> Oh, my gosh. Some of you think doing you own taxes is tougher than brain surgery. I've done it on my own since I left home in 1971. It is really very simple compared to many of the boundary surveys we work on. Some of you need to grow a pair and try doing them yourselves. There are plenty of online resources available to answer virtually any question you may have.
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> They will not shoot you at sunrise if you do something incorrectly. They make mistakes. They expect filers to make some mistakes as well. It's not a matter of life or death.
"Grow a pair" and do your own taxes, eh? pffft!
I rebuilt a few motors back in the day...today I leave the wrench turning and greasy hands to my mechanic. Heck, I even have a plumber and electrician I call on occasion cuz I'd RATHER BE FISHIN'!
Me thinks there be a few Jack-Off-All-Trades on this board mistaking their pair o' raisins for cantelopes...
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I've been filling out income tax forms since I was 14 for my grandfather and father. Since then the forms have gotten to be more in quantity and the rules wander around percentages and include specific to decisive agendas.
I tried an accountant once and he was afraid to list my personal equipment and specialized work clothes as a legitimate deduction.
Basically, when it comes to deductions for work related expenditures, if you spend money on something required or used for your work, it is deductible and there is a form for it.
One of the greatest benefits to doing your own taxes is that you soon learn why certain expenditures can be very beneficial and why others are not so important. You tend to get 'tuned in' to the special opportunities that come along.
One example: In 1986, it was determined that would be the last year that a certain type of structure on an agricultural property would be eligible for an Investment Tax Credit. I was in process of purchasing such a property with such a structure thereon. By concluding the purchase on December 31, 1986 instead of January 2, 1987 I was able to pay over 25 percent of the total purchase price with the credit received a few months later. Time truly was of the essence.
Anyone who has a W-2 or two representing virtually all of their total family income can whip through their forms in a few minutes. Those who have investment properties, work for themselves, have large amounts of interest income and such need to learn how the tax system works to be sure that they are using the system to their own advantage. Throwing it all in the lap of some tax preparer is as silly as having your mother-in-law pick out your next survey chariot for you. YOU may want some assistance, but, YOU need to be knowledgeable enough to actually control how you are being taxed.
Another example: Each year it seems the IRS dreams up new key dollar figures for various line items on the tax forms. You need to know what those key numbers are prior to the end of the year. Many times, making an extra couple thousand dollars may actually cost you more than that in net taxes due. In fact, an extra one hundred dollars could cost you several thousand depending on your entire income/family/deduction status. YOUR ACCOUNTANT will not help you much with that unless you are dealing in very large figures. He will get his fee whether or not he has helped you enough to deserve it.
Bottom line: Learn how to run your financial affairs wisely.
Agree with Mr. Harris
Since I have many other deductions and things to consider other than surveying, I have a tax accountant do my taxes every year. However, I had to sort through two different accountants before settling on the one I use now. I only was able to determine that the other two were not including all my deductions for survey related work by asking other surveyors about their deductions. That was bad enough, but I also found out that the other two were including things that could not be deducted or that were not properly scheduled for depreciation. Would I ask another Surveyor to do my taxes, of course not. But I would another Surveyor for advice on what they were being taxed on.
I don't do Taxes and my CPA does not Survey
My CPA does my taxes. It takes her about 45 minutes to fill out all the forms. it would take me a
8 or more hours to do it my self. The $200 that she charges is tax deductible, so it only costs me $118. She knows how to handle things like my home computer that I use to check e-mail and for continuing education. Since I use my cell phone for business, she deducts it. My employer would supply me with a crack berry, but if they did, they would think they owned me 27 7. She also knows what will trigger an audit, and will represent me, if audited. That comes with the service.
I don't do Taxes and my CPA does not Survey
I always did my own. One year I went to one of those store front places because there were some things with my taxes I wasn't sure about and they charged me over $200. So I went back to doing my own. I would buy the tax software and fill it out, but it cost $90 for the one I needed.
My taxes got more and more complicated and I started using the company accountant and she charges an extreamly reasonable rate. Less than the store front place and probably the best value of anything I spend money on. Well worth it.
I don't do Taxes and my CPA does not Survey
When I was in a partnership, we had a CPA do our partnership returns and I would get what I think was a K-1 which is just like a W-2 showing my partnership income. It was very simple then to do my personal tax return. When the partnership dissolved, I sat down to do my taxes and discovered that as a sole proprietor all the stuff that used to be on my partnership return had to be on my personal and I probably got some things wrong. Now I have a CPA do it and he is very helpful and knowledgeable about deductions and tax planning and it doesn't cost that much.
I don't do Taxes and my CPA does not Survey
I'm working on mine right now. I've been using TurboTax for more years than I can remember, and it makes the job pretty easy. The hard part is getting all the documents together, which I'd have to do even if I hired someone else to do my taxes.
I don't do Taxes and my CPA does not Survey
The companies that sell the tax programs sure aren't cutting prices to compete. They all have about doubled in the last 6 or 8 years.
I don't do Taxes and my CPA does not Survey
Have a good CPA doing ours- the right ones are worth the money.