Comments on: How Will You File Your Taxes?

By: Jeff

Jeff — Tue, 27 Jan 2009 15:12:19 +0000

If you haven’t already found a CPA for this tax season, you’re risking hiring one that is already swamped with customers, and who is going to be prone to errors due to stress, overwork, lack of sleep, etc… CPA’s are human, too.

Let me recommend another alternative: File for an online tax extension changing your filing deadline until October 15, giving you 6 more months to finish your taxes. The extra time can be used to find the right CPA, search for extra deductions (we all need them in this economy), or to ensure accuracy of your return.

about 15M extensions are filed every year, and what many people don’t realize is that the IRS doesn’t ask for an excuse of why you need more time… it’s automatic as long as you extend on time, with the right information. Using an e-file tax extension solution like FileLater.com will also give you en email notice when your tax extension is approved (something you won’t get if you mail in the extension form).

Hope this helps!

By: Writer's Coin

Writer's Coin — Tue, 27 Jan 2009 13:10:33 +0000

I will file as I did last year: Federal for free online with any of the ones the IRS recommends on their site. And then State directly via the state.

Total cost: $0

By: TaxMan

TaxMan — Mon, 26 Jan 2009 19:31:55 +0000

I think for the vast majority of Americans (even some with relatively complicated financial situations like sole proprietors) there is absolutely no reason to hire a CPA to prepare and file your tax returns. I second (or is it third or fourth by now!) the other comments that using TurboTax (my preferred software) or TaxCut is the way to go. Much less expensive and frankly probably more accurate and dependable than hiring an CPA. Unfortunately the tax industry as a whole is predicated on the fear most Americans have over preparing their tax returns. For most Americans, preparing and filing tax returns is really a simple process. I can understand how that may not have been the case prior to the advent of the very good software systems that are now available.

By: Brian

Brian — Mon, 26 Jan 2009 18:01:30 +0000

I always file online, its free, quick return of owed money, and hassle free. Once I make enough that i can not do this, i will do it myself. I really do not trust others to put me first besides their tax prep business

By: Grant Baldwin

Grant Baldwin — Mon, 26 Jan 2009 17:48:24 +0000

I have used Turbo Tax since I was a teenager and love it. Not only is it simple to use, but I’ve learned a lot about the tax process in general. While I don’t think every citizen needs to be a tax guru, you should at least know what’s going on instead of handing your papers over to your “tax guy” and sit and wait for the bill.

While it sounds strange, by using TurboTax, I’ve actually come to enjoy doing my taxes (as much as you can enjoy that task!).

By: PT Money

PT Money — Mon, 26 Jan 2009 17:16:13 +0000

Flexo,

I’ve used TaxAct and TurboTax in the past, but this year I have serious blog income. I need to call in a CPA. My Dad is a CPA and will be doing my taxes this year. I’d recommend him to you, but you’d only get to speak with him by phone (his practice is in MO.). His contact info is at https://my.hdvest.com/larrytaylorcpa/default.aspx

By: velvet jones

velvet jones — Mon, 26 Jan 2009 17:12:59 +0000

I filed my taxes on Friday using TurboTax. I used TaxACT last year, however they wanted to charge me extra to access the info from my 2007 return. I didn’t like that, so I just went with TurboTax, as I’d used them before and never was charged to access previous return info.

By: Flexo

Flexo — Mon, 26 Jan 2009 17:00:18 +0000

Susan: You can expect to pay at least $20 to $30 for a federal return with itemized deductions and another $10 to $20 for a state return. The more complicated your situation (investments, for example), the more the company will charge to file. If you want live web-based assistance, that usually costs extra. You might be able to save some money — but not in all cases — by using the software and then printing and mailing the forms yourself rather than e-filing.

By: Susan

Susan — Mon, 26 Jan 2009 16:51:57 +0000

We have used an accountant for years, but we are thinking of using software this year to save $. I see they seem to advertise “free federal” returns, what is the usual cost to do a federal return (with itemized deductions), and a state return?

If it’s about the same cost as using an acct – we’ll just go back to our “guy”.

Thanks.

By: Madison

Madison — Mon, 26 Jan 2009 16:23:46 +0000

I went back to TaxCut this year after trying out TaxAct last year. I file multiple returns for family members and needed the state software, so TaxCut was actually cheaper with the 5 returns included.

By: Bill

Bill — Mon, 26 Jan 2009 15:26:26 +0000

I’ve been using TurboTax for quite a few years now. Being a little an*l, I always double-check the calculations and have never found a problem.

I did switch to TaxAct one year but I found the TurboTax interface a little easier to use. Other than that they are pretty close in features.

Bill

By: kai

kai — Mon, 26 Jan 2009 15:06:57 +0000

Using a local guy in Jersey City. My wife and I used Liberty Tax in Manalapan(?) a few years ago and liked ‘em. We got a refund.

By: Wayne

Wayne — Mon, 26 Jan 2009 15:05:35 +0000

I have and will continue to use TurboTax. Been using them for years along with Quicken which lead me to use them. Easy to move data from one to the other. I just picked up my copy at Costco, they have a $10 off coupon for all versions. I use the Premier version.