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Thread: Turbo Tax/Other E-tax or Accountant?

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    Default Turbo Tax/Other E-tax or Accountant?

    Just curious what you all use. I was going to find an accountant, but I think I'm going to try to e-file myself this year (because the accountant I called told me their minimum is $350). I'm a bit nervous about making a mistake, but knowing what the majority of you all use, it might help me make a better decision. If you e-file, which website do you use? I've heard a lot of positives about Turbo Tax but I've also heard a lot of negatives.

    I owe less than $5,000 in self employment and I'm also going to be receiving 2 W2's for the year, so it shouldn't be too difficult to figure it out on my own (hopefully)?? Also, I don't own any property tax or plan on deducting anything soooooooo yeah, I'm hoping it will be simple.

    So anyways; my question is; do you use an accountant for your taxes or do you e-file? If you e-file which site do you use and do you like it? Is it easy?

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    Veteran Member FelixGirl's Avatar
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    Default Re: Turbo Tax/Other E-tax or Accountant?

    I have a L.L.C that a C.P.A. set up for me.

    350$ and I get major tax breaks & write-offs. I haven't filed my first taxes yet so I don't know how much I'll owe, but I have talked to other girls who have a L.L.C and with enough write offs they didn't have to pay anything! I hope I get that lucky!

    I think it is worth it especially if you plan on being in the business for a while.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Quote Originally Posted by FelixGirl View Post
    I have a L.L.C that a C.P.A. set up for me.

    350$ and I get major tax breaks & write-offs. I haven't filed my first taxes yet so I don't know how much I'll owe, but I have talked to other girls who have a L.L.C and with enough write offs they didn't have to pay anything! I hope I get that lucky!

    I think it is worth it especially if you plan on being in the business for a while.
    Felix, when you have your checks/payoneer sent to you is it in your name or your LLC name?

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    I am lucky enough to have a boyfriend whos mother is an accountant, so she does all our taxes for free! I am terrible with taxes and numbers in general though, so if I didn't have her, I would definitely have an accountant.

    Side note - Big props for paying your taxes!! I know that a lot of women in our industry just ignore the whole "taxes" thing. I sure did for several years. Thankfully, it has never come back to really destroy me, but I knew it could - and thats a risk not worth taking. I've also found that now that I want to buy a house, or a car, I have crappy credit, despite the amount I've earned. Paying taxes is smart, its mature, its responsible, and in this industry, it deserves a real pat on the back!
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    Featured Member Busygirl's Avatar
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    Default Re: Turbo Tax/Other E-tax or Accountant?

    ...........
    Last edited by Busygirl; 03-12-2012 at 01:38 PM.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Quote Originally Posted by ManyRoses View Post
    I am lucky enough to have a boyfriend whos mother is an accountant, so she does all our taxes for free! I am terrible with taxes and numbers in general though, so if I didn't have her, I would definitely have an accountant.

    Side note - Big props for paying your taxes!! I know that a lot of women in our industry just ignore the whole "taxes" thing. I sure did for several years. Thankfully, it has never come back to really destroy me, but I knew it could - and thats a risk not worth taking. I've also found that now that I want to buy a house, or a car, I have crappy credit, despite the amount I've earned. Paying taxes is smart, its mature, its responsible, and in this industry, it deserves a real pat on the back!
    Thanks! I didn't know so many people in this industry avoided paying taxes. It's not worth the risk, in my opinion. I'm sure a lot of girls will appreciate you writing about what happened to you, and hopefully will make them think twice about not paying their taxes.
    Quote Originally Posted by Busygirl View Post
    I use turbo tax, it leads you trough the whole process and calculates everything for you. I only deducted the internet, i'm using for work as an "internet marketer' because i don't declare i,m a cam entertainer yet, maybe some day, also got the standard deduction. Easy process. you can deduct cam girl stuff on there too, like uniforms for work, if it doesn't qualify for the "good housewife rule" like shampoo and makeup, witch you use anyway to be kept day by day, and doesn't qualify as a work expense.
    Also if you file as self employed, it will give you estimated tax sheet for next year to file 4 times a year, if you think will owe more than $1000 for next year, and you will need to file those, otherwise you'll get a penalty next year.
    Thank you so much for the information! I'm not going to deduct anything; not even internet. I won't owe that much anyway, so I'm just going to play it safe, but thanks anyway for the information. I'm looking for reassurance that even airheads like me can use Turbotax, lol.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    I filed mine myself by just downloading the forms on the irs website. It was sooo easy. It seriously only took me like 30 minutes to do 4 years of taxes. I just got a letter back from the irs today that I did them correct. I just owe them a shitload of money. But I really thought it was much more complicated. I tried to use turbo tax one year and that thing was so confusing I gave up and never filed .

    All you need to do them yourself is a schedule C, schedule se, and schedule 1040 (they all have instructions on them so its not hard). Also I think if you are deducting less than 3,000 (might be 4,000) you don't have to itemize ur deductions. You just write the amount.

    Don't worry about messing up. Just double check it..it really isn't complicated at all. All you really do is add some lines..subtract some lines..look up an amount in a table on their website...subtract that number..copy this amount from this line and add this....and put the papers in an envelope.
    "Achieving success is a challenge but so is struggling so you may as well choose success."

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    How is turbotax more confusing than printing out the forms and filling them out?? I thought Turbotax was just step-by-step questions. I've never used TurboTax, but that's the impression I had.

    Maybe I'll try out the free version just to find out for myself.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    i've used turbotax for six years, a mix of regular employment and self-employment, and love it. i even had investment accounts for a couple of years and had no problem using turbo tax although i was terrified it'd be too complicated. i'm getting to know more about taxes so i'm thinking of just doing them myself for this year, but turbotax has always worked great for me. between the e-filing fees and the cost (i think i usually end up paying for the $20-$30 priced package? can't remember) it might not be very cost efficient anymore, though.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Turbo Tax is super simple and totally worth it. I think getting the forms from the IRS would be easy enough after anyone has a little experience. but for the first time I would use Turbo Tax to get you familiar with what to look for.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    I just filled out the 2010 form, like I would the 2011 form yesterday (I'm not going to send it, it was just to practice). I had to google a few things, but it was a lot easier than I expected.

    Does anyone know if in the section where it says list all "interest and dividends" should I enter my debit card rebates and cash rewards? I didn't, but I'm wondering if I should. Hmm.

    Oh, and it's not super cost efficent. I think it's $100 for the home and business, then likee $40 for each state tax form, and I have to fill out the forms for 2 states ... so its going to be at least $180, but it's still cheaper and more convenient than an accountant since I don't own a car and I work a lot.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Quote Originally Posted by sammii View Post
    How is turbotax more confusing than printing out the forms and filling them out?? I thought Turbotax was just step-by-step questions. I've never used TurboTax, but that's the impression I had.

    Maybe I'll try out the free version just to find out for myself.
    i dunno i guess im weird or something...i had no idea how to answer some of the questions they asked me.
    "Achieving success is a challenge but so is struggling so you may as well choose success."

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    Senior Member CherryPepper's Avatar
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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Sammii, I think you only need to enter things there that you get interest statements for. Like did you receive an interest statement for an interest bearing account? If not, I would leave it off. FWIW I always add the audit protection too for like 40 bucks, i figure better safe than sorry :/

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Thanks for the info. I don't receive any interest, so I'll just leave it blank.

    I just looked up the TurboTax audit protection and read this: http://raoulpop.com/2010/03/31/audit...rth-the-price/

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    Oh, speaking of audits. One more question: If I say that someone can claim me as a dependent, then no one claims me, can I get audited? I was going to write on my taxes that I can be claimed just in case my parents claim me.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    ^ Well that looks like one experience and you can't please every one. For 39.95 I figure if they didn't do what they say I would expect a refund. I've always had good experiences with Turbo Tax, plus I get super paranoid so it makes me feel better,lol.

    Can you ask your parents not to claim you? Or find out if they are for sure? I would try to answer it correctly, but I think the only way to risk an audit is if you are claimed twice. Although, if they don't claim you and you don't either then you will be cheating yourself.

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    Default Re: Turbo Tax/Other E-tax or Accountant?

    If I ask my parents' my dad will just say "oh, I can just fill out your taxes for you." If I don't mention taxes, I can just be like "oh, I didn't know you were going to help me. I just went ahead and paid them myself this year."

    They most likely will claim me. I know you can get audited if you're claimed twice, but I wasn't sure if you could get audited for not getting claimed at all ... I guess that wouldn't make any sense since it wouldn't lose the IRS any money. Sorry; I ask really stupid questions ... I'm just overly paranoid about making a mistake. I'd rather not recieve a mean letter while I'm living with my parents.

    Oh, and I'm researching the audit protection. There are several people saying it's not worth it from different sites, but I'm trying to find a positive story, because I'd feel a bit better about protection.

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