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do you do your own taxes or pay someone?

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mjbrown

04-15-2006 05:20:09

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Just finished mine. What a headache! I used Turbo Tax but it was still a convoluted mess. Since I own and live on a farm (160 acres) but work full time in town I rent most of it to my neighbor, it makes it what is called a passive activity. It doesn't feel passive when I'm picking stones, cleaning tile outlets, clearing brush and hedgrows, putting in tile and mowing lane ways. Anyway it seems to make it a night mare to figure out the taxes since the IRS thinks I'm a doctor looking for a way to bleed off some income. I'm begining to think I should hire it done and save my self the stress. Even though I followed all the instructions I'm not convinced I haven't screwed somthing up.

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Mark - IN.

04-16-2006 04:02:38

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

Always made out my own, but last year and this year an accountant.

I own and live in Indiana. I work in Illinois and rent a small place there during the week. Both states used to have a "recipricating" agreement whereas I used to get most everything paid into Illinois that I paid in as a "non-resident". Then a couple of years ago, Illinois cut that out, so pay full taxes both states. YOUCH!!! So, I took it to an accountant for $150. The accountant worked it so that now I get back most of what I paid into Indiana because what paid "other states". Saved me over $1K, minus the $150. Either was well worth it, or they screwed it up and I'm going to get auditted into the ground and go to prison for trying to do what I'm supposed to do. If I ended up paying someone else $150 to send me to prison, I am going to be P...ED OFF. Time will tell.

Mark

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CLW

04-15-2006 17:18:55

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

This may surprise some, but most of the tax people use the same turbotax you can get at Best Buy. We do ours at home with Turbotax and it is very easy. We file it online and your money is in the bank in two weeks.
CLW

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Nathan in Texas

04-16-2006 06:35:33

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Re: do you do your own taxes or pay someone? in reply to CLW, 04-15-2006 17:18:55

Sorry, but that just isn"t true. Most accounting firms use much more sophisticated software. If you are just dealing with some guy who does them in the evenings in his spare time that might be true though.

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kyhayman

04-15-2006 16:18:01

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

I used to do mine, smartest business decision I ever made was hiring an accountant. My thought process was always that I'm an intellegent guy, college grad, 2 masters degrees in ag, I can figure this out as well as they can. WRONG!!!

I normally paid a little bit of state and county income tax every year when I did mine and got a little bit of a refund federal. When I sold a house in 1998 was the year I changed. Now, my combined refunds have never been less than $5000, and she charges me $175.

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Rauville

04-15-2006 13:43:56

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

Probably the cheapest work you can find done is to have your taxes prepared by a professional accountant. In my case, for $137 for 1 1/2 hours of detailed work, you get a lot for your money. You couldn't expect to have your tractor worked on for much less than that.
When 33 cents out every dollar you earn goes to Washington, I sure would rather have a second opinion on how much they get!

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mjbrown

04-15-2006 15:04:53

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Re: do you do your own taxes or pay someone? in reply to Rauville, 04-15-2006 13:43:56

I'm thinking you're right but I have this opinion that the tax code should be simple enough that the average citizen should be able to figure his taxes.

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Bill(Wis)

04-15-2006 07:57:31

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

I have an accountant do mine. Federal and two states. Nine or ten sources of income. Expenses out the gazoo. He charges me $400 which I think is very reasonable although I could probably find one cheaper. A lot of people in that business. It takes an hour although I have all records and transactions at the ready. Thank God for computers. He gives me tips and suggestions during the year at no additional cost. He is quite fascinated by farming. And no, you don't have to have been a farmer to do a farmers' tax return any more than you have to be a dentist to do a dentists' return. Did I hear someone say "ouch"?

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old

04-15-2006 07:30:16

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

I'm glad I'm retired and don't hve to mess with taxes any more. When I did taxes I hired it out.

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Don L C

04-15-2006 11:46:43

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Re: do you do your own taxes or pay someone? in reply to old, 04-15-2006 07:30:16

You don't pay taxes ! I have been retired 14yrs and pay more taxes than some people make..... .I guess as some say I am lucky.....but it's a hull of a lot of money to pay out....I worked and planed for my retirement.....now taxes takes a big chunk..... .....

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old

04-15-2006 13:00:05

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Re: do you do your own taxes or pay someone? in reply to Don L C, 04-15-2006 11:46:43

I was forced to retire. I live on disablity S.S. which of course doesn't even put me at poverty level.

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Nebraska Cowman

04-15-2006 07:18:37

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

I've hired mine done for 25 years. They change the rules every year and it ain't worth the hassle of spending hours studying the instruction and then lying awake wondering if you did it right. third party image

Even bad boys are just as good as they can be

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RayP(MI)

04-15-2006 06:29:21

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

Also used TurboTax, and yes you"re right, a convoluted mess. Seems as though there"s always something that doesn"t work as planned, and you find yourself going back and redoing some section. HOWEVER, this is about the best program out there. I have yet to find another that does as well. Sent my taxes in last week, Hopefully everything is OK! Wife works in a town that has an income tax, and they got a fair chunk of change last year. This time, when I put in "nonresident" it said she had a fairly large refund..... we"ll see!

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Midwest redneck

04-15-2006 05:45:29

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

I hire it out to a local bookeeper guy who is very experienced at it. $120 for the service. I dont trust myself doing it, if I ever got audited by the thugs at the IRS I would want my tax guy sitting right next to me.

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streaker

04-15-2006 05:27:30

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Re: do you do your own taxes or pay someone? in reply to mjbrown, 04-15-2006 05:20:09

Hire it out! It's well worth it!

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K-Mo

04-15-2006 15:36:37

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Re: do you do your own taxes or pay someone? in reply to streaker, 04-15-2006 05:27:30

Just because you pay someone doesn't mean they know what they are doing and if they screw it up, it's your problem to straighten out. I know several people this has happened to. In one case the accountant screwed it up and then charged to fix his screw ups. A week or so ago on TV they reported about H&R Block instructing clients to not report income and take phony deductions.
The tax system should be simple enought that you don't need to pay to have it filed.
I use TURBOTAX. If something is wrong, at least I can find the question I answered wrong and fix it myself. I don't mind fixing my mistakes, but it really grips me to fix what some so called "paid professional" screwed up.

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brian 1

04-15-2006 19:47:21

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Re: do you do your own taxes or pay someone? in reply to K-Mo, 04-15-2006 15:36:37

Hvae done my own since the "accountant" messed me up one year- his "program" wasn't up to date and cost me. I use Tax Cut by Block.

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