Comments on: A Surprising Change to our Debt… http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/ Our Journey to a Debt-Free Life Thu, 29 Jul 2010 16:18:17 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Mrs. Accountability http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-953592 Mrs. Accountability Thu, 04 Feb 2010 15:25:02 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-953592 I enjoy doing taxes, but I am also realizing the benefit of having a "professional" take a look to make sure I didn't miss anything important. I am also leery of the Turbo Tax/HR Block programs... but I do use them after reading through all the tax information carefully. I enjoy doing taxes, but I am also realizing the benefit of having a “professional” take a look to make sure I didn’t miss anything important. I am also leery of the Turbo Tax/HR Block programs… but I do use them after reading through all the tax information carefully.

]]> By: Karen Foster http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-953561 Karen Foster Thu, 04 Feb 2010 13:48:10 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-953561 As a CPA, former tax preparer for a large "green" square company, and now stay at home mom running a money saving site I can see both sides of the story. My perspective is....if nothing BIG changed from your tax situation from the prior year....you can use an online/software service to do your taxes. Make sure to print off a copy of the form for the current year and compare it to the prior year to check. The only risk is of course you can miss out on current year tax law changes. But don't rule out just calling a CPA/Tax Prep companies and asking for free advice. Now, if you did have "BIG" changes....and I mean things like 1. Adopted a special needs child 2. Started a business 3. Installed $14,000 worth of energy efficient windows/insulation/concrete (j/k) 4. Sold a TON of securities in a TAXABLE account (meaning outside your 401k or IRA) which can be tricky with what "Basis" you had in the stocks 5. Bought/sold a house - especially with the tax credits available 6. Filed bankruptcy etc Then I would recommend having someone help you this year and then next year possibly doing it yourself. Hope this helps Karen ps - I use www.taxact.com as the Federal return is free As a CPA, former tax preparer for a large “green” square company, and now stay at home mom running a money saving site I can see both sides of the story. My perspective is….if nothing BIG changed from your tax situation from the prior year….you can use an online/software service to do your taxes.

Make sure to print off a copy of the form for the current year and compare it to the prior year to check. The only risk is of course you can miss out on current year tax law changes. But don’t rule out just calling a CPA/Tax Prep companies and asking for free advice.

Now, if you did have “BIG” changes….and I mean things like
1. Adopted a special needs child
2. Started a business
3. Installed $14,000 worth of energy efficient windows/insulation/concrete (j/k)
4. Sold a TON of securities in a TAXABLE account (meaning outside your 401k or IRA) which can be tricky with what “Basis” you had in the stocks
5. Bought/sold a house – especially with the tax credits available
6. Filed bankruptcy
etc

Then I would recommend having someone help you this year and then next year possibly doing it yourself.
Hope this helps
Karen
ps – I use http://www.taxact.com as the Federal return is free

]]> By: Mrs. Money http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-953340 Mrs. Money Thu, 04 Feb 2010 00:34:40 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-953340 I'm voting for money back! I’m voting for money back!

]]> By: Abigail http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952918 Abigail Tue, 02 Feb 2010 20:41:18 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952918 I totally get it. I have a weird enjoyment of doing taxes too. I need to go ahead and officially take a course. Then I may start selling my services (at tax prep, don't look at me like that!) next year. I totally get it. I have a weird enjoyment of doing taxes too. I need to go ahead and officially take a course. Then I may start selling my services (at tax prep, don’t look at me like that!) next year.

]]> By: Steve http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952752 Steve Tue, 02 Feb 2010 06:39:32 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952752 I have done our taxes yearly since 1975. Going from paper to the computer has been very helpful. I even tried to take a tax class once. I am a numbers type of guy and enjoy the job of doing them. I don't think I could ever have a tax accountant do mine. When I was in College I was taking accounting so I did start in that direction. Ran out of money and couldn't complete that education. I do have a lot of respect for those individuals that do taxes. There are a lot of changes yearly and they have to keep up with them. I have done our taxes yearly since 1975. Going from paper to the computer has been very helpful. I even tried to take a tax class once. I am a numbers type of guy and enjoy the job of doing them. I don’t think I could ever have a tax accountant do mine. When I was in College I was taking accounting so I did start in that direction. Ran out of money and couldn’t complete that education. I do have a lot of respect for those individuals that do taxes. There are a lot of changes yearly and they have to keep up with them.

]]> By: Bcello http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952732 Bcello Tue, 02 Feb 2010 02:49:28 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952732 When i used TurboTax it felt almost like a game...watching the 'Owe/Don't Owe' calculations shift back and forth. I have to go with Jen on this one though --I and a number of my friends have gone back to CPAs. As part of our 'Repair the TurboTax Damage Project' we have had a couple of 'TurboTax' returns 're-filed' and we had not taken advantage of substantial deductions. Instead of owing, we got refunds! It is probably too expensive -- but I would be interested to see you re-ran your taxes on TurboTax for last year's CPA return -- if your 2008 CPA prepared return and your TurboTax 2008 matched? That would be an interesting test. When i used TurboTax it felt almost like a game…watching the ‘Owe/Don’t Owe’ calculations shift back and forth. I have to go with Jen on this one though –I and a number of my friends have gone back to CPAs. As part of our ‘Repair the TurboTax Damage Project’ we have had a couple of ‘TurboTax’ returns ‘re-filed’ and we had not taken advantage of substantial deductions. Instead of owing, we got refunds!

It is probably too expensive — but I would be interested to see you re-ran your taxes on TurboTax for last year’s CPA return — if your 2008 CPA prepared return and your TurboTax 2008 matched? That would be an interesting test.

]]> By: mikey http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952628 mikey Mon, 01 Feb 2010 20:21:39 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952628 Mum's the word. Mum’s the word.

]]> By: Jen http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952558 Jen Mon, 01 Feb 2010 15:21:58 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952558 My mom's a CPA, so I feel like I need to defend the profession ;) Unless your finances are super simple, a CPA is helpful because he or she can catch deductions you might miss, as well as extra taxes you might miss. Not that anyone wants to pay more taxes, but better to pay now than to get hit with backtaxes and fines and interest :P Plus, if you get audited your CPA will accompany you to the audit and help you out. As for his fee, I don't know what the going rate is, but like paying a doctor or lawyer, you are buying the person's expertise. A CPAs "cost" includes their accounting degree(s), plus the certification exam, plus the continuing education requirements, in addition to all the professional fees (like remaining a member of CPA organizations), tax software, and research (if a client has an unusal situation, my mom will have to research it to see how it's supposed to be handled). This research might include staying on hold for hours with the IRS, and I think we all agree whoever does that for should be compensated... :P Of course, not all CPAs are good, so maybe this guy was just being alarmist and gouging you ;) My mom’s a CPA, so I feel like I need to defend the profession ;) Unless your finances are super simple, a CPA is helpful because he or she can catch deductions you might miss, as well as extra taxes you might miss. Not that anyone wants to pay more taxes, but better to pay now than to get hit with backtaxes and fines and interest :P Plus, if you get audited your CPA will accompany you to the audit and help you out.

As for his fee, I don’t know what the going rate is, but like paying a doctor or lawyer, you are buying the person’s expertise. A CPAs “cost” includes their accounting degree(s), plus the certification exam, plus the continuing education requirements, in addition to all the professional fees (like remaining a member of CPA organizations), tax software, and research (if a client has an unusal situation, my mom will have to research it to see how it’s supposed to be handled). This research might include staying on hold for hours with the IRS, and I think we all agree whoever does that for should be compensated… :P

Of course, not all CPAs are good, so maybe this guy was just being alarmist and gouging you ;)

]]> By: Angie http://www.bloggingawaydebt.com/2010/01/a-surprising-change-to-our-debt%e2%80%a6/comment-page-1/#comment-952432 Angie Mon, 01 Feb 2010 05:21:45 +0000 http://www.bloggingawaydebt.com/?p=3132#comment-952432 I'm guessing since it was so enjoyable, you're getting something back. I’m guessing since it was so enjoyable, you’re getting something back.

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