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Forum
-> Household Management
-> Finances
MrsLeo
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 Thu, Jan 24 2008, 5:50 pm
What is the most cost effective way to file your tax return?
My mother used to do mine on the tax softwares that she would buy after she finished hers (you can reuse them for that year) but this year she doesnt have time to go thru all her finances and calculate everything so she said she's just gonna get someone to do it for her. So now im stuck with noone to do my taxes for me.
What should I do?
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3Qts
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Thu, Jan 24 2008, 5:58 pm
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hrblock.com is very cheap and they file it online. So if you are one of those lucky ones that get back money it will speed things up
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MrsLeo
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Thu, Jan 24 2008, 6:01 pm
| 3Qts wrote: | | hrblock.com is very cheap and they file it online. So if you are one of those lucky ones that get back money it will speed things up |
All the softwares get filed online. They're not that cheap, turbotax is cheaper I think.
Only the lucky ones get money back?
I only made $6000 in 2007 so I better be getting something back!
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3Qts
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Thu, Jan 24 2008, 6:17 pm
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$14.95 is what it costs for the very basic. I guess filing $6000 is for the basic.
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MrsLeo
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Thu, Jan 24 2008, 6:41 pm
| 3Qts wrote: | | $14.95 is what it costs for the very basic. I guess filing $6000 is for the basic. |
Turbotax has that one for free. This 14.95 is only for federal. There is also state which is an additional 29.99 with HRBlock.
Maybe someone in bp bought the software and wants to share it?
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3Qts
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Thu, Jan 24 2008, 6:44 pm
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My accountant is charging me $2000 (that is besides the $4000 I am paying for my business account) so $40 is cheap. When I got married I used to it myself. So all it costed was two stamps under 27 or 29 cents each!
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MrsLeo
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Thu, Jan 24 2008, 7:04 pm
| 3Qts wrote: | | My accountant is charging me $2000 (that is besides the $4000 I am paying for my business account) so $40 is cheap. When I got married I used to it myself. So all it costed was two stamps under 27 or 29 cents each! |
My husband is putting his business on the books so does that mean that he's gonna have to pay the $6000 every year like you do or is this just a special case?
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3Qts
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Thu, Jan 24 2008, 7:18 pm
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My accountant does my bookeeping and all filings. ALot you can do yourself.
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chocolate moose
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Thu, Jan 24 2008, 7:42 pm
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you don't need a program. for many years, I got the forms free and did them myself.
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MrsLeo
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Thu, Jan 24 2008, 7:51 pm
| chocolate moose wrote: | | you don't need a program. for many years, I got the forms free and did them myself. |
But you have to know how many exemptions you have and all that.
It gets complicated. Like can I claim my husband as a dependent if im the only one working? and stuff like that.
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chocolate moose
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Thu, Jan 24 2008, 7:53 pm
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it's all explained VERY clearly in the instructions.
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Mama Bear
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Thu, Jan 24 2008, 7:53 pm
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I pay $30 for someone in my neighborhood to do it for me. there are so many tax preparers who charge a low fee.
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chocolate moose
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Thu, Jan 24 2008, 8:01 pm
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A Tax Preparer receives no training, and is not an accountant or CPA. I wouldn't pay for someone unqualified. For that, anyone could do taxes.
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malkie
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Fri, Jan 25 2008, 8:41 am
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I am using Turbo Tax (14.95) online. It is very very easy to use - asks you questions and you just choose the answer that applies for you. Then you just fill in the blanks for the W2. It's another 29.95 for the state return. This is my first time doing my own taxes (my dad used to do it for me) and I can tell you it's easy as pie.
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rosehill
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Fri, Jan 25 2008, 9:13 am
| Quote: | Only the lucky ones get money back?
I only made $6000 in 2007 so I better be getting something back! |
I'm the most un-fun person on this board, but......
If you withheld more than you owe, you'll get a refund.
If you withheld less than you owe, you'll owe.
It has nothing to do with how much money you made, or how "lucky" you are.
If your return is fairly simple, tax software is probably sufficient. If it's more complex-charitable contributions, investment profit/loss, mortgage interest, peoperty taxes, retirement contributions, complex business arrangements etc-it's worth investing in a CPA.
| Quote: | | My husband is putting his business on the books |
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TightRopeWalker
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Fri, Jan 25 2008, 9:19 am
| rosehill wrote: | | Quote: | Only the lucky ones get money back?
I only made $6000 in 2007 so I better be getting something back! |
I'm the most un-fun person on this board, but......
If you withheld more than you owe, you'll get a refund.
If you withheld less than you owe, you'll owe.
It has nothing to do with how much money you made, or how "lucky" you are.
If your return is fairly simple, tax software is probably sufficient. If it's more complex-charitable contributions, investment profit/loss, mortgage interest, peoperty taxes, retirement contributions, complex business arrangements etc-it's worth investing in a CPA.
| Quote: | | My husband is putting his business on the books |
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That is not entirely true Rose. For some people who fall into a certain income area they will pay pretty much nothing, and get a nice "refund" so to speak. More than they paid actually. It's an earned income credit, better knows as EIC. It varies depending on your income and number of dependents etc...
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rosehill
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Fri, Jan 25 2008, 9:39 am
| TightRopeWalker wrote: | | That is not entirely true Rose. For some people who fall into a certain income area they will pay pretty much nothing, and get a nice "refund" so to speak. More than they paid actually. It's an earned income credit, better knows as EIC. It varies depending on your income and number of dependents etc... |
That doesn't really contradict anything I said. Basically, when you fill out your W-4 at the beginning of the year, they use a formula to figure out how much to withhold. That formula doesn't necessarily allow for mortgage interest, other sources of income, charitable deductions, whether or not you'll hit the AMT, local taxes, the EIC you spoke about, and a million other factors that determine what your final tax bill will be at the end of year.
Once all your W-2s, 1099s etc are in, your accountant, your tax software or whoever, will figure out your final tax bill, and compare it to what you've already paid through the year in withholdings or quarterly taxes.
Bottom line??
If you withheld more than you owe, you'll get a refund.
If you withheld less than you owe, you'll owe.
But yes, the calculations will be far more complex than the withholdings determined from your W-4.
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chocolate moose
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Fri, Jan 25 2008, 10:27 am
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If you owe too much, you'll owe interest and penalty ....been there !!!!!
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TightRopeWalker
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Fri, Jan 25 2008, 10:28 am
| rosehill wrote: | | TightRopeWalker wrote: | | That is not entirely true Rose. For some people who fall into a certain income area they will pay pretty much nothing, and get a nice "refund" so to speak. More than they paid actually. It's an earned income credit, better knows as EIC. It varies depending on your income and number of dependents etc... |
That doesn't really contradict anything I said. Basically, when you fill out your W-4 at the beginning of the year, they use a formula to figure out how much to withhold. That formula doesn't necessarily allow for mortgage interest, other sources of income, charitable deductions, whether or not you'll hit the AMT, local taxes, the EIC you spoke about, and a million other factors that determine what your final tax bill will be at the end of year.
Once all your W-2s, 1099s etc are in, your accountant, your tax software or whoever, will figure out your final tax bill, and compare it to what you've already paid through the year in withholdings or quarterly taxes.
Bottom line??
If you withheld more than you owe, you'll get a refund.
If you withheld less than you owe, you'll owe.
But yes, the calculations will be far more complex than the withholdings determined from your W-4. |
I understand all the technicalities, but all I was trying to say was some people view it as lucky (although yes of course many factors come into play) when they received a refund yet paid nothing (just ss/med).
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rosehill
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Fri, Jan 25 2008, 12:08 pm
| TightRopeWalker wrote: |
I understand all the technicalities, but all I was trying to say was some people view it as lucky (although yes of course many factors come into play) when they received a refund yet paid nothing (just ss/med). |
Got it. Just like some people think that the "better" your CPA, the more $$ you'll get back. Not always so simple.
What does ss/med mean?
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