Anyone Prepare Taxes??

[Matthew328]

I'm contemplating doing my own taxes but am really lost..my return might be a little complicated with my itemized deductions for football and freelance work etc...anyone who can help me please PM me..

[Blastoderm55]

Unless you had a buttload of expenses for itemization, you'll be better off with the standard deduction. I've used TaxActOnline for about five years now and have been very pleased.

[FB-fanatic]

I agree with Taxact and standard deduction. I've done my own taxes forever. About every other year, I think I'm gonna tally up all my expenses and itemize, but quickly realize you have to have a buttload of deducts to top the standard deduction. Last year was the only year I was "successful" having battled colon cancer and racking up $85,000 in medical bills (insurance covered a large portion).

Just minutes ago filed my in-laws via Taxact and mine last night.

My father-in-law normally paid $50 each year, but he passed in February, so I filed this years for them and it was free because it was their first through TaxAct.

Ooohh, oohh... post number 99.

[pirate4state]

I use TurboTax.

I would be really surprised if you had enough to itemize.

[Matthew328]

I was hoping with all the travel I do, hotels, meals etc. I might be able to sneak one in...but we'll see....I'm not holding out much hope to be honest...

[sinton66]

Without owning a house you're paying for, it's tough to have enough deductions to make itemizing worthwhile.

[jason]

i tried itemizing a few years ago with charitable donations and other things and didn't come close to exceeding the standard deduction...

used turbotax online now for about 4 years and it is free and easy to use - they basically dummy proof it...

gotten back at least $1500 the last few years, got $3500 this year filing jointly...

[RoyceTTU]

TurboTax online is the way to go. It will guide you through the itemize deductions, and at the end, if your better of to standard deduction, it will switch you.

I've used it for the past 5 years.


Also, If you indeed end up itemizing, I would recommend buying the 30 dollar Audit Protection. Otherwise I wouldn't worry about it.

[NastySlot]

anyone familiar with TaxSlayer...friend was telling me about that one.........my ex-wife always did ours on TurboTax.


can anyone compare the two............I was thinking of just going to H&R Block...........but I will use this post as a sign.

[jason]

if you only need a 1040a or a 1040ez then there is really no reason to pay somebody to do them for you - turbo tax literally walks you through every possible deduction you could have and then tells you if they exceed the standard or not - it always does what is in your best interest...

i have even done taxes online with turbo tax for some friends and i am by no means an accountant...

[NastySlot]

Originally posted by jason
if you only need a 1040a or a 1040ez then there is really no reason to pay somebody to do them for you - turbo tax literally walks you through every possible deduction you could have and then tells you if they exceed the standard or not - it always does what is in your best interest...

i have even done taxes online with turbo tax for some friends and i am by no means an accountant...


thanks.................my new wife keeps telling me the same thing that we can do them........but I fear mistakes and penalities.

[RoyceTTU]

Originally posted by NastySlot
thanks.................my new wife keeps telling me the same thing that we can do them........but I fear mistakes and penalities.

It's tough to make a mistake but not impossible. I have only made one mistake and it was 100% completely my fault. I left off one of my student loans by mistake. I would of made the same mistake had I taken it to someone. I rectified it the following year.

[jason]

Originally posted by NastySlot
thanks.................my new wife keeps telling me the same thing that we can do them........but I fear mistakes and penalities.

just make sure you have the proper forms from all of the entities you plan on deducting....

i get one for my post-tax IRA, for mortgage interest, w2 for income taxes, interest on school loans, etc - if you have all that it will tell you when/where to input it...

i have a list of about 6 or 7 things i know i have to have before i can start and it basically stays the same every year...

it takes me about an hour to do it, i usually double check it the next day, submit it, and have a direct deposit within 2 weeks...

[NastySlot]

thanks for all the info. fellows.

[waterboy]

Originally posted by NastySlot
anyone familiar with TaxSlayer...friend was telling me about that one.........my ex-wife always did ours on TurboTax.


can anyone compare the two............I was thinking of just going to H&R Block...........but I will use this post as a sign.
Just a word of advice.......NEVER go to H&R Block. They definitely overcharge. If you can't do your own taxes for whatever reason, find a CPA to do them. They will charge a lot less money and get you more of a return.

[JustAFan]

Matt, since you freelance a lot, you probably can use both the standard deduction and also take the others (mileage and expenses) as self-employed business expenses.

[Blastoderm55]

Originally posted by Matthew328
I was hoping with all the travel I do, hotels, meals etc. I might be able to sneak one in...but we'll see....I'm not holding out much hope to be honest...

Are you an independent contractor or are you on someone's payroll? In the case of the former, you can fill out a schedule C and still use the standard deduction and come out ahead. As 66 said, the itemized deductions will really come into play when you begin deducting for mortgage interest. I'll consider itemizing next year since it'll be my first full year in the house, but even then, the mortgage interest will only tally about $6,000 with another $2,100 for property tax, whereas the standard deduction for a married couple filing jointly is $11,400, so I'd be hard-pressed to fill that gap with other deductions.

[Matthew328]

I'm both, I freelance for the Dallas Morning News and then I work for TheOldCoach.com and travel a lot there...taxes are not taken out on pay for either so thats why I thought itemizing my mileage, meals, hotels, home office may be worth it...

[Blastoderm55]

Originally posted by Matthew328
I'm both, I freelance for the Dallas Morning News and then I work for TheOldCoach.com and travel a lot there...taxes are not taken out on pay for either so thats why I thought itemizing my mileage, meals, hotels, home office may be worth it...

You can walk through any of the web-based tax-prep solutions and compare your itemized return versus standard deduction. In your case, it may be worth while.

Also, use Schedule C to try and write off as much as you can to your home office. If you have a dedicated space in your home that you use, you can designate it as a home office and determine what percentage of the total square feet of the house is dedicated to it. Then take that percentage and apply it to things like electricity and other utilities.

If you own your home, you can also deduct for depreciation, though if you sell you may be subject to depreciation recapture. Don't bother with mortgage interest or property tax since you'll claim it on your personal side and can't double dip on the business side.

Since you're doing a lot of work online I would write-off internet service and cell phone 100%. Do everything legally within your means to reduce your tax burden, particularly since you earned income that was not subject to withholding.

There are plenty of deductions out there. Just be honest. Whatever savings you hope to achieve are dwarved by the liability of an audit or penalty.

[Matthew328]

Blastoderm is there one service you recommend over another for comparing??

[Blastoderm55]

Originally posted by Matthew328
Blastoderm is there one service you recommend over another for comparing??

I've used TaxAct Online because its cheap ($9.95 for Deluxe service 1040 form, 1040-EZ is free) and easy (takes 30 minutes if you've got your docs in order). It was actually bought out by H&R Block, so I'm not sure if it'll be cheap and easy for much longer.

TurboTax has a good product that a lot of people use, and they'll provide audit assistance should that ever come about, but it comes with a higher price tag. However, I have no experience with it.

I would try out both and go with whichever you're more comfortable with in terms of price and ease. They should both allow you to complete a portion of your return before you are required to pay for the service.

[LionFan72]

Originally posted by waterboy
Just a word of advice.......NEVER go to H&R Block. They definitely overcharge. If you can't do your own taxes for whatever reason, find a CPA to do them. They will charge a lot less money and get you more of a return.

Couldn't agree with this statement more, you will be far ahead taking it to a tax specialist(CPA) if this the first time to itemize. Save you a bunch of money and headaches in the long run. And they usually find you extra deductions, good luck!

[Matthew328]

Heres what I was able to gather up for 2011 for my travels etc..

8900 miles driven
1200$ in food
1400$ in hotels

Will that be worth my time to claim?

[sinton66]

'09 standard deduction was like $9000.00+. If you can't total more, it isn't worth it.

[LH Panther Mom]

Originally posted by Matthew328
Heres what I was able to gather up for 2011 for my travels etc..

8900 miles driven
1200$ in food
1400$ in hotels

Will that be worth my time to claim?
The mileage is worth deducting, but you'll need to know the total number of miles driven, how much for business/pleasure/commuting.

Meals are deductible at 50% typically. And the hotels should be deductible, but it depends on whether the stay was 100% business or not.

IRS - business expenses (http://www.irs.gov/publications/p463/ch01.html#en_US_2010_publink100033800)


I took an H&R tax course and worked for them for one tax season. :nerd: And Schedule C would be separate from the standard deduction, so you should be able to do both. You need meticulous records.

[Matthew328]

I have the mileage down to an exact # at work...went through and mapquested every stadium, 7 on 7 tournament I went to this summer etc...

Hotels were for business, all were for football trips...so I should be good right?

[LH Panther Mom]

Yes, you should be good. I'll send you a bill. :devil:


I started with TaxCut years ago. H&R Block bought it and we stayed with it. LHPD & I have been married over 20-years. I've yet to pay someone to do our taxes, including years that we had rental property & then the past few years with his side business.

[FB-fanatic]

Taxact did not direct me to use Shedule L to write off property taxes, even though I didn't itemize. Some folks say that in 2009 and 2010 they are tax deductable, entering your property taxes on line 6 or 7. But the form actually only asks about automobile taxes... what gives?

[Phil C]

Originally posted by waterboy
Just a word of advice.......NEVER go to H&R Block. They definitely overcharge. If you can't do your own taxes for whatever reason, find a CPA to do them. They will charge a lot less money and get you more of a return.

I charge $500/hr with a minimum one hour charged whether it just takes ten minutes.