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Last post 5 years ago by RobertHively. 20 replies replies.
Is Turbo Tax/Tax Slayer A Good Option?
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Gene363 Offline
#1 Posted: Mon, Jan 14 2019, 6:14 PM EST
Joined: 01-24-2003
Posts: 30,810
Is Turbo Tax or even Tax Slayer and good option for preparing your taxes?

I've been using an accounting firm to prepare our tax returns. This year they sent an acknowledgement to allow them to export our information for input. The inputed information would then be processed in the USA, needless to say, I declined. Since we sold our rentals more than a year ago our taxes 'should' be simpler.
danmdevries Offline
#2 Posted: Mon, Jan 14 2019, 6:28 PM EST
Joined: 02-11-2014
Posts: 17,359
I've used TurboTax for 10+ years and it's pretty easy to use. I don't have any complex tax stuff to worry about though.
deadeyedick Offline
#3 Posted: Mon, Jan 14 2019, 6:41 PM EST
Joined: 03-13-2003
Posts: 17,087
Going to be a bunch of people surprised by their tax returns this year. Esp if you itemized in the past.
dstieger Offline
#4 Posted: Mon, Jan 14 2019, 7:21 PM EST
Joined: 06-22-2007
Posts: 10,889
Years ago, you could go all the way through the prep to the end before paying. I always ran my numbers through all 3, Tax Slayer, Turbo and HRBlock....the bottom line was ALWAYS different...sometimes a little...sometimes a bunch. I submitted using whichever was most in my favor. About 5-6 years ago, either the software changed, or my stuff got complex enough that i couldn't get through to good comparison....I chose HRBlock and have been using them since. I'm confident with them and most importantly, I haven't been audited....yet
dstieger Offline
#5 Posted: Mon, Jan 14 2019, 7:23 PM EST
Joined: 06-22-2007
Posts: 10,889
Ded, I agree completely. I did some serious crunching back in May or June and jacked my withholding quite a bit....hopefully enough
opelmanta1900 Offline
#6 Posted: Mon, Jan 14 2019, 7:25 PM EST
Joined: 01-10-2012
Posts: 13,954
HR Block has been my go to for years... Kinda helps my dad is one of their tax writers...
dstieger Offline
#7 Posted: Mon, Jan 14 2019, 7:31 PM EST
Joined: 06-22-2007
Posts: 10,889
Maybe I need to talk with your dad, opel.....I had issues last year....some areas were far more confounding than they had been in the past. Enough so, that I began to wonder if they abandoned some experts and QC due to tax law changes
rfenst Online
#8 Posted: Mon, Jan 14 2019, 7:34 PM EST
Joined: 06-23-2007
Posts: 39,291
deadeyedick wrote:
Going to be a bunch of people surprised by their tax returns this year. Esp if you itemized in the past.


Why?
dstieger Offline
#9 Posted: Mon, Jan 14 2019, 8:04 PM EST
Joined: 06-22-2007
Posts: 10,889
Because withholding changed 'automatically' as a result of tax law changes without regard to anything other than income and previously claimed withholding deductions. Increased standard deduction is making it a lot more complicated than that.
Mrs. dpnewell Offline
#10 Posted: Mon, Jan 14 2019, 8:07 PM EST
Joined: 08-23-2014
Posts: 1,373
Years ago I used Parson's Tax Edge. In the 90's Intuit bought the rights to the software and renamed it Turbo Tax. I used Turbo Tax up to 3 years ago, when they tried to pull a fast one, and started to charge extra for stuff that used to be included. I, and thousands of others jumped to H&R Block. Intuit pulled the same crap with Quick Books which cost me hundreds of dollars each year just to process half a dozen payroll checks per week. I will never use another Intuit product again.

David
rfenst Online
#11 Posted: Mon, Jan 14 2019, 8:41 PM EST
Joined: 06-23-2007
Posts: 39,291
dstieger wrote:
Increased standard deduction is making it a lot more complicated than that.


I would think that an increased standard deduction would make itemization less likely for many.
frankj1 Offline
#12 Posted: Mon, Jan 14 2019, 9:29 PM EST
Joined: 02-08-2007
Posts: 44,221
I increased my 401k contribution, not my withholding.
dstieger Offline
#13 Posted: Mon, Jan 14 2019, 10:29 PM EST
Joined: 06-22-2007
Posts: 10,889
rfenst wrote:
I would think that an increased standard deduction would make itemization less likely for many.

Yep.
dstieger Offline
#14 Posted: Mon, Jan 14 2019, 10:34 PM EST
Joined: 06-22-2007
Posts: 10,889
I wasn't saying that tax prep was going to be more complicated. Calculating withholding for each taxpayer to get desired tax bill (or refund) has changed....thus, the complication...especially since so many of the variables changed
bs_kwaj Offline
#15 Posted: Mon, Jan 14 2019, 11:02 PM EST
Joined: 02-13-2006
Posts: 5,214

I use Turbo Tax. Each year I just go in and put new numbers in the places I had numbers last year.

Beer
deadeyedick Offline
#16 Posted: Tue, Jan 15 2019, 9:37 AM EST
Joined: 03-13-2003
Posts: 17,087
I can't say anything good about H&R Schlock. Haven't used them for over 20 years because of some problems in the past.

We recently had to use them at a remote office for my MIL after FIL died. Their taxes should have been extremely basic but they were charged almost twice what I pay my tax accountant each year.
Burner02 Offline
#17 Posted: Tue, Jan 15 2019, 9:38 AM EST
Joined: 12-21-2010
Posts: 12,884
dstieger wrote:
I chose HRBlock and have been using them since. I'm confident with them and most importantly, I haven't been audited....yet


+1

Been using them since 2011.
Gene363 Offline
#18 Posted: Tue, Jan 15 2019, 4:44 PM EST
Joined: 01-24-2003
Posts: 30,810
Thank you all very much for your input.
Gene363 Offline
#19 Posted: Tue, Jan 15 2019, 4:46 PM EST
Joined: 01-24-2003
Posts: 30,810
bs_kwaj wrote:
I use Turbo Tax. Each year I just go in and put new numbers in the places I had numbers last year.

Beer


Exactly! This is just what I was doing for my CPA except it was using a pencil in a workbook. I hope to do the same with the software and a keyboard.
RobertHively Offline
#20 Posted: Sat, Feb 16 2019, 7:55 PM EST
Joined: 01-14-2015
Posts: 1,831
For all you FOGS with a little extra time on your hands:

America: Freedom to Fascism (Full) by Aaron Russo

https://www.youtube.com/watch?v=CyWH8NJGRsA

Aaron Russo (/ˈrʊsoʊ/; February 14, 1943 – August 24, 2007) was an American entertainment businessman, film producer and director, and political activist. He was best known for producing such movies as Trading Places, Wise Guys, and The Rose. Later in life, he created various Libertarian-leaning political documentaries including Mad as Hell and America: Freedom to Fascism. After a six-year battle with cancer, Russo died on August 24, 2007. (Wikipedia)
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