Doing your taxes

[nohopspanther]

Well, I do taxes and when I had a customer come in with 3 years of back taxes to file, I charged $200 per year since everything has to be paper filed and I have to go back to previous years of software. I would say you paid a normal amount for services rendered.

[RyDogg66]

Well, I do taxes and when I had a customer come in with 3 years of back taxes to file, I charged $200 per year since everything has to be paper filed and I have to go back to previous years of software. I would say you paid a normal amount for services rendered.

Just to clarify, my 2005 taxes were already done, but from talking with my accountant he mentioned if I had taken those deductions. I told him I did not. I brought him my completed and filed 2005 return and he did a 1040x and filed it. But if that is the going rate, so be it. Thanks for the input.

[nohopspanther]

Even if your 2005 were done, he has to recreate them within the document in order to do your ammendment.

[pitchleague]

this is probably off-topic, but can someone explain to me how you are filing taxes from 2005 now in 2009? Please remember that I'm a normal Joe that just does his taxes every year and moves on.

 

And how does relate to professional athletes/actors/famous people that are charge with owing XXX-dollars in back-taxes? I just don't get this. Thanks!

[JJHardy7]

How much should I have expected to pay for my accountant to review and amend my 2005 return. All he did was add the child tax credit and/or earned income credit. He charged me over $200. That seems a bit much, but what do I know, right?

 

You are an attorney, right? They bill on an hourly rate (similar to lawyers). I'd guess it would take 1 hour or 1.5 hours to amend the return, copy, process, etc. I'd find out what their hourly rate is in order to determine if it was needed. Did you file the return? Or did a different firm? I'm also going to guess the credit/refund/lower tax on the amended return was much more than the fee.

[craigharmann]

More reason for me to dislike the state of Wisconsin. I lived in the state for 1 month at the beginning of last year, then moved to Texas. I had a refund of $119. But to get it, I had to answer all these questions about not living in Wisconsin, not claiming an address in Wisconsin, blah, blah, blah. Because of that, I couldn't e-file my return. So I most definitely won't see my money until July or so! I'm glad Texas doesn't have state income tax.

[JJHardy7]

More reason for me to dislike the state of Wisconsin. I lived in the state for 1 month at the beginning of last year, then moved to Texas. I had a refund of $119. But to get it, I had to answer all these questions about not living in Wisconsin, not claiming an address in Wisconsin, blah, blah, blah. Because of that, I couldn't e-file my return. So I most definitely won't see my money until July or so! I'm glad Texas doesn't have state income tax.

 

It's not a Wisconsin thing. The questions are to determine your domicile. I believe most states have similar forms/questions. When did you file? I've filed these in the past and clients have received refunds within a month. The longer you wait until the due date the more likely it will take about two months.

[craigharmann]

I sent in my tax returns yesterday. I just assumed that with most states having no money, that I may or may not see the money anytime soon. Still, much happier to be in Texas and not having to file state taxes.

[hawing]

My Wisconsin tax refund was direct deposited on April 3 (7-10 days after I e-filed), so while I cannot speak for all states, I don't think Wisconsin's straits are so dire that they are unable to issue refunds.

[JJHardy7]

I sent in my tax returns yesterday. I just assumed that with most states having no money, that I may or may not see the money anytime soon. Still, much happier to be in Texas and not having to file state taxes.

 

Your refund won't be changed the economy. There are people that do owe taxes and have to pay in by the 15th. The reason you have to fill out all those questions is for the state to determine whether you will owe in the future and at what level you should owe in the current year. I'm assuming you moved and now work in Texas so it has no impact on you. It has an impact when a person lives in a state without income taxes and works in a state with income taxes for a portion of the year.

 

You may not have income tax, but the sales tax in Texas is pretty high...as it is in Tennessee where I live (also no personal income tax). It's nice on a pay check, but man does it hurt on bigger purchases.

[TracyThom]

It's getting to be that time of year. I am leaning towards trying Taxactonline.com this time after using Turbo Tax for the past 6 years. I'm wondering if anyone tried Tax Act Online last year after reading this thread. Thanks.

[mothershipconnection]

I've used TaxAct, and it was pretty good for my purposes. However, I just own a single home and have a single source of income (ie one employer with no investment income) and no kids or other substantial deductions. So I don't know how it'll be with complicated situations.

[fondybrewfan]

I have a basic tax questions for anyone that has some experience.

 

I bought a house in 2009 and set up a real estate tax escrow. So obvioulsy I paid out the funds in 2009. The bank cut the check to my county treasurer but mailed the check to me. i didn't get around to mailing it to the treasurer until 2010. I should still be able to deduct the real estate taxes in 2009 right? I mean I did technically pay them in 2009 (Through my monthly escrow)

[whizkid]

Putting the money in monthly escrow is just a savings account set up for you. Nothing was paid to the county treasurer. You didn't pay the taxes until you mailed the check.

 

If a portion of your monthly mortgage payment goes into an escrow account, and periodically the lender pays your real estate taxes out of the account to the local government, do not deduct the amount paid into the escrow account. Only deduct the amount actually paid out of the escrow account during the year to the taxing authority.

 

IRS

[fondybrewfan]

Well that sucks.

 

Atleast I will be able to deduct both 2009 and 2010 next year so long as I pay 2010 in December

[pitchleague]

are there any benefits to filing as "married filing seperately" as opposed to "married filing jointly?"

 

I have been filing "married filing jointly" every year I've been married and haven't seen if there are advantages/disadvantages of doing this over "seperately."

 

I've just been curious about this.

[JJHardy7]

http://www.360financialli...me+tax+filing+status.htm

[wallus]

Well that sucks.

 

Atleast I will be able to deduct both 2009 and 2010 next year so long as I pay 2010 in December

I am in a similar situation... darnit.

[whizkid]

are there any benefits to filing as "married filing seperately" as opposed to "married filing jointly?"

 

Wisconsin and Arizona are among the community property states. Almost always you pay less tax filing jointly but especially in community property states because you have to divide income equally when filing separately, not according to how much each made. If you use software to prepare your taxes, see if it has an option to do a comparison between the two filing statuses.

[BrewerAddiction]

I've historically done our taxes on my own, afterall I am a CPA (albeit not the tax kind) and should be able to handle most of it. But our tax situation became a little more complicated this past year with the sale of our house, temporary rental of our home, purchase of a home, selling of investments, etc. that I want to be sure we get it right and everything we're entitled to. Anybody go to the H&R Blocks, Jackson Hewitts of the world? How much would I expect to pay for both my federal and state return?

[Blancofan1]

BrewerAddiction--When I used to work for Jackson Hewitt, we charged a flat fee of I believe it was 75 bucks and on top of that a percentage of what your tax refund was. The lower the dollar amount of the refund, the higher percentage we got. I would really suggest trying an online service first, just to see what it spits out for you. Most online ones are totally free to go through the whole questionaire until you actually get to actually efiling. I think you may be surprised with how in depth they get and since you are CPA I'm certain you would have no issues understanding most of the lingo.

[Outlander]

I would stay away from any firm that bases its fee on the percentage of the tax refund as it is highly unethical.

[TracyThom]

I ending up using TaxAct this year. A few of the questions wording was a little confusing, but other than that it was just as easy as Turbo Tax, and cost me about 1/3rd as much.

[temke]

i used taxact for the federal this year. fairly easy. it came up with the same number i came up with on my own, and i got a federal refund in about a week with their free e-file.

[Blancofan1]

I would stay away from any firm that bases its fee on the percentage of the tax refund as it is highly unethical.

Not only was it unethical but it was a downright ripoff for some "clients". Add on the ones that wanted a refund anticipation loan--a whole seperate bad idea--and there were people who were giving up over 50% of their refunds to have their taxes prepared.

 

disclaimer--It has been over 5 years since I worked for Jackson Hewitt so I don't know if they still charge the same percent based fees or not. They may have totally changed their system. I'm just sharing what my experience was working there, and trying to shed some light on how much someone could lose out by not at least attempting to do their taxes on their own or shopping around for the best service.