feedback please received cold call selling refinance and with news of available rates I did some shopping and for the same amount monthly outlay I can come up w/ $25,000 to put toward my home remodel while paying off the loan by the same year
My scenario is I have not filed for yrs 2000 and 2001 for which the lender needs my tax returns ( am self employed ) and I would like to file in the most expedient and least expensive way possible. Might note that I have filed estimateds to the letter and in the last ten yrs have overpaid maybe six times and been short four times – when the economy was chugging along it often paid to be short; the investments appreciated more than the penalties and interest collected by the IRS. I could be ahead a couple hundred or in arrears a couple hundred.
Our modus operandi the last nine yrs or so has been to go to the same gal at HRBlock ( Money mag had an article that far back where they had 50 different people file returns and ten of the top twenty were HRBlock people ) who happens to teach their staff and others the latest tax information. Even though we seem to run the gamut of their and IRS forms therefore assuming their highest billing rate there is nothing very involved about our tax return. So rather than pay their rate of $400 – $500 for each year 2000 & 2001 ( and really 2002 ) I’m hoping you all will concur that I should get Turbotax premier home & business for each year and go to it. Just got back from ebay where it looks like I can pick up the discs ( discs is correct? ) What do you think? Salud John
Replies
Been using Turbo Tax since '93 or so. (first copy was boot leg from a buddy that worked at a Big 8 firm and was a CPA.) A couple of years ago did TurboTax and HRBlock at the request of DW. There was maybe a $50 difference is amount due and it cost me $100 at HRB vs $40 for TT. Felt like I was paying the HRB guy for typing in the info I gave him. He did not have any insights that TT didn't offer. Iwas not doing any sophisticated depreciation or anything but I don't this guy could have handled it if I were. Go with TurboTax.
Sounds like you didn't file when you should have? if that's the case,
I was self employed lots of years and never filed taxes. (admonishments welcome). The federal people requested I do so as part of proceedings....
So I went to IRS and explained to them I had never filed, etc. etc. I really had nothing to lose at that point. AND, while I was waiting, they helped me straighten the whole situation out. People can bitch about the IRS but I am ignorant on taxes and they helped me greatly. You may not like the taxes, but those people are there to collect them - not spend them.
Anyway they filled all the back forms out for me, including the self-employed schedules which were very confusing to me. And didn't report it, etc. etc. So maybe they can help.
remodeler
There is not magic in Turbo Tax or Tax Cut (which I like) other than what you can do with the IRS forum, instructions, and a pencil. Now they do carry the data from one form to another and do a lot of the backround calculations which do speed things up and like reduce errors.
And they go through the same "20 questions" that the tax prepare goes through.
But you still need to understand how the "system works". For example the difference between section 179 expensing and dpreciation. What is listed property where it applies. If you have rental property how to figure the cost basis of the structure separately from the land for depreciation.
With the price that you quote you don't have a simple return, but I don't have any idea of how much complications that you have.
Now I am also self-employeed and have done mine for years. But several times when I was unsure or circumstances have changed I have visited with a CPA before/after tax season and discussed the pro's and con's of different options and to research the tax code and rulings.
But while the software does have it's advantages it can also be madening. One year I change car's in the middle of the year. It took me lots of work to get the info on both cars to carry through properly.
And I have office in the home. There is one depreciation for that fraction of the total home and a different depreciation, which a different rate for office improvements. I have to hand calculate that each year and over ride what the tax program puts in automatically.
BTW, there are low doc, no doc loans that don't require verification of income, but they do have a slightly higher interest rate.
My first thought was to tell the "cold calling" finance company to stick it. To do business with cold calling companies only invites more of the same.
The second thought was that you need a CPA (and maybe a lawyer) to straighten out the tax stuff. Not free advice on the internet.
Where there is an open mind, there will always be a frontier [Charles Kettering]
I appreciate your replys Boss Hog my sentiments exactly on cold call but having read of all time low rates I turned the call around & asked him what was the best rate he could offer and then called my credit union who beat his package and presented me w/ a no brainer. Ya Bill H. you give them the data runs through their HRBlock version of Turbo tax and your given a bill exceeding the price of a hitachi framing gun w/ compressor. We no longewr have a rental nor land partnership so there is nothing too demanding concerning our filing. I now have premier home & business version for 2002 - still in need of same issues of 2000 & 2001. Have called all used book stores in area to no avail but HAVE seen them for sale on ebay. Would like to come up w/ them sooner than I might from ebay - anyone have any ideas or same for sale? Thanks John
I know that TC has the back version for sale on their web site. I am guessing that TT does also.
Don't forget to download the updates.
Also you probably don't need premier home & business version.
I have not followed the details of the TT versions. But for TC they have a business version has the corp and partnership returns. For the 1040 returns they have 3 versions, which all have the same forms and instructions. The first upgrade includes the "free" state and also a CD with many IRS pubs and some vedio coaching. I forgot what was in the 3rd version, but it included head of the line tech support and things of that type.
Check the TT web pages for the comparison of the different version. They might be at http://www.turbotax.com or wwww.intuit.com