Tax Refund!

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Feb 2, 2011 | 07:21 PM

#41

Notgrownup

Seasoned HDF Member

Joined: Mar 2009

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From: Snow Hill, NC

I just did mine with Turbo tax, took 20 minutes...Did this for the past 5 years and my refund is usually in the bank i 1 week...

Feb 2, 2011 | 08:33 PM

#42

fiveliter

Cruiser

Joined: Sep 2010

Posts: 226

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My return was much less this year than past years. Same rate of pay, same withholding, same deductions. Anyone else experience this? Obamanomics at work here?

Last edited by fiveliter; Feb 2, 2011 at 08:39 PM.

Feb 2, 2011 | 08:50 PM

#43

PPBART

Elite HDF Member

Joined: Mar 2008

Posts: 3,906

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From: SE Louisiana

Quote:

Originally Posted by Notgrownup

I just did mine with Turbo tax, took 20 minutes...Did this for the past 5 years and my refund is usually in the bank i 1 week...

Not trying to start a squabble, but ...

I'm working for a major tax-prep chain this tax season (winter diversion) and one of the best (as in, most popular) deals we offer is a free review of past years' returns to see if we can get more money back for the taxpayer. If we cannot improve the return, there's no cost; if we can, it's still less than ~$30. I've lost count of the number of folks who originally did their own returns and who walk out of our office with a big smile(!)

Just like in selecting a wrench to work on your bike, experience and training are important in choosing someone to do your tax return -- and most people really don't have much if any...

Feb 2, 2011 | 09:03 PM

#44

fiveliter

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Joined: Sep 2010

Posts: 226

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Quote:

Originally Posted by PPBART

Some people have the skills and experience to work on their own taxes/bike. Some people have no business working on their own taxes/bike and should go to a trained professional.

Feb 3, 2011 | 06:20 AM

#45

Notgrownup

Seasoned HDF Member

Joined: Mar 2009

Posts: 24,728

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From: Snow Hill, NC

I used a "Tax Professional" the 1st & 2nd year i got my house (about 10 years ago) and after that i just bought Turbo tax and compared the 2 and got virtually the same amount. I looked at what he did and looked at what i had and the deductions were the same. I don't cheat, i keep my receipts and donations ...A girl that works with me worked for a (major tax return co.) she was telling me all kinds of ways to get more but i didn't qualify....I am getting back around $4000.00 ...Not gonna sit here and trash talk these folks but some push the enveloppe to the very limit. I ain't gonna get caught with my pants down.
It really ain't that complicated...My secretay was gonna pay somebody to do her simple returns $150...what a rip off...you can file for free. Just compare it to previous year return and make sure you ain missed anything.

Feb 3, 2011 | 06:35 AM

#46

Notgrownup

Seasoned HDF Member

Joined: Mar 2009

Posts: 24,728

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From: Snow Hill, NC

We have a Christmas club at work . They put money collected during the year ($40/month) for me and at the end of the year the interest is about $.75 so on $4000 that would be a whopping $6...**** that won't barely pay the damn gas to go get Chrome...

Feb 3, 2011 | 07:52 AM

#47

PPBART

Elite HDF Member

Joined: Mar 2008

Posts: 3,906

Likes: 145

From: SE Louisiana

Quote:

Originally Posted by Notgrownup

I used a "Tax Professional" the 1st & 2nd year i got my house (about 10 years ago) and after that i just bought Turbo tax...

Not gonna sit here and trash talk these folks but some push the enveloppe to the very limit. I ain't gonna get caught with my pants down...

It really ain't that complicated... Just compare it to previous year return and make sure you ain missed anything.

I've used TurboTax in past years and if I were not working where I am this season I would be using it this year; it is probably the best DIY program out there, at least for federal returns. State tax codes vary widely, so that's not such a sure statement; lots of folks seem to assume the state taxes are not a significant issue, and so they wind up overpaying and/or missing out on major refundable credits.

There are some tax preparers out there that do indeed "push the enveloppe" -- and at least one of the national chains is in trouble with the IRS right now over alleged fraudulent returns. The IRS has already tightened the rules a lot for paid tax preparers, and has announced that more restrictions are coming. No one should use any tax preparer who does not at least guarantee in writing the accuracy of the return (based on info provided by taxpayer) and to pay any penalty or interest the IRS or state levies due to error by the preparer.

Comparing this year's return to last year's is always a good idea -- but be careful to consider all the changes that occur in the tax code. Just one example that has surprised some of our clients this year: for 2009, the first $2400 of unemployment compensation was not taxable; for 2010, every $ is now taxable. Just looking back at one's 2009 return might lead you to assume that you don't have to report that $2000 of unemployment compensation you got in 2010.

Feb 3, 2011 | 07:54 AM

#48

babalu

Outstanding HDF Member

Joined: Mar 2010

Posts: 2,202

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From: Hudson Valley, NY

i got about 7.5 K coming my way and every cent is going to pay off my credit cards, a trip to miami, and some medical bills.

but i'll be debt free minus my mortgage and i can sleep at night.

oh and i do my own returns, each you i would go to one of the storefronts and see what they would get me but not file with them, then do it on my own, each time i got literally THOUSANDS more doing it on my own.