Tax Prep: TurboTax vs. Tax Attorney vs. H&R Block vs. ???
I'm trying to decide which is the better way to go as far as doing my taxes, and I'm undecided.
Here's the situation: Family income of $250k (I've been working as a contractor in AFG, but not out of the US enough to claim the exemption), married w/ 1 kid born this year, bought a house this fall, and have some large student loan debts. No other real deductions / complications.
Does this warrant going to a pro, or should I just do it myself using TurboTax? I've done it in years past myself, and it's not terribly complicated. My concern is that a simple mistake could make the $200 or so spent with a tax pro pretty cheap.
Thoughts?
I am a CPA. I use Turbo Tax. It's easy and cheap. Besides, anything you could have done to lower your taxes ended at the end of last year.
I would check out TaxAct. It's free and if there is something they don't ask you about then you can always try something else and you're not out any money.
Originally Posted By AR-TRVLR:
I'm trying to decide which is the better way to go as far as doing my taxes, and I'm undecided.
Here's the situation: Family income of $250k (I've been working as a contractor in AFG, but not out of the US enough to claim the exemption), married w/ 1 kid born this year, bought a house this fall, and have some large student loan debts. No other real deductions / complications.
Does this warrant going to a pro, or should I just do it myself using TurboTax? I've done it in years past myself, and it's not terribly complicated. My concern is that a simple mistake could make the $200 or so spent with a tax pro pretty cheap.
Thoughts?
How many days out of country in 2011? Are you still out of country? Part of your income earned overseas may still be excludable under the foreign earned income exclusion. There is an allocation for work spread over two tax years. You can easily handle this on TurboTax. This year TT is offering free tax advice, given by CPAs/EAs/JDs. Can't beat it.
Originally Posted By castiel:
I would check out TaxAct. It's free and if there is something they don't ask you about then you can always try something else and you're not out any money.
this.
been using tax act for years.
free for federal filing, any form not just the ez that turbo tax does.
and you can try it multiple ways to see what works best for you.
as long as you can fill out a form, this works.
Can't help with which program to use, but if you're still planning on making 1099 income for this year, check out socnet.com and/or lightfighter.
There's a guy on there who does most of the contractors' taxes; if memory serves, he's in CA. Apparently he's the 'go to' dude....
You want to make sure you're getting all of your deductions....
ETA ––- found his info:
http://feraljundi.com/taxes-for-contractors/
Luke M. Fairfield
Certified Public Accountant
Luke@FairfieldCPAs.com
Originally Posted By ricky_45:
How many days out of country in 2011? Are you still out of country? Part of your income earned overseas may still be excludable under the foreign earned income exclusion. There is an allocation for work spread over two tax years.
I checked with a tax attorney, and per his research, to claim the tax exclusion you have to be out of the country for 330 days out of a running 365-day period. I've been home far more than that....
I'm also a regular employee working on a government contract, not 1099 contractor.
Thanks for all the advice - it looks like TurboTax is the way to go, especially since I've got a decent internet connection, and some free time with nothing better to do for the next month while I'm here.
