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Question about taxes

Discussion in 'BBS Hangout' started by sbyang, Feb 1, 2012.

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  1. sbyang

    sbyang Member

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    When is it worth it to get a pro to do your taxes?

    I have always done my own. Is it worth it to get a pro to do it instead? My situation is that I will itemize, but no business income.
     
  2. juicystream

    juicystream Contributing Member

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    To be honest, probably not. Our firm charges a minimum of $400, and for most people, I would say it is a waste of money.
     
  3. ArtV

    ArtV Contributing Member

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    Ever try tax software? Most are very easy.
     
  4. PinoyRocket

    PinoyRocket Member

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    When you don't understand how it works.
     
  5. Stacy's knee

    Stacy's knee Contributing Member

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    I just finished with H&R Block.com. Didn't realize the child credit went down $400 per child this year. $800 out of my pocket :(
     
  6. mrm32

    mrm32 Member

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    I would only suggest it when it is a complicated tax return and you don't know what you're doing.
     
  7. Stiles

    Stiles Member

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    Stacy's knee -

    Based on this link:

    http://www.irs.gov/publications/p972/ar02.html

    I am not sure the child tax credit limit was decreased. You might have had an income phase-out limit which would have decreased the total child tax credit limit allowed to take on your tax return.

    Hope this might help.
     
  8. DrLudicrous

    DrLudicrous Contributing Member

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    I've used turbotax.com the past few years and have been very happy with it, and the returns I've gotten are comparable to when I paid somebody to do them. I think it's $30-$40 for a basic return, and you don't pay until the end so if you don't like it you don't have to use it.
     
  9. Stacy's knee

    Stacy's knee Contributing Member

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    You are right, my mistake, thanks :eek:

    I have been using H&R block.com for the last 10 years, and it makes it very easy - I would recommend it. It does cost $20(at the end also), but you can sign electronically and get your refund within 10 days.
     
  10. leroy

    leroy Contributing Member

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    I've used both TurboTax and H&R. Both are great and very easy to use. I just did mine this morning in about an hour.
     
  11. B-Bob

    B-Bob "94-year-old self-described dreamer"

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    This. The wife and I have used professional CPA's but I've found we do just as well with Turbotax or similar.

    You have to do so much of the work for a CPA anyway (gathering documents and receipts and answering the same darn questions that turbotax asks.)

    No offense to CPAs!
     
  12. RockFanFirst

    RockFanFirst Member

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    Agreed. It's what I've used for the past 4-5 years...no issues. I itemize for work, home, kid, medical bills, etc. and it is very easy to follow.
     

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