown, guilty of failure to pay income taxes for seven years.

I'm not sure how they expected to get away with that arguement!

JKTX21
02-18-2007, 11:18 PM
To quote my good friend Ludacris....

"Don't play with that IRS man, I'll swear, ain't nothin more embarassing
than having them come take all yo' s**t out yo' crib man
Don't think it can't happen to you man, I'm tellin you
Just like gangs on the street collect tax
The government markin' income towards collectin' tax
It happened to some of our heroes, Redd Foxx, Willie Nelson...
Women don't like a [man] who got the IRS all on they a** !"

:uglyhamme

Workin' 4 Toys
02-18-2007, 11:45 PM
Mine are done for me, I know this because my CPA calls me and tells me when they are done.

bigmac
02-18-2007, 11:49 PM
The "movement" doesn't appear to be going well!

On Jan. 18, a federal jury in Concord found Brown and his wife, Elaine Brown, guilty of failure to pay income taxes for seven years.

I'm not sure how they expected to get away with that arguement!Oh believe me, the "movement" has been around for decades. Never quite fades away, never makes any headway. The Browns are just the latest in a long list of people serving time for tax evasion based on the tenets of "the movement".

Leroy
02-19-2007, 12:08 AM
I guess I don't really have a problem paying taxes, and think these people should move somewhere else that tax money isn't needed. However I don't like paying anymore than required which is difficult to determine often! Still trying to reduce my property taxes of $8500........

Oh believe me, the "movement" has been around for decades. Never quite fades away, never makes any headway. The Browns are just the latest in a long list of people serving time for tax evasion based on the tenets of "the movement".

robisjo
02-19-2007, 12:15 AM
I guess I don't really have a problem paying taxes, and think these people should move somewhere else that tax money isn't needed. However I don't like paying anymore than required which is difficult to determine often! Still trying to reduce my property taxes of $8500........

One way or another it seems that every state gets their money. Texas has no income tax but high property taxes, for example.

Farmer Ted
02-19-2007, 12:19 AM
I guess I don't really have a problem paying taxes, and think these people should move somewhere else that tax money isn't needed. However I don't like paying anymore than required which is difficult to determine often! Still trying to reduce my property taxes of $8500........


That's easy.......................


move into a blue van down by the river!!!!!

Leroy
02-19-2007, 12:20 AM
Agree, I grew up in TN and now income tax, but sales tax was high.

This get tricky with the internet transactions, ie ebay!

One way or another it seems that every state gets their money. Texas has no income tax but high property taxes, for example.

Farmer Ted
02-19-2007, 12:28 AM
One way or another it seems that every state gets their money. Texas has no income tax but high property taxes, for example.


Try going from $50 a month to $350, but the schools are better here?

We just got a "state of the city" letter from the mayor, seems we're getting $500,000 for parks and recs and $3,000,000 for roads. Keep in mind there's only 4 or 5 thousand folks in our fine city.

I guess we're going to have a kick @ss park and roads.....oh we're also getting a $10,000,000 High School football stadium......it is Texas ya'll

Leroy
02-19-2007, 12:34 AM
Infrastructure costs a lot !!!! Gotta have that football stadium!!!! :D

Try going from $50 a month to $350, but the schools are better here?

We just got a "state of the city" letter from the mayor, seems we're getting $500,000 for parks and recs and $3,000,000 for roads. Keep in mind there's only 4 or 5 thousand folks in our fine city.

I guess we're going to have a kick @ss park and roads.....oh we're also getting a $10,000,000 High School football stadium......it is Texas ya'll

bigmac
02-19-2007, 02:17 AM
I guess I don't really have a problem paying taxes, and think these people should move somewhere else that tax money isn't needed.

Heh. It doesn't really matter whether we like it or not. It takes a certain amount of money to run a country like this and if they don't get it from one source, they'll have to get it from another. One way or another, we all have to pay to play. I wouldn't feel as bad about it if I thought the government was doing an across-the-board good job with the money I give them.

Kevin 89MC
02-19-2007, 11:48 AM
Heh. It doesn't really matter whether we like it or not. It takes a certain amount of money to run a country like this and if they don't get it from one source, they'll have to get it from another. One way or another, we all have to pay to play. I wouldn't feel as bad about it if I thought the government was doing an across-the-board good job with the money I give them.
So true, Bigmac!

I use TurboTax, get it pretty cheap at Costco, it remembers everything from previous years. I'm usually done in about 1/2 hour.

I've heard that there are some people that have essentially zero taxes held for the first 10 or so months, then change their withholding the last few months to cover most of the taxes due. That way the government only has your money for a few months, rather than a little bit each month. Of course you essentially would have no income those last few months, so discipline would be required!

Maristar210
02-19-2007, 01:05 PM
My wife the Bank Executive does them, I sign 'em and go back into the garage:D

M-Funf
02-19-2007, 01:19 PM
Our tax situation is not too complicated, but I still feel more comfortable having a CPA do our taxes.

My wife has been using the same CPA for about 15 years (ever since she started paying taxes). He's very good, and not too expensive. She had a tax "glitch" several years ago, and HE talked to the IRS to clear it all up for her...no charge...that's service!

betsy&david Harrison
02-19-2007, 01:21 PM
CPA does ours and CRAP! first year in 22 that we owe $$...pisser!!

Jesus_Freak
02-19-2007, 02:47 PM
Heh. It doesn't really matter whether we like it or not. It takes a certain amount of money to run a country like this and if they don't get it from one source, they'll have to get it from another. One way or another, we all have to pay to play. I wouldn't feel as bad about it if I thought the government was doing an across-the-board good job with the money I give them.

Absolutely.

We use on-line turbotax deluxe, which is FREE if you have an online account with State Farm.

phecksel
02-20-2007, 12:15 PM
Don't forget the telephone tax rebate this year.

If you decide to itemize, be very careful to understand the rules and allowed deductions. I ended up with an additional $100, but have all the required documentation. Two cell phone and one expensive bundled landline sure helped add up! IRS is carefully scrutinizing itemized federal excise tax requests.

Workin' 4 Toys
02-20-2007, 07:55 PM
Don't forget the telephone tax rebate this year.

If you decide to itemize, be very careful to understand the rules and allowed deductions. I ended up with an additional $100, but have all the required documentation. Two cell phone and one expensive bundled landline sure helped add up! IRS is carefully scrutinizing itemized federal excise tax requests.
And don't forget energy credits....

Harvey
02-21-2007, 12:01 PM
I use a CPA he has been doing the families taxes for years. Two seperate buisnesses in the family. He takes REALLY good care of us. When my father interviewed him the first time he asked him only one question, "what is 2 plus 2?" John answered, "whatever you want it to be." He has been our accountant for 20 plus years. I only pay about 100 bucks for him to do my return but the family ends up paying him a lot more.

bigmac
02-21-2007, 02:55 PM
When my father interviewed him the first time he asked him only one question, "what is 2 plus 2?" John answered, "whatever you want it to be."

Heh heh...my accountant is one of the prinicples of LarsonAllen LLC. Up until about 3 years ago while they were still Larson, Allen, Weishair, the motto on their letterhead was "Achieve the desired effect..." . I always loved the refreshing honesty implied, but they changed it out of political correctness.

bigmac
04-01-2007, 07:58 PM
I broke down and did my both of my kids' taxes this year using TurboTax instead of making them do it. I was just too curious about that software, and I gotta say, it's very slick. As it turned out, I could do both of their taxes, state and federal, using just the one software install, so I saved that money. However I did pay an additional $34 each to E-file state and fed. Very cool. TurboTax is simple enough that I feel good about telling them that this is the last year daddy (daddy's accountant:o ) does the taxes.

BrianM
04-01-2007, 08:02 PM
My father-in-law is a CPA and does ours every year.

Ditto, and since I am self employed that really helps.