I have been using TurboTax for my S-Corp and personal federal & state filings for many years now. It seems that this year it might be time for a change. If I do change, what service should I switch to; TaxACT vs TurboTax vs H&R Block vs other?
Why do you need to change What's the matter with Turbo Tax?
TaxACT is looking real good to me.
When I was running my own solo firm I got thousands of dollars of work out of referalls from my accountant who I paid hundreds of dollars to do my taxes. Just sayin' 😉
> When I was running my own solo firm I got thousands of dollars of work out of referalls from my accountant who I paid hundreds of dollars to do my taxes. Just sayin' 😉
My experience was different.
CPA charged me thousands to say I owed thousands more than I actually owed.
It has been satisfying to do my own. And I am NOT a D I Y type fella.
What taxes?
I've used Turbo Tax for a number of years and and it spits out and has sent in my 42 pages every year.
Their only trouble is in the area of state taxes and I don't pay any of those
Before Turbo Tax it was a 2 week long process of piling thru and processing receipts, collecting, downloading forms and reading instructions for every form, tallying up paperwork and filling out every form in Adobe Pro before finally hitting the print button.
Now, my wife and I will spend a long weekend to get it all done.
o.O
Investing in a good CPA to handle our taxes was one of the smartest moves we made. It is a specialty and needs an expert.
> ...It is a specialty and needs an expert.
I wholeheartedly agree. I sleep good at night knowing a professional is taking care of my bean counting.
What I think humorous is professionals (surveyors AND others) that will chide the general public for attempting DIY projects that truly need a pro; then they turn around and attempt to maneuver the tax codes as a layman.
My CPA is worth every penny I pay him. Which btw is not really all that much compared to the function he performs and protects.
I use tax act. No difference that I can see for sole proprietorship.
It is a specialty and needs an expert.
Kind of like surveying...
Doing it yourself can work and it can also be a mess. I started doing my personal taxes immediately out of high school. Now with 44 years of experience, encountering a little bit of everything over the years, I am not the least bit intimidated with my fairly simple collection of forms. It most definitely is not something everyone should attempt. The one thing that has helped me through the years is that by being so familiar with the process I am much more aware of what will help me and what is minor or potentially damaging. I'm sure I have probably screwed myself at some point. But, and I can guarantee you this, the IRS double checks what you do. If you screw up in such a way as they can find it simply, they will notify you of that fact. It doesn't matter whether it is to their advantage or to yours. I made a fairly simple error a few years back. They notified me of that fact and sent me a check along with guidance on where the error had occurred so that I would know better for the future.
If I had a dozen employees it would be a completely different story.
Do it. Don't do it. No one else can tell you which choice is best.