Does anybody use either Turbo Tax or H&R Block Tax Cut to do their taxes.  I'm not talking about the "online" versions, but the good old download, go to Office Depot and buy the program kind of stuff.

Reason I ask is that I have been a TT user for probably close to 10 years.  This year, TT changed their policy early on about e-filing, so I figured I would buy Tax Cut - it was cheaper -saved money.

I work and receive a W-2.  My husband is self employed (although probably not for 2009), with office in the home (Schedule C).  Plus, we own a rental property (Schedule E).  This has been a typical for us for several years.

Tax Cut downloaded our previous return from TurboTax, no prob.
But, then Tax Cut took me thru income, deductions, depreciation, the whole nine yards, and we ended up with a $2,700 refund.  But, I wasn't comfortable knowing that something was missing, because it was vastly different from previous years when income and expenses have been relatively consistent over the years.

I bit the bullet, and downloaded Turbo Tax this morning.  I entered the exact same figures, and came out with a $5,700 refund.  The difference was that Turbo Tax treated me like I was a total dumbass, clueless and stupid.  It asked me every question regarding income, deductions, did I get this, did I spend that.....  and found more deductions than Tax Cut even mentioned.  

Tax Cut assumed I knew all of the possible incomes and deductions - they assumed I was "smart and knowledgeable".  Turbo Tax knew I was dumb and clueless, plus, they did does the math for me, TC does not.

Well, I love being a dummy!

First time buying Tax Cut, last time buying Tax Cut.

I recommend Turbo Tax over Tax Cut - just my opinion.

Sandy

Tim Geithner used Turbo Tax.

I used to have Schedule C income and it was complicated because i also had W-2 income: from the same company. For that reason, I always paid someone to do our taxes.  Meanwhile, I would also buy Turbo tax to do my kids and sisters taxes.

For the hell of it the last few years (since winding down my 1099 income) I have done ours on TT but still been paying someone else to do it. The interesting thing is our totals come about the same - the difference is in the amortizing of some re-fi points from years ago that the accountant does. (I would have no idea how to pick that up at this point).

So every year, including this one, I think, ok, next year I'll do them myself. We'll see. I like the 2nd opinion. But I guess my point is that I think TT is pretty good.

I've used Turbo Tax for years and always been satisfied.



Brew wrote on Mar 22^nd, 2009 at 4:27pm:

Tim Geithner used Turbo Tax.

Indeed.....and it will spit out bad info if one enters bad info. They haven't quite perfected the lie detector feature.  ;)

Gee, I will have to ask my tax accountant which one he uses ... In other words, I am to (pick one) LAZY ... STUPID ... SHIFTY to do my own ... I pay someone to do it ...

Chuck

Brew wrote on Mar 22^nd, 2009 at 4:27pm:

Tim Geithner used Turbo Tax.

Exactly!  And look where he is now!   ::)

And Beeyull, you are right.  Garbage in, garbage out.

This Momma don't do no garbage.   ;)

Sandy

I started using Turbo Tax three years ago after I learned that is what my accountant was using to do my taxes!  It's a great product.  The hardest part is all the prep work filing and categorizing receipts from self-employment.  After this year I'll only have a W-2 (unless I start another business on the side) and I won't know how to handle the simplicity!  Last year I did my son's in less than 2 hours, after spending over 50 hours on mine.  Gee, wouldn't the Fair Tax be nice?!!!  I could take a 15%tax increase and still come out ahead, but it would actually cut my taxes AND time!

Jerry

I did an audit for a client who used TT. It missed the depreciation on rental property and also the depreciation on business property, so if you have that check it closely. There were a couple more things (in their favor) but I can't remember. I think it was on the SCH C and SCH E.

I've been doing taxes for quite a few years and I've always used a professional program that gives updates daily (and yes the IRS gives updates daily) and flags things that are wrong with the return. But I do several hundred federal and state returns a year, and different kinds (1040, 1065, 1020 etc) so I couldn't vouch for any of the tax programs on the market for individuals.

My advice (and advice is great when it's free - you can take it or leave it) is if you've got a complicated return, go ahead and do it, but before you send it have it checked out by someone who's a professional (and not H&R) just to make sure you didn't miss anything.

Hugs BD

I used Turbo Tax too. Online. It worked fine.

Charlie

Haven't done my own for years.  Liz's corporate tax accountant does our personal returns for us every year for a flat fee, no matter what ethereal tax didos we have going on.  Being's as he does the corporate payroll, general bookkeeping, withholding, income tax returns, etc, etc for them, he's probably making out okay off the whole deal.   :P

Get an active business mixed in with your taxes, and things get puzzling--at least to me.  I'm chicken to do it myself...and I'm sure the guy's saving us money, overall.

Best,

George