eFile vs TurboTax
I did a free trial but didn't give the ok to file them on either site. Which one did you do or which one would you recommend? I never did them online before. Maybe somebody can guide me on what to send and to where. If anyone is willing to take the time and help me, we can meet at the Hackettstown Library or Mount Olive Library. Thanks!!
Momof1 
turbotax is where I did my taxes. they filed it and everything's complete. only thing is, you have to pay for the state taxes, $29.95. I used turbotax last year too and everything worked out well.
leafer
Mommyof2 
AP I want to use TurboTax, however, it's my first time doing them online and I am not sure what W2 Statement Copies go where and to whom (I have Copy B, Copy 2, and Copy C). I also have 1099-G (unemployment). Please help!!!!!
Momof1, when you file on-line you don't need to mail/send anything. Your employer or employer's payroll company submits an electronic record of your W-2 to Federal and State tax departments. Just keep all of your paperwork in a file labled "2009 IncomeTax" in case anything is ever questioned down the road. FYI - you need to keep tax returns for a minimum of seven years. Hope I helped, don't panic :)
Calico696 
happy2bhere According to Code sec 6502(a) After making an assesment of taX, the IRS has 10 years in which to initiate collection proceedings. Code sec 6501 (c)(1)-(3):There is no limitation on the period for assesment in three cases: 1) false return 2) willful attempt to evade tax, and no return.
I don't know this off the top of my head, just going to school to be an accountant and taking Tax Accounting this semester :)
Jenn it will guide you step by step my way is start with all papers in one pile after you enter them put them in another pile at the end if you have any papers left that where not entered it will give you a list of all forms and you can select what paper you have left to enter
shoebie Shoebie, I know that but does it tell you to send anything to a certain place? I guess that's what I was trying to say.
Momof1 - If you file electronically, then there's nothing to send as Calico said. If you're going to print the forms and snail mail, then it will tell you where to send all of the forms. When it comes to the copies of the W2's - it totally does not matter. The labels on the W2's are more for the employer creating them than for you. The point for the employer is to give you enough copies to send to the places you need. In some places you need Federal, State, County, and City. But even if the W2 is marked "Federal" you can send that for your State form without an issue. Some employers will also only send you two copies of the W2 anyone - one you keep and the other you xerox as many times as needed.
PS. TurboTax definitely wins over eFile, but I think TaxAct wins over either of the others. I really like TaxAct because it has every kind of complication you could imagine, including Schedule C for sole props, Schedule K for partnerships, and it handles both S and C corps even if you have those. It keeps a running tally of your tax as you go up in the corner which is really nice to see how each thing affects the bottom line. Plus it easily switches back and form between a "wizard" like Q&A or the raw form and you just fill in the boxes.
Soooo, back to my question - when you're a sole proprietor is it best to hire an accountant or is Turbo Tax satisfactory? Thanks!
happy - I know I mentioned a few things, but I also did try to say that Tax Act in particular should do just fine. Turbo Tax does have extra cost for sole prop last I knew, but should also do fine. An accountant is good if you ever have to go through an audit, but otherwise I think things like house sales and capital gains are worse that a sole prop. I went through several years hiring people and came to the conclusion they didn't find any more deductions than a program. And as far as the basics, I already had the majority of the figures myself. As a partnership or S, or C Corp, I'd hire someone. (particularly C corp) But anything else I wouldn't spend the money.
Thank you, GC ~ I didn't quite catch it the first time around. I appreciate you taking the time to expound on it for me.
it should only take about 8 - 10 days.
turbo tax will give you a date to expect your refund in your account if you do direct deposit.
Just called the IRS to follow up on our return they said it could be 2 months before they cut us a check :(
Nosila That sucks, Nosila.
I had to paper file, like you, due to the 1st-time homebuyer tax credit, and it's been almost five weeks. Money situation is pretty bleak right now, so I look every day at the "Where's My Refund" section of the IRS site to see if they show a status of my refund, which they never do.
Rich Rich, We are in the same boat. So again today I went onlint to "Where's my refund" and it didn't come up so I decided to call and thats when they told me its going to be that long :(
Rich & Nosila - we have been calling too! We filed about 5 weeks ago! I was told today I should see something in march! UGH....i am so used to efile and having it in like 8 days! I have my state back already!
Nosila and Mommyof2, the IRS's "Where's My Refund" has finally given me some information, although it doesn't make me thriiled. Here's what it said today:
"We have received your tax return and it is being processed. Unless we find mistakes or you owe other taxes, you should receive your refund by March 30, 2010."
Rich, How did you do that? I went to my accountant in Jan and they said they couldnt file until the first time home buyer credit form came out which was end of the first week in feb. My accountant better not have made that up LOL
Rich - mine says the same thing about March 30th and I mailed my out on January 21st. My husband sent it over night with signature required. Can you believe they didn't pick it up until Feb 3rd
Happy,
Hiring a professional is a personal decision; only you can decide. Some questions to ask yourself:
1. Do you value your business?
2. Do you mind if you make a mistake and have to pay penalties and risk an IRS audit?
3. Do you trust others to interpret the tax laws?
4. Do you believe that tax preparation means that a person mindlessly does data entry in a software program?
5. If you do hire a tax professional, what kind of person would you like to hire? In levels of education, there bookkeepers, Enrolled Agents, Certified Public Accountants and Attorneys. CPAs and Attorneys have the most education.
Hope that helps.
Grr i am getting so annoyed with the IRS....it said yesterday i would have refund would be deposited by March 30th and now it is April 13th! WTF
Mine still says March 30th. I'm crossing my fingers - money situation is a bit bleak at the moment.
Rich - do you know of phone number where i can speak to someone since the one i have wont give me a live person
Rich or Nosila - do you know of a number i can call to speak to someone live instead of that stupid voice automated crap! It won't give me a live person!
I really need this money to come in LIKE now! We need to put a fence up so i can let the little wild twins of mine run around the backyard since the backyard is fenced for the pool but we want to seperate the pool from the yard so the kids can't get to it!
They used to have the phone number posted but they took it off
Mommyof2- A couple weeks ago you posted you weren't getting your refund until on or before March 30 you have another two weeks.....then I would call.
We need a new roof and to get rid of these gross gold appliances
I finally spoke to a live person! Was told most individuals filing the first time home buyers credit are being flagged because of all the fraud that is going on! The rep told me that my return is fine it is just taking longer because of that fraud problem and overwhelming amount of people filing for it and that i should not have anymore delays and might get my check sooner than April 13th! He also told me that I could have done an amended return last year after we closed and got the money sooner since not as many people were filing in october GRRRRRRR! Let me tell you all the crap they asked to make sure i was really who i said!
ha ha I just re-read your post the original one. I thought you were saying like yesterday was April 13th ha ha which I was wrong with that date anyway. Though you were saying its past March 13th and it was two weeks late. See what being out of work does to you I don't even know the date. I need to get back to work!!!!
Yeah, they were flagged thats why we all had to paper. I was told about amending too but I was also told that since we closed in mid oct if we did amended return and it didnt get completed by Jan when all the new tax returns came in it could be put to the bottom of the list because once the current years start coming in they always go to the bottom. So you never know what is the best way. Mine also says April 13th and I sent mine in two weeks after you.
Mine still says March 30th, but I just got a letter in the mail today stating that they need me to send them a copy of my closing statement (hud-1), which I already sent them when I filed. The letter says I will get my refund 6-8 weeks AFTER they get this form back to them. :(
To top it off, the letter states, "The delay resulting from this request may have been avoided if you had electronically filed your tax return"! I'm sure it says that on every letter, but considering they would not allow us to electronically file if applying for the first-time homebuyer thing, it struck me as silly.
So I guess my bill collectors and I will be waiting a while. :(
I owe the gov. so I'm not waiting for a refund rather dreading the date that I have to send them money :/
AWW, man that really sucks. I hope I don't get a letter like that. I think I sent every thing in so hope they don't loose anything. Sorry this happened to you and who knows maybe you will still get your check on the 30th.
nosila and rich you might want to check again it changed for me! i get my money tomorrow
Finally got my refund today! Only took them three-and-a-half months (and once I pay back everyone I borrowed money from, the refund will be spent anyway, LOL)
Oh well. :)
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