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#885774 - 02/16/14 07:50 PM Do your own taxes
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
I am often surprised by friends who say something like "My CPA says I'm getting a refund this year." I see zero reason for the average person to pay a CPA to do their taxes. Turbo tax is VERY simple and will get you all the deductions you can legally take. Unless you have a complex business don't waste your time on a CPA. Just get Turbo tax and do it yourself. So easy even >>>>>> could do it.






Edited by Dave Vedder (02/16/14 07:57 PM)
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#885782 - 02/16/14 08:53 PM Re: Do your own taxes [Re: ]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
Turbo Tax will also represent you if you are audited. They charge an additional $59 for that and you never need to meet with the IRS. Bottom line is no matter if TT or CPA, the odds of an audit for those making less than $200,000 per year are very small. And if you are not trying to cheat and complete the forms as TT instructs there will not be any audit findings to sweat.
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#885786 - 02/16/14 09:17 PM Re: Do your own taxes [Re: Dave Vedder]
Dogfish Offline
Poodle Smolt

Registered: 05/03/01
Posts: 10878
Loc: McCleary, WA
Farm, rental, and a small business. Sold and bought two houses in 20 years. Turbo Tax is fairly easy. Been doing it for as long as it has been out.
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#885787 - 02/16/14 09:23 PM Re: Do your own taxes [Re: Dave Vedder]
Twitch Offline
The Beav

Registered: 02/22/09
Posts: 2741
Loc: Oregon Central Coast
Some things changed for my family this past tax year; baby, multiple employers, spouses work changed, pretty significant medical expenses, and a unique housing situation where my employer forces me to live in their housing and deducts my rent post tax from each pay check.

A family member is a partner at an accounting firm. Peace of mind to make sure everything is taken care of the right way. We get a good deal, so it's just easier to hand him a box of paperwork and say, " thanks, see ya at the family get together" and be done.

I've always done my own, but this year, I just didn't want to deal with it.
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#885789 - 02/16/14 09:29 PM Re: Do your own taxes [Re: Twitch]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
Twitch,

You just described why a guy should use a CPA. Sometimes things are just too complicated for the software.
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No huevos no pollo.

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#885791 - 02/16/14 09:45 PM Re: Do your own taxes [Re: Dave Vedder]
Jet Offline
Parr

Registered: 11/09/13
Posts: 72
It takes me a week just to get the information together to take to my accountant. If the info is not in his office by March, it's extension time. And that gets expensive. Being self employed has its rewards, but this time of the year (25 years) is the most stressful and depressing part of my life!

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#885807 - 02/16/14 10:51 PM Re: Do your own taxes [Re: ]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
Originally Posted By: salmosalar
Father in law is an IRS agent. He does them. He uses turbo tax to do them though. I guess I could do them myself, but he doesn't mind.

Go Sox,
cds



That's the best yet!
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No huevos no pollo.

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#885814 - 02/16/14 11:14 PM Re: Do your own taxes [Re: ]
NickD90 Offline
Shooting Instructor for hire

Registered: 10/26/10
Posts: 7204
Loc: Snohomish, WA
A really good private CPA can be worth their weight in gold. Mine is simply wonderful and I can call him anytime of the year for free advice / guidance / education. He's also ex-special forces (Nam) and an amazing trophy hunter and he always has a great story or picture to share from some far-off amazing place he just went. I'd rather pay a little extra for service like that and a dude like that than some chitty SW company. But that's just me - Turbo Tax is probably the way to go for most people. RUN from H&R Blockheads....
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#885842 - 02/17/14 09:55 AM Re: Do your own taxes [Re: NickD90]
lovetofish365 Offline
Hahahaha haha ha

Registered: 04/07/07
Posts: 1870
Loc: Silverdale WA
ive been trying to do mine on turbo tax...I will see if that's how I finish...we tore down our house and built a new one and shop last year..spent almost 30K in sales tax...paid a lot of cash for stuff...its been difficult trying to figure it out...this is the year I might find a CPA... even saved my gas recipts...I went through 1256 gallons of gas....that's crazy smile
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#885844 - 02/17/14 10:06 AM Re: Do your own taxes [Re: lovetofish365]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
Originally Posted By: lovetofish365
ive been trying to do mine on turbo tax...I will see if that's how I finish...we tore down our house and built a new one and shop last year..spent almost 30K in sales tax...paid a lot of cash for stuff...its been difficult trying to figure it out...this is the year I might find a CPA... even saved my gas recipts...I went through 1256 gallons of gas....that's crazy smile



As you work your way through TT at one point they cover sales tax. They ask what major purchases you made and then calculate the effect. Too easy.

As for the gas - I assume some was for business use? TT will ask if you want to use actual cost or the Govt mileage rate. One great thing is you can do it both ways in minutes - assuming you have receipts, which the CPA will require too - and see which is best for you.
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#885857 - 02/17/14 11:59 AM Re: Do your own taxes [Re: Dave Vedder]
Jerry Garcia Offline



Registered: 10/13/00
Posts: 9013
Loc: everett
Turbo Tax--- so easy even a republican can do it. Took me 1/2 hour this year. Use it every year and Turbo Tax will use last years return to ask the right questions for this years return.
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#885863 - 02/17/14 12:37 PM Re: Do your own taxes [Re: ]
Rocket Red Offline
River Nutrients

Registered: 02/14/06
Posts: 2533
Loc: Elma
If I could do it in a half and hour I would do TT.

I can't so I use a CPA. I recommend finding a CPA that you like, and can establish a relationship with. My guy I can call or text anytime to get advice all year long, but he is also a bud. I'm not up to date on tax or money stuff so having someone to bounce ideas off of is convenient.

If you are doing something different this year, like claiming sales taxes for a remodel or other activity that will stick out from your normal tax returns. You might want to use a CPA. The IRS looks for anomalies to decide who they will audit. If you normally get $2k back and this year you get $10k back, the money would be well spent.

I got audited once for something like that and I had the time to respond to the auditor and the process. It went fine, and I ended up getting an additional $21, but the stress on my wife was enough to cause me to use a CPA from then on.
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WDFW - Turning outdoorsmen into golfers since 1994.

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#885873 - 02/17/14 02:27 PM Re: Do your own taxes [Re: Rocket Red]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
RR


TT does, for a small fee, handle all audits for you. No need for you to ever speak with an agent.

There are many fine CPAs out there, but very few people need them for taxes. Claiming sales tax on a remodel is VERY unlikely to cause an audit and TT makes it very easy.

I just hate to see folks waste money when they can get as good, or often better, result from easy to use tax software.
_________________________
No huevos no pollo.

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#885879 - 02/17/14 03:08 PM Re: Do your own taxes [Re: ]
Dogfish Offline
Poodle Smolt

Registered: 05/03/01
Posts: 10878
Loc: McCleary, WA
My key is record keeping. As long as I keep my receipts organized on an excel spreadsheet, it goes pretty quickly.
_________________________
"Give me the anger, fish! Give me the anger!"

They call me POODLE SMOLT!

The Discover Pass is brought to you by your friends at the CCA.

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#885888 - 02/17/14 03:46 PM Re: Do your own taxes [Re: ]
Salmo g. Offline
River Nutrients

Registered: 03/08/99
Posts: 13467
I used TT for years. FP notwithstanding, TT is just more convenient than using my own pencil and calculator, plus electronic filing, makes it worth the $29 or so. My wife decided to use a CPA this year because we're renting the condo and have a bunch of out of the ordinary expenses. I think we could still do it with TT, it's her decision, and her $250, so I won't argue.

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#885902 - 02/17/14 04:55 PM Re: Do your own taxes [Re: ]
Rocket Red Offline
River Nutrients

Registered: 02/14/06
Posts: 2533
Loc: Elma
FP is largely correct about the people who are auditing you. They are by and large idiots, and you know a lot more about your situation than they do. When we were getting audited my wife was freaking out, and while I could show her straight away how I was right and they were wrong she still freaked out about it. Because "they" were the IRS.

After sending crap back and forth with them for a few months unwilling to compromise, we finally got our phone hearing or whatever they called it. Within about 20 seconds of the beginning of the phone conference I realized that I was smarter and more prepared than the person on the other end, and easily showed them their errors, and where it appeared to them that I messed up. To the sweet tune of $21. After hours, days and months of time spent writing back and forth we cleared up the issue in 5 minutes.

However, my argument about hiring a CPA still stands. It is your time, put a value on it and then decide. I also agree there are a lot of CPAs out there who are very bad, and overly conservative. I just get organized according to my guy's checklist and then hand the stuff over.

It is like this for everything in our lives isn't it though? I can change my own brake pads and save $100, but I could also spend that time on the river, ocean, or with my family.
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WDFW - Turning outdoorsmen into golfers since 1994.

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#885948 - 02/17/14 09:55 PM Re: Do your own taxes [Re: Rocket Red]
lovetofish365 Offline
Hahahaha haha ha

Registered: 04/07/07
Posts: 1870
Loc: Silverdale WA
im still trying to do it myself...but I always feel like im not getting jack back...I know I don't have kids and this year I didn't have a lot of intrest for the home as it was intrest on what we put on the loan...paid cash for most of the work till the end...but I always feel like its so screwed up cause my sister always gets back thousands while ill be lucky to get back 1200...I always feel like maybe there is something im missing...but I have paid to have H and R do it before and they could care less about my write offs...prob didn't have enough...but im pretty dam sure we have just about every receipt...except maybe a couple food receipts my hubby didn't want me to see smile
not that it would have mattered
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see ya on the river smile

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#885949 - 02/17/14 10:16 PM Re: Do your own taxes [Re: lovetofish365]
Dave Vedder Offline
Reverend Tarpones

Registered: 10/09/02
Posts: 8379
Loc: West Duvall
Unless you have major home interest expenses, or big medical bills I suspect you will have to just take the standard exemption. If so no receipts will help. Look at the return H&R Block did for you to see if they itimized or used the standard exemption. TurboTax will walk you through it and will let you know which is best for you.


If you are not getting a big refund it simply means that you didn't overpay much during the year. Folks who get big refunds are doing a poor job of managing their money


Edited by Dave Vedder (02/17/14 10:18 PM)
_________________________
No huevos no pollo.

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#885952 - 02/17/14 10:42 PM Re: Do your own taxes [Re: Dave Vedder]
NickD90 Offline
Shooting Instructor for hire

Registered: 10/26/10
Posts: 7204
Loc: Snohomish, WA
Originally Posted By: Dave Vedder
Folks who get big refunds are doing a poor job of managing their money


Well...not always Dave. Things change in any given year. This year, for the first time - I will get to claim the home office deduction and all that comes with it - so I should get a nice refund. BTW - Home office deductions are like the #1 audit triggering deduction. The more you know...
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#885961 - 02/17/14 11:20 PM Re: Do your own taxes [Re: NickD90]
cruzn99 Offline
Returning Adult

Registered: 10/21/13
Posts: 290
what a thrilling topic! 5 stars pls
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#885962 - 02/17/14 11:31 PM Re: Do your own taxes [Re: ]
Jet Offline
Parr

Registered: 11/09/13
Posts: 72
Originally Posted By: FishPrince
Don't hire a CPA, don't buy turbo tax. Just get out a pen, the tax forms, a calculator and stop being such goddamn pussies. Unless you intentionally defrauded the IRS out of thousands of dollars, you have nothing to fear from an audit. Just do the best you can and 98% of the times they won't say sh!t. There is a big difference between tax fraud and making a minor mistake. When they do audit you and find some minor mistake, either say "whoops" and pay a few bucks thinking to yourself that you've messed this up for the last 20 years and they haven't said sh!t about it and multiply those few bucks times 20 and laugh about how far ahead you are OR do what I do and argue and quibble with them writing long tracts disputing everything they say, appealing it, appealing it and appealing it again until you're sure you've wasted more tax dollars in salaries than they are collecting from you, then pay, that way the government loses money auditing you, so they are less likely to do it again.

If a CPA was any good, the IRS would make sure they are not in business by auditing every single client balls to the wall, that makes sure that the only CPAs that are out there are the ultra-conservative types that when there are vague areas in the tax code, take positions as favorable to the IRS as possible and unfavorable to you. Hiring a CPA is like giving yourself an audit every single year. Most people just think of the cost of the CPA himself, not the cost of overpaying on taxes, every single year.

I know several CPAs and I wouldn't trust any of their judgments in anything financial at all.

Bullsh%^*()t. A good CPA will work for your best interest, not the gov. They have no skin in the game, so why would they give a fu@#$%. My CPA has saved me K'sss, where others have failed miserably.

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#885967 - 02/18/14 02:08 AM Re: Do your own taxes [Re: Jet]
Steelheadman Offline
River Nutrients

Registered: 03/15/99
Posts: 4166
Loc: Poulsbo, WA,USA
I hate taxes. I'm not going to file. Let those feds come here and I'll let em have it.

LOL Just Kidding.

I'm going to move to Costa Rica. I wont have to pay tax.
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I'd Rather Be Fishing for Summer Steelhead!

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#885989 - 02/18/14 10:54 AM Re: Do your own taxes [Re: Steelheadman]
NOFISH Offline
River Nutrients

Registered: 03/15/00
Posts: 2952
Loc: Olalla, WA
Originally Posted By: Steelheadman
I hate taxes. I'm not going to file. Let those feds come here and I'll let em have it.

LOL Just Kidding.

I'm going to move to Costa Rica. I wont have to pay tax.


Says the guy who works for The Man rofl rofl

BTW, how was work yesterday tough guy? grin


Edited by NOFISH (02/18/14 10:55 AM)
Edit Reason: Had to add gov worker vacation day jab :)
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#886010 - 02/18/14 01:54 PM Re: Do your own taxes [Re: ]
blackmouth Offline
River Nutrients

Registered: 11/05/04
Posts: 2572
Loc: right place/wrong time
Well TT -Timmy, seemed to have it any and every way that he wanted it.

"To the victor go's the spoils."
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"The best argument against democracy is a five-minute conversation with the average voter."
Winston Churchill

"So it goes." Kurt Vonnegut jr.

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#888442 - 03/10/14 11:15 PM Re: Do your own taxes [Re: blackmouth]
Twitch Offline
The Beav

Registered: 02/22/09
Posts: 2741
Loc: Oregon Central Coast
Another downside to a CPA: when their $hit gets hacked, you get screwed.

We got called this morning. Apparently there was a 'data security breach' and client info may have been compromised. Well, the IRS contacted my CPA today to inform them that my wife and I, or should I say our social security numbers, have already filed a return this year.
Uh.... WTF!

Spent the afternoon closing bank accounts/cards, filing reports with the FTC, listing fraud alerts with the credit bureaus...

FAWKING P.I.T.A.!
_________________________
[Bleeeeep!], the cup of ignorance in this thread overfloweth . . . Salmo g
Truth be told, I've always been a fan of the Beavs. -Dan S.


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#888478 - 03/11/14 11:51 AM Re: Do your own taxes [Re: Twitch]
Salmo g. Offline
River Nutrients

Registered: 03/08/99
Posts: 13467
Twitch,

Sorry about that, but maybe like some others that had filing and security problems, you might get a refund instead of owing!

Sg

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