Tax Season!

[mac5155]

woo the time is upon us. I dont know why i get so excited for this.

I am going to attempt to file my own this year. So I'm gonna need a forum to ask for help.

What say you? File your own or use someone else?

[PensFanInDC]

We decided to go to an accountant 2 years ago when I used Turbo Tax and it told me I owed Federal and was getting a sizable return from State. That is the exact opposite of what it always is. The accountant confirmed what Turbo Tax did but we ended up owing less fed and getting back more state.

This year with a new home and a baby we expect a rather nice return.

[mac5155]

I actually need to file an amended return for 2010 because I didn't give my uncle (CPA who did them for me) my 1098s from student loan interest. It was a sizeable chunk. How do I file an amended return? He said just refile. Not sure if it will be worth it or not

[columbia]

I've used H&R Block online for years.
Federal is free and maybe $15 for the state return. I usually get both deposited in my account in less than 3 weeks.

[pittsoccer33]

federal is free, and in PA you can easily file your state return for free under most circumstances right from their website.

this year i'll owe a little bit

[viva la ben]

I do the same as columbia.....I could do mine today if my wife's ace of business would give them their hand written w2's.....my company made mine available for download last friday.

H@R block is free, but you have to put in you info every year. I think if you upgrade you get to import some of your personal info instead of starting from scratch.

[Pitts]

Is the answer "SUCKS?"

EDIT: To answer you question...I did TurboTax for nearly 10 years (I work and own my own business) Last year, I got tired of it and hired an accountant. Will do that again this year. She is better at deductions, especially on my business side.

[viva la ben]

I have another child to claim this year too, booya!

[Kraftster]

Turbo Tax for me. The fed is only free on the 1040EZ, isn't it?

[columbia]

I don't have to worry about expensing lunches at the PAA, so the EZ works for me.

[Pen48guins]

I'm getting screwed out of my tax break this year because I transferred to another volunteer fire house. Good news is the student loans we paid should hopefully cover that write off.

[Kraftster]

May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.

[Pitt87]

I have another child to claim this year too, booya!

Have a question about that... and if you are uncomfortable answering or would like to PM me, please do, but how many allowances do you take? I have a new baby at home and my wife is likely staying home, and my calculation is coming up with 5. Seems like a lot. Thoughts? Experience?

[mac5155]

I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?

[tifosi77]

We used one guy for like six years, but he smelled funny and always looked at my wife in a way that made me want to punch him. But he always got us a four-figure refund, so I chilled. Then we got the house and moved further south which made that guy geographically undesirable. New preparator for the last two years and we've ended up with a substantial bill each of the years.

[KennyTheKangaroo]

I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?

remember that the "huge chunk" is limited to $2,500.

[mac5155]

I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?

remember that the "huge chunk" is limited to $2,500.

srs? ugh.

[shmenguin]

May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.

because of the income cap?

[Kraftster]

May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.

because of the income cap?

More so because of:

remember that the "huge chunk" is limited to $2,500.

[mac5155]

well thanks KTK for crushing my dreams

[Froggy]

I don't make a lot of money... Don't own a house... Don't have any kids... Not married...

So my returns are always seriously underwhelming.

[KennyTheKangaroo]

well thanks KTK for crushing my dreams

better kenny the kangaroo than the irs. it would be quite the LOL moment to see mac5155s reaction when he reads the IRS letter telling him to go pound sand after mac5155 went through the effort of amending a return.

[mac5155]

Are there any other notable deductions someone of my stature should look into?

I don't think I can deduct tuition if it was paid for by a Stafford loan and/or reimbursed through my employer, can I?

[newarenanow]

I do my own. While I'm a CPA, I haven't done individual income taxes outside of my own in like 7 or 8 years. So I'm just current on what affects me.

Typically I'm around break even. I try to get the w/h throughout the year to be about what I'm going to owe. I'd rather have my money during the year than have the government hold and refund it to me. Although it is always nice to get a chunk of change that you kind of forget about when you file.

[Point Breeze Penguins]

For tax purposes I am considered a "independent contractor" and receive a 1099 instead of a W-2. I could pay my taxes quarterly but choose to pay at the end because between the Child Tax Credit and Earned Income Credit I end up with a refund.