Preferred Tax Software

[madguy30]

One thing I hate is being bothered. Tax time is a perfect example of being bothered. I don't want to fill out paperwork, I don't want to sign up for things on the internet, I don't what to do anything that taxes my patience. I want to sign something and be done with it. So I get the professionals to do my taxes, even though they are pretty straightforward and it costs an arm and a leg to go that route. I'd rather pay than be bothered.

I just do Turbotax and it's not really bothersome at all.

Previous stuff goes in, I fill in the requested boxed info, and hope the numbers in the corner stay green after I push 'Enter'.

 

[CoachHines3]

dont file its a scam

 

[Cyched]

I already paid my taxes last year. Chumps.

 

[capitalcityguy]

You are assigning blame to the software for being difficult to understand. Software doesn't think, the operator does. It is not the fault of the software for decisions made upon data input.

We use, in our practice, software that has an annual license fee in five figures. I have yet to come across a situation that cannot be correctly filed. It sometimes takes knowing tax law and appropriate application of the law. I am responsible for that.

I think I see now why we are seemingly talking past each other. I think this will help.

You seem to be suggesting that the non-professional software works like your professional software. As someone who has used both, they don't. I guess I assumed you had used both at some time, but maybe you've never had reason to try the retails software on the market?

The retail software asks questions and inputs the data based on how the person answers the questions....which then triggers (or doesn't trigger) additional followup question(s). The answers inputted then dictate how the IRS tax forms are completed by the software. The user doesn't directly input anything unless they specifically force the program to switch over to direct input to IRS forms.

The latter is how your professional software always works. Correct? As a tax preparor, you are picking and choosing the correct inputs and where to enter them and the proper schedules, etc. The retail products don't work that way. All the applicable line items, forms, and schedules are completed by the software based on how the user answers the questions it presents to them.

How a question is asked and what support the software provides to the user in understanding what the question means (if they don't understand), definitely does affect the end product on how the forms are eventually completed. Two different people could interpret poorly worded/supported question and thus, the software will complete their forms differently than each other if it is not clear how to answer correctly.

 

[capitalcityguy]

If you are hoping software can help determine such things as short-term/long-term capital gains and you don't understand your brokerages 1099, good effing luck.

The Schedule A became pretty irrelevant. The SALT limitations and increase in the standard deduction dictated such.

Any questions?

I think if people are more comfortable having a professional handle this, I say go for it.

I'm not trying to talk anyone out of using professional services....and some people really NEED to ....i.e....small biz person, but with today's retail software, determining and reporting cap gains, dividends, etc is really quite easy. I should say, I've only used Turbotax, so maybe some of the cheaper ones aren't as user friendly, so can't speak for that. (again, why I think a person could get different results based on the quality of the software they purchase).

In this day and age, the user doesn't really have to understand their brokerage account. As long as they are using a fairly well-know financial services firm, the software (at least I know Turbotax does) will allow you to just import your statement information directly from the brokerage house (For example) and all the data drops in where it is supposed to. It is really slick.

 

[isufbcurt]

What do they do well? Good value?

Kind of in the same boat as the OP. Using TurboTax, but wanting to keep options open. And recently reading about Intuit’s lobbying practices didn’t help.

I just think it's setup well and easy to follow.

 

[isufbcurt]

I knowingly overpay for Turbo Tax. But I've been doing so for over 10 years now, so it makes it handy. We have some simple LLC stuff to manage too. Not sure if other options have that feature? I'm sure they do. Again, just lazy.

I self justify by having people with accountants tell me about their $350 tax preparation fee.

Not sure how complicated your taxes are, but charging $350 for a basic return is a ripoff. My base rate for a simple return is $150.

 

[oldman]

One thing I hate is being bothered. Tax time is a perfect example of being bothered. I don't want to fill out paperwork, I don't want to sign up for things on the internet, I don't what to do anything that taxes my patience. I want to sign something and be done with it. So I get the professionals to do my taxes, even though they are pretty straightforward and it costs an arm and a leg to go that route. I'd rather pay than be bothered.

I've had a professional do mine ever since the IRS said I owed them more money than I had figured, when doing my own. Peace of mind is worth a lot in my book.

 

[Jacktronic]

I did Turboxtax for years and liked it fine, but had some confusion last year with properly recording some backdoor Roths we did. Paid $200 to have a CPA file everything and will happily do it again this year.

 

[Dopey]

Not sure how complicated your taxes are, but charging $350 for a basic return is a ripoff. My base rate for a simple return is $150.

I agree. I'm saying I have friends who pay that much for their basic income taxes.

That's why I feel better paying $90 for Turbo Tax, even though I know there are cheaper options, still.