Turbo tax vs auditor

Amazon
qa_amzn

Go to company page Amazon

qa_amzn
Dec 29, 2019 11 Comments

I have been doing tax filing with an auditor and he charges 100-200$/year. I am thinking of switching to turbo tax. Is this advisable ?

Note : No mortgage, no major stocks

If Turbo tax is better, which product should i go with ?

TIA

TC 150k
#taxes
#amazon

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TOP 11 Comments
  • Verizon
    XbVH67

    Go to company page Verizon

    XbVH67
    If you own nothing, then go ahead and do your own taxes. IF you've got anything in terms of investments or charitable donations then use a professional. Btw, $100 to $200 is very reasonable to pay a tax professional. My cost is $450, but when I get 10k+ back it's totally worth it.
    Dec 29, 2019 1
    • Atlassian / Eng
      Schnorlaxe

      Go to company page Atlassian Eng

      Schnorlaxe
      If you have regular stock investments , you need to understand basis, wash sale, etc because by the time you file taxes it is too late to make any difference - and these things aren't hard. If you need help figuring them out, the time to do it is BEFORE you make sales (where a good accountant or financial planner can be very helpful if the basic idea of marginal rates and the LTCG rates escape you.) Especially now that they report basis on the 1099 which has been going for like 9-10 years now

      If you have investment property or non-standard investments like trusts that report on a K1 that can be another matter, ditto if you are doing market (not ISO) options trading or margin stuff where you have offsetting costs that aren't reflected in basis.

      If you have normal cash donations or small non-cash donations an accountant soing your taxes dds zero value - the only help can be in advance. If you have substantial non-cash donations, that's different.
      Dec 29, 2019
  • Google
    GoogIer

    Go to company page Google

    GoogIer
    $100-200 is nothing for taxes done right
    Dec 29, 2019 0
  • If you are paying under $200 and are confident it is being done right, why hassle with doing it yourself.
    Dec 29, 2019 0
  • Apple
    egnaj

    Go to company page Apple

    egnaj
    I tried two different CPA in two years as well as turbotax to see how much I got back (had stock sales that year) and I’m on visa. It was pretty much similar for the second year and I noticed that the first year the CPA made a bunch of errors which I had to then address :/

    I feel using turbo tax is best IF you are ready to spend some time upfront learning about some shenanigans around filling. It also helps you better understand your financials and where you can save. Once you’ve made notes you rinse repeat every year. CPAs are less effort and can get you similar returns but you should absolutely cross check their filing before you can trust them.
    Dec 29, 2019 0
  • I would say if you're going at it on your own try H&R Block first. $100-200 per year isn't bad since going to a location they charge per form which adds up to about that price, but they do guarantee that if you get audited and a mistake was made on their part, they will pay for everything. Including any fees and penalties the mistake may have caused. Try the home version first and compare to your previous fillings. Hope this helps.
    Dec 29, 2019 1
    • Micro Focus / Product
      GWOz11

      Go to company page Micro Focus Product

      GWOz11
      Worst advice. H&R Block are thieves. If your taxes are that simple, either continue with who you have or do it yourself. I wouldn’t wish anyone on H&R Block.
      Dec 29, 2019