Taxes. Kids, New Home, what to do?

Discussion in 'Off Topic [BG]' started by Rumzini, Jan 24, 2006.

  1. Rumzini


    Feb 14, 2004
    Jackson, MI
    I just purchased a home last spring, have 2 kids and I was told to file long form. Not sure exactly what that is. Taxes used to be easy...hand the papers over to my Dad or a local tax company and's a check. Of course in these pressing times I want the maximum amount I can back...any and all cash is much appreciated by my family. Any ideas, hints, tips, tricks?
  2. Tony G

    Tony G

    Jan 20, 2006
    have you ever tried using a tax software like taxcut or turbo tax? They are pretty easy to use.
  3. NJL


    Apr 12, 2002
    San Antonio
  4. Rumzini


    Feb 14, 2004
    Jackson, MI
    Thanks guys...I have thought of the TurboTax...however I don't have web access at home anymore.

    I'm sure the other stuff is cut and dry as you say's just I've never done it before. Any idea how much money I would save going the do it myself route. Would it be worth getting a tax company or cpa to do it...or would that just eat up the extra cash that I would get in return?
  5. I use TurboTax and don't use the e-file feature. I still like to have the printed copy. So, I don't know if you need the internet connection for it or not...I could be wrong...

    I find TurboTax very helpful at taking you thru all the deduction steps.
  6. +1 on the CPA too. (especially when he's your brother-in-law :D )
  7. Wesley R

    Wesley R Supporting Member

    until It appeared as if I owed some $ that I just plain didn't have (rough year, new house, broke + addicted to wine, women and song, and a 1day per week lay off).

    I went to a national chain (used the good ol' Sears charge card ((the start of my financial troubles)) and ended up getting several hundred back.

    Now we have an acountant.

    Best of Luck,
    Wesley R.
  8. NJL


    Apr 12, 2002
    San Antonio
    Also a small deduct for the next tax year...
  9. Taxes suck(except you're a pblic servant where tax=salary)
  10. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN
    Turbo tax works very well for the average taxpayer. You can buy a PC version at any office supply chain, although you will be unable to get updates without internet access.

    If you are still unsure or uncomfortable doing your own taxes, consider hiring an accountant.
  11. Ívar Þórólfsson

    Ívar Þórólfsson Mmmmmm... Supporting Member

    Apr 9, 2001
    Kopavogur, Iceland
    I´m sure that you are aware of that taxes pay for many things that you take for granted in your daily life.
  12. baba

    baba Supporting Member

    Jan 22, 2002
    3rd stone from the sun
    Pay the CPA, it's worth every cent. You can also receive good advice on withholdings, donations, expenses, and other things to help you work the system as much as you can. Work the system or it will work you.
  13. Basschair

    Basschair .............. Staff Member Supporting Member

    Feb 5, 2004
    Stockton, Ca
    +1 (which I forgot to add before...sorry Joshua!)

    Seriously, go to HR Block or someone reputable and get it done for you. Be sure to get all of your tax info for income, interest paid on your mortgage, etc., and'll be much better off if you've never done the 1040 before.
  14. Rumzini


    Feb 14, 2004
    Jackson, MI
    Hey thanks everyone for the info and opinions. I think this year I'll give it one more whirl with the specialist and try my own hand next year.
  15. Basschair

    Basschair .............. Staff Member Supporting Member

    Feb 5, 2004
    Stockton, Ca

    Oops...actually, I forgot to put in the "+1" in agreement with your point. My bad, as the kids say :D
  16. trumpeter


    Jan 23, 2006
    Amherst, MA
    H and R Block, their work is guaranteed 110%
  17. jkritchey


    Jul 23, 2002
    Northern Va.
    The only quibble I have with a Tax Prep service is that they can not produce the correct numbers for you. You have to supply them the correct numbers and supporting documentation.

    Once you have the correct documentation and numbers, for $25 you can download the latest version of TT or TaxCut onto your hand dandy thumbdrive at work, take it home, install it, and enter the numbers yourself. Print, sign, and go.

    Balance that idea with paying them to fill out the form, whichever makes you more comfortable.

    An ongoing buisness relationship with a CPA would be even better. But, it can be hard to find one willing to take you on in the middle of tax season. (At least the reputable ones).
  18. Yes,but they still suck anyway(at least in my country,big time!)