Joe Frickin' Friday Posted February 4, 2008 Share Posted February 4, 2008 Yesterday I finished a first draft of our tax return. This is the fourth year I've used H&R Block's TaxCut software for the job. I don't have anything to compare it to, but it seems OK, not great. I'm wondering if there's something better out there. Has anybody used both TaxCut and something else, and so can offer a direct comparison? Like TurboTax, or TaxAct? Are there any others out there that are worth mentioning? Link to comment
ghaverkamp Posted February 4, 2008 Share Posted February 4, 2008 Has anybody used both TaxCut and something else, and so can offer a direct comparison? Like TurboTax, or TaxAct? Are there any others out there that are worth mentioning? The one year I used TaxCut, it continually crashed on me, on two different computers. As a result, it immediately became a non-favorite of mine. Must've been something weird with my taxes that year, because it couldn't get past the review stage. I've been using TurboTax online for years -- and ended up going back to it that year -- without any problem. I don't have to install anything. And I'm not overly concerned about my tax information being stored; it's not like anyone who transmits their data to e-file has exposed substantially less personal data -- only numbers. Of course, my taxes aren't complicated. A single W2, some interest statements, a few charitable deductions, and I'm done. Link to comment
David Posted February 4, 2008 Share Posted February 4, 2008 The one year I used TaxCut, it continually crashed on me, on two different computers. As a result, it immediately became a non-favorite of mine. Must've been something weird with my taxes that year, because it couldn't get past the review stage. Maybe there's an algorithm for an attorney on a scooter or something? Next time, don't itemize those deductions. Link to comment
steveknapp Posted February 4, 2008 Share Posted February 4, 2008 I've had good luck with Turbo Tax. FWIW, the online version is/was free for State Farm customers. Go figure. Link to comment
CoarsegoldKid Posted February 4, 2008 Share Posted February 4, 2008 Happy with Turbo Tax for maybe 15 years. Link to comment
russell_bynum Posted February 4, 2008 Share Posted February 4, 2008 Another vote for Turbo Tax. Link to comment
BruceWA Posted February 4, 2008 Share Posted February 4, 2008 Been using Turbo Tax for years, our taxes are more complicated than some, wife owns a business, I am retired AND working full time, wife's investments, etc. Link to comment
eddd Posted February 4, 2008 Share Posted February 4, 2008 I just used a pen and my (somewhat limited) brain power. I was done in 15 minutes. Of course my income and deductions are very straight forward, not like the many multi-millionaires that frequent this board. Link to comment
Joe Frickin' Friday Posted February 4, 2008 Author Share Posted February 4, 2008 I just used a pen and my (somewhat limited) brain power. I was done in 15 minutes. Of course my income and deductions are very straight forward, not like the many multi-millionaires that frequent this board. Ha. I'm no multimillionaire. The Mojo is nice, but it complicates the taxes a fair amount. This time was particularly messy because we sold my previous house, in which I had previously claimed a deduction for home office space (due to the Mojo), and we also sold my wife's condo, which we had been attempting to rent out. First draft of taxes took a solid five hours yesterday (not counting the tally-up of my Mojo expenses, which took a couple of hours several weeks ago), and I had a headache when I was done. Link to comment
SC_SVRider Posted February 4, 2008 Share Posted February 4, 2008 First draft of taxes took a solid five hours yesterday (not counting the tally-up of my Mojo expenses, which took a couple of hours several weeks ago), and I had a headache when I was done. I had mine done (actually both Shawn and I did our taxes) last night in roughly 1.5 hours. I was headache free, thanks to TurboTax. We have been using it for years. I like it because it pulls in the last year's information for you, so you don't spend an extra hour filling out the same info you did years before. Link to comment
Jerry Johnston Posted February 4, 2008 Share Posted February 4, 2008 Using Turbo Tax (last year) and then comparing it against our taxman - Turbotax refund $250 - Taxman $1000. We've decided it's cheaper to pay the taxman who has gone to classes on all the updates and save us money than to save a small amount by doing it ourselves. BY tax man I don't mean H&R Block (who probably uses Turbotax after you walk out the door). Link to comment
ghaverkamp Posted February 4, 2008 Share Posted February 4, 2008 BY tax man I don't mean H&R Block (who probably uses Turbotax after you walk out the door). Actually, it's probably TaxCut. Link to comment
FlyingFinn Posted February 4, 2008 Share Posted February 4, 2008 To do our taxes I need two products: To actually do the work and then to help with the headache -- Mikko Link to comment
Bob_Minor Posted February 4, 2008 Share Posted February 4, 2008 Using Turbo Tax (last year) and then comparing it against our taxman - Turbotax refund $250 - Taxman $1000. We've decided it's cheaper to pay the taxman who has gone to classes on all the updates and save us money than to save a small amount by doing it ourselves. BY tax man I don't mean H&R Block (who probably uses Turbotax after you walk out the door). So what was the difference? Did you miss deductions or did the tax man really do something that the software couldn't? With simple deductions (charitable, state and local taxes, mortgage interest), earned income, dividends, interest and maybe capital gains on securities, I can't understand the difference. If your situation is complicated with a rental or you have business expenses than some liberal interpretation of the rules could make a difference. Or am I missing something here? Link to comment
Dave McReynolds Posted February 4, 2008 Share Posted February 4, 2008 Did you miss deductions or did the tax man really do something that the software couldn't? With simple deductions (charitable, state and local taxes, mortgage interest), earned income, dividends, interest and maybe capital gains on securities, I can't understand the difference. When a potential new client calls, I try to find out his general financial situation. If he fits your description, I tell him that there is probably nothing I can do to save him taxes. Some people don't want to figure out the tax software, and don't want to fill out the paper forms. I tell those people that there are non-CPA tax preparers who will do their tax returns for 1/3 to 1/2 of what I would charge them. I really don't want arguments with my clients about fees or whether I charged them too much for their tax returns. Some people who fit your description still want me to do their tax return even after I've discouraged them all I can. I guess it gives them some degree of comfort to have a CPA do their tax return, and if that is the case, I won't turn them away, so long as I have the time and they don't turn out to be a PITA. Link to comment
Jerry Johnston Posted February 4, 2008 Share Posted February 4, 2008 Bob, I don't know positively because it was Sarita's taxes but, I think it was because the CPA knew of tax credits that she wasn't brave enough to put down on Turbo Tax for fear of being audited. Her tax did include inheritance from her father who had passed away - other than that it was fairly simple with the exception of what she didn't think to include as deductible. Link to comment
Ken H. Posted February 5, 2008 Share Posted February 5, 2008 Another vote for Turbo Tax. What Russell said. (I can't believe I just typed that!) Link to comment
Lone_RT_rider Posted February 5, 2008 Share Posted February 5, 2008 Another vote for Turbo Tax. What Russell said. (I can't believe I just typed that!) Me three... took me 45 minutes to do both state and federal and that includes e-filing. Shawn Link to comment
PhillyFlash Posted February 5, 2008 Share Posted February 5, 2008 Turbo Tax Home & Business has worked well for me being employed full-time and having a small private practice, plus several stock sales and other investments. Link to comment
NoHeat Posted February 5, 2008 Share Posted February 5, 2008 State forms might be a reason to choose one vs. the other. Years ago I used TurboTax, then switched to TaxCut to save a few bucks, then switched back because at that time TaxCut didn't come with a state form for my state. TurboTax has my state forms but they have never been as good as the federal forms. I still encounter sections of forms where the programmer must have given up because the software asks me to do the calculations by hand and then type in the result. This won't bother you if you live in Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming -- no state income tax there. Tennessee and New Hampshire tax only dividend and interest income, so I don't know if you need software for that, either. Link to comment
NoHeat Posted February 5, 2008 Share Posted February 5, 2008 Mikko, I like this idea. Have you had any luck deducting the cost of the scotch? To do our taxes I need two products: To actually do the work and then to help with the headache -- Mikko Link to comment
FlyingFinn Posted February 5, 2008 Share Posted February 5, 2008 Mikko, I like this idea. Have you had any luck deducting the cost of the scotch? Have not, but excellent idea. On that thought, I regularly seek wisdom from the same source also when it comes to investments. Maybe it could be deducted as an investment expense too... -- Mikko Link to comment
Guy_Fawkes Posted February 9, 2008 Share Posted February 9, 2008 Turbo tax for several years. No problems that I know of. meaning no calls from the IRS. Link to comment
Recommended Posts
Archived
This topic is now archived and is closed to further replies.