Do you do your own taxes or use an accountant?

[Cynthetiq]

Do you do your own taxes? Do you use an accountant? It's that time of the year again. We try each year to get as early an appointment as we can with the accountant.

Each year, we plan on saving the refund we get. Many financial types tell us "you're letting Uncle Sam use that money instead of you saving and getting the interest." Well that's true, but we also don't risk that we'll pay more taxes because we have the most withheld from our employers. Single 0 dependents across the board.

I've used an accountant ever since I had more than just a W-2 knowing that a 1099 afforded me to keep receipts and take more deductions than just the standard. But even when I took income in from just one job, I still used an accountant. I would do them myself and compare what the accountant was able to claim, and my refund was always more than what it cost to pay for the the accountant's services.

This year because of the layoff and severance package, we were hit with having to file AMT. It sucked in some ways, but in others, it's all good. If I'm making more money, I should be paying more taxes. Overall, I still came out ahead from last year with plenty of savings.

So do you do your own taxes? Do you itemize your deductions or take the standard deductions (Single or married filing separately—$5,350, Married filing jointly—$10,700, Head of household—$7,850)? Why?

Do you see an accountant? Why?

[TotalMILF]

This year I decided to try out H&R Block.

Bitch got me a $4700 refund.

I will never do my own taxes again.

[Fotzlid]

I have someone do them. Many of the deductions he gets I wouldn't have a clue about. Its worth it in the long run.

[genuinegirly]

My parents convinced me to have someone else do my taxes one year. Thankfully they paid for it. Waste of money. Got less of a refund than previous years when I've done it myself. Really, my taxes are so not-complex at this point in my life there's no point in hiring it out.

[Ustwo]

Now that I have my own corporation, employees, a ton of depreciation, and have to file quarterly, you bet your butt I've got an accountant.

I also believe in being aggressive, I'd rather they deny a deduction than miss one, its my money after all.

[spindles]

getting an accountant to do your tax is a tax deduction in Australia - why wouldn't you do it?

[Charlatan]

Over the past several years I have done my own taxes using Quick Tax.

This year, because of my status as a non-resident of Canada, I am using an accountant.

[dogzilla]

I use a tax program and itemize deductions. My taxes are pretty simple though, with only a couple big deductions and no tricky investments. I could do them by hand, but I'm lazy.

[Xazy]

I used to use a tax program and do it myself since I thought heck these things are pretty simple. I decided one year to know this great local accountant I know give it a whirl, and he came up with very unique ways to claim different things as deductions and my check came back double (I know cause I tried it on my friends tax program at the same time to see if it was worth paying $250 for my taxes and it was worth it). Since then I have learned a ton of different loop holes and methods on getting the most of my money back. Needless to say I am a huge fan of a "good" accountant who will do it right.

[mixedmedia]

The past three years I have used an online service to do my taxes and it's been great. They prompt me to claim deductions that I would never have found on my own (increasing my refund by a great deal!) and it costs $7.95. I can sign my forms online with a PIN so there are no forms to send in and the refund is direct-deposited into my bank account. Easy peasy.

[Plan9]

I think life circumstances kinda dictate what you use.

I'm single, have only one major investment (roth-type), and my income currently comes from Uncle Sam.

I use online methods like FreeTaxUSA for federal filing. It's, you-guessed-it, free!

(I don't know if that counts as a site plug... they don't charge anything.)

[Kadath]

I do ours because our situation is easy; my most complicated thing was interest from a savings bond, and it wasn't complicated. Once we have a house and kids, though, I expect to need help. Last year I went through and claimed a lot of unreimbursed business expenses and ended up doing slightly better than the standard deduction, but being married means there's no way I'm going to come up with 10 grand in deductions and the standard deduction is better.

[Lasereth]

I have a pretty simple situation right now so I use TurboTax. Got done in about 20 minutes. EZ Mode.

I will say that in the past an accountant has done my taxes and I've been told that I didn't get a big enough refund as I was supposed to every year so I'm sorta soured on that experience.

[Push-Pull]

Meh, let the accountant do the paperwork. Besides, he knows what to look for, I don't......

[Tully Mars]

Not in the last 20 0r so years. always worked full time and had a small business on the side. Too busy to figure it all out. This last year I spent half the year in the US and half outside. Yet all my income comes from the US. Not even sure where to begin how to file that, let the tax guru figure it all out.

[highthief]

Wife's an accountant, so she does 'em.

[StellaLuna]

I file my own and used H&R Block online this year. My situation is pretty simple this year (yay) so I took care of it myself, no need to itemize.

[tooth]

Married filing jointly, homeowner, three kids, take the standard deduction.

I'm cheap, I do my own. The few times we have taken ours some place, I've felt it was money down the drain.

I can follow step-by-step instructions and answer my own questions about my financial situation. That's all the folks at H&R Block do.

[LoganSnake]

We use an accountant. She got me a $1300 refund last year.

[sapiens]

I have a tax lawyer in the family. He handles my taxes.

[kurty[B]]

Depends on the situation. Working overseas, I have an accountant who helps me with my taxes. This year, having working stateside all year and having relatively simple income and forms to fill out I will do them myself. Next year, when my house is hopefully done, and I've been working overseas again I will have an accountant do them. After that we'll see.

I did a few years filing the maximum number I could on my W-2, and while I'm technically able to "save" that money, I found that I base the percentage on what I save on my total earnings anyway (not after tax), and was not saving as much. I'll stick with limiting my means, because the government takes more out of my check, and then saving even more when I get a large tax return.

[World's King]

My mother is an accountant...



So...

[snowy]

I have done them myself and used an accountant. I'm just a student, so there isn't much nuance to doing my taxes, beyond making sure I cross my ts and dot my is where my savings and student loan payments are concerned. When I have used an accountant in the past it was simply because that was what my dad did, and as his dependent, the accountant would do my taxes too as part of my dad's taxes. Kind of nice.

Now we just buy TurboTax and do it ourselves. I think when it gets more complicated, though, we'll go back to using an accountant. I think that is several years into the future, though.

[levite]

I always use an accountant, even now, in grad school, when I basically have nothing to report, and can expect nearly nothing back. Why? Because I am so abysmally, horrifically, legendarily bad at math that if I tried to do any of it myself, I would end up going into bankruptcy as the IRS decided I was personally responsible for funding naval operations in the Persian Gulf...

[jewels]

I do my own. I've done them since the mid 80s when I worked for an accounting firm. I was taught to do basic returns out of necessity and became familiar with rental properties and different types of businesses, partnerships and deductions. While I wa still with the CPAs, I had set up my ex's business (sole proprietorship - lots of deductions and depreciation), did the books and all tax work, so had always been comfortable doing our returns.

I've used e-filing since it became available and still use it. I'm Head of Household and pay very little into the system, but I still fly high with a nice whopping check in a coupla weeks.

Since I intend to purchase a house this summer, I'm going to use the refund to pay off the one card and keep the rest in the bank, but liquid, to keep me away from the credit card.

Personally, I think just about anyone should be doing their own. As long as you're aware of what can be deducted and what credits you might be entitled to, these programs are set up to ask you questions related to anything that might be to your benefit. Once you answer them, it's done. I think the tax programs are great, and there are a couple that are totally free.

[BadNick]

Last few years I've used TaxCut. A few years prior to that I used TurboTax. I'd say they are pretty much the same. My taxes are also relatively simple, only home mortgage interest, deductions for kids, some basic simple stuff.

Any of you who might be more informed about these DIY tax software packages and tax laws ...do any of you think that there could be any difference at all between using an accountant or using the software?

I just don't see how there could be any difference since the software presents you with all possible options within the tax law for you to enter a claim, or not. So what can an accountant tell you that the software doesn't?

[StanT]

I also use Taxcut. My taxes are fairly straightforward, I really don't see that an accountant would save me more than they charged.

[Gh0s7]

Though I am pretty young, I have someone do my taxes. Iv messed up on them before. As embarassing as I am to admit it, I will admit that I have no clue about anything in the game of taxes. I am now inspired to Wikipedia taxes and learn what I can.

[blahblah454]

I do my own through one of those tax computer programs. quicktax I think it is called.

[KellyC]

I have absolutely no clue about tax and how it works. My sister takes my file to the accountant, I get some money in a few weeks. That's all I know.

[m0rpheus]

My dad was an accountant for 30 years before he retires. I know how to do them, but he does them for me and usually gets me a better refund than I would.

[abaya]

Oh, let's see... just married, filing taxes with two incomes in two countries (yes, we have to pay in both Iceland and the US), one spouse being an American and Icelandic citizen, the other being only a Lebanese citizen but resident of Iceland and past resident of the US... yeah, we use an accountant.

[Lucifer]

I do them myself with the Ufile tax program and file over the internet, my refund gets direct deposited. Super easy and fast! My taxes are pretty straightforward with just work, school and an RRSP, so i don't feel i'd be justified in getting an accountant to do it when I can do it myself. Besides, I cleaned up last year with a 7K refund!!