Pages: 1
Posted by: 95wolv
I have been using Turbo Tax Deluxe for several years now, for 29.95, you can't beat it. I go with Deluxe over Basic, because the Deluxe does all the work for you, no need to keep a calculator and lots of paper and pencils around. You just need your W2, 1098's, bank or investment returns ( all sent to you for tax time by these businesses) and boot it up. It asks you questions, you enter either numbers or answers, it keeps a running total to show refund/payment, and you are done in 1-2 hrs, depending on your deductions and income sources. You then buy or download State software, do your state returns, then e file them, Turbo Tax checks for math or deduction errors, tells you if anything needs fixing, ( it is guaranteed,any IRS problems,they stand behind you) and then you wait a day or so to get filing numbers and verification from the main office, then it goes off to the IRS, you select whether you want a check or direct deposite to your bank account, and you are done. You mail in some rebate forms to get you money back you paid to efile the federal, and to get your money back on the State software (some comes free with Turbo tax, others require buying,then getting a refund). After all checks have come in, you can delete the software, but it leaves files behind, so next year, the new Turbo Tax can see all the numbers from last year, and makes the next year taxes even quicker, plus you can print out all the standard forms for your records, or save to disk ( I do both for security), and all this for a fraction of H&R or other companies charge, (besides, they are probably using Turbo Tax to do your taxes !!!) on top of this, you can do other peoples returns, just don't get the filing refund for the extra forms. Sorry for the long one, but just wanted to give as much info as possible.Turbo Tax is a great way for 99 percent of the population to do taxes without the hassle of letting some stranger look over your income and tax records and tell you how to spend or make money.
Posted by: DennisC
I was wandering if anyone could give me some more advice on buying a program like Turbo Tax. I hate paying H&R Block $160 plus. I've called around to get prices and no one will give you a quote, they all say they don't know for sure but they will tell you before they file them. Like I'm going to go in and wait for 30 minutes then go through the hassle of having someone do them then say no I think thats to much! I should just have 2- W-2's, but I've got to pay tax on around $3000.00 my wife made on the side. I've got around $1000.00 in expenses I need to claim against it. I've got over $10,000.00 in deductions so I know I will be going long form. So would this be easy to do, I bought tax software and used it about 10yrs ago and it worked fine, but I was able to go short form and there was nothing to it. Finally the last question, does it show you how to electronically file your taxes. I have no clue where or how to electronically file them. Thanks DennisC
Posted by: ShadyRascal
If you're getting a tax return the best thing you can do is stick it in a mutual fund or some other long-term savings plan. Money is too hard to put aside, and when you have a chunk like that, sure it's easy to spend on fun stuff but so few people in this country save anything it's pathetic.
Let's say you're 20 years old, and you have $500 coming back. You can buy a 4 stroke pipe and it's gone. If you invest it, with an average return doubling it every 7 years, by the time you're 62 that old pipe magically turned into $32,000. Which is worth more to you?
I'm about to turn 44 and have saved quite a bit but could have a lot more if I'd have listened to this kind of advice when I was "young". And believe me, you blink your eyes and you're 40. Another blink and you're 60. Why not make small sacrifices now and still have your fun, but be comfortable and financially independent too. It's nice not to have to be in debt to the Man for your whole life.
Sorry, lecture over. img src="i/expressions/face-icon-small-wink.gif" border="0">
Posted by: ShadyRascal
LOL i have a few of those too....
Posted by: ShadyRascal
I'm not really supposed to talk about that stuff on here without being an advertiser. Remember, living life to it's fullest will also include being able to buy real good cigars when you're older too.
Posted by: ShadyRascal
Quote
Originally posted by: OverRaTeD
I am only refering to Federal Withholding tax in my above statements. Social Security is set up as a pay money in now and later get money out system. They more you pay into social security the more you will receive when you retire. Everyone's pay is taxed the same for social security and medicare, and there is no getting out of paying it for the most part, with some exceptions. Social Security is not welfare, however, if your only income is a social security check you are not making a whole lot.
And if you think that social security is going to be around as we know it now forever, you are greatly misinformed. Some of you might find this interesting, all social security payments are placed in the Social security trust fund. Congress and our wonderful government has made it law that all Social Security Trust fund balances can only be invested in US Government Treasury Bonds. When Treasury bonds are purchased the government gives a paper bond with a set interest to pay in return for money that is placed directly into the General fund. The General fund is the main "checking" account of the US and the money is used to pay current expenses. So when you hear how much money is in the Social Security trust fund, now you know that the trust fund is full of Treasury Bonds and all the money has been spent. There is no way the government will ever be able to pay back all those Treasury Bonds. It appears as if it is invested when in fact it has been spent. It is the same thing as if you took all the money out of your savings account and "loaned" it to you checking account and spent it. Then saying to yourself "I have all this money in savings because I am going to pay myself back one day" Give me a break.
Good post, glad someone else would lay this out.
There are so few people who have a grasp on this. If everybody understood this system, it would be overturned and a whole new system set up. That is, right after every congressman and senator were strung up. Trust fund. Unbelievable what they do.
Posted by: Raptorlegs
Quote
Originally posted by: ShadyRascal
Let's say you're 20 years old, and you have $500 coming back. You can buy a 4 stroke pipe and it's gone. If you invest it, with an average return doubling it every 7 years, by the time you're 62 that old pipe magically turned into $32,000. Which is worth more to you?
Unless you pick mutuals like I do.....then it'll be worth $200.
Posted by: GlennJ
Get a program like "Tax Cut" or "Turbo Tax". My wife and I have been using the computer to do taxes for a few years now. Once we get all of our W2's and other forms, we go out and buy the software. And, after rebates and write offs for the cost of the software, it ends up not cost much of anything at all. Plus, with the software, it'll only take you about 2 hour MAX to get your taxes done.
Posted by: GlennJ
We use "Tax Cut". There was an issue with Turbo Tax a few years ago regarding some crap it installed in addition to the software. It wasn't a virus, just some advertising BS.
We just install the new version over the previous year's version. I leave the old version on my machine all year, insert the new CD and let autoinstall do all the work.
Posted by: GlennJ
Honestly, just go to the store and get it. Last night, I picked up Tax Cut Tax Deluxe and the Tax Cut State program. The Deluxe and State were about $22 each. You get state "free" if you send in the rebated. They also give you a $5 rebate for the Deluxe. So, in total, the software costs under $20.
The software tells you how to do EVERYTHING. Heck, it even has little videos you can click on. Trust me, you really can't miss anything by doing your taxes via a program. It litterally holds your hand through everything. It's a heck of a lot easier than paper and I can be it will save you money.
Posted by: GlennJ
Quote
Originally posted by: Ridinghard
if welfare is taking money from one group to another what do you call social security? WELFARE?
I do! Somewhat at least.
Social Security was started when the elderly population was smaller and people weren't living as long as they are today. As the population grew and started to live longer, the returns on the investments were not keeping up with demand. The current generation of babyboomers will probably wipe out what's left of social security.
I feel the system has created too much of a "safety net" for people to fall back on. Yes, there are people who really do need it, so don't rail me on that. However, I feel the more programs the government puts into place, the more people will depend on them. "Why should I contribute to an IRA or my 401k? I have social security!"
I think people should save on their own for retirement; we don't need the government doing it for us. Personally, I think I could do a better job at managing my retirement money than some beurocrat in Washington. I think letting us make our investment choices is the best thing for OUR future.
As far as taxes in general, we're overtaxed. It really is a redistribution of wealth/money. Why should I pay taxes in CT, only to have them fund a highway project in Nebraska? Why should someone in TX pay taxes to help build a new school in New Jersey?
The money should be in the hands of the people. We are consumers, therefore we are the economy. I feel that you and I could make smarter purchasing decisions with our own money. The economy would be much stronger if we, as individuals had more purchasing power.
Posted by: Kushman
Quote
Originally posted by: OverRaTeD
Also, H&R Block is mainly targeting people with large refunds. These people generally get Earned Income Credit (EIC) In case you don't know.... So if you get EIC, you&39;re getting all the tax you had deducted back plus an additional amount determined by a factor of your income and dependents. This additional amount was withheld out of someone else's check and you didn't pay it. If you are receiving EIC the government has decided you&39;re not making enough so they take it from someone else and give it to you. So if you receive EIC, I challenge you to take the steps you need to increase your income level and better provide for yourself and you family and get off welfare.
I have more than enough money to take care of me and my toys
Obviously you know nothing about EIC
Get off of welfare??? Just because you qualify for EIC does not mean you are on the welfare system
The earned income credit (EIC) is available to certain people who work, have income less than $34,458, and meet certain other requirements. Generally this applys to working family's in this income range with children.
Yes, it is free money. It does come out of the governments pockets.
$34,000 is a heck of a lot of money to perhaps lots of members on this board. Lets see, do the math, with one person working, that translates to around $17.00 an hour of gross wages for a 40 hour work week, 52 weeks a year. Not bad money by most peoples standards.
Obviously you make more money than that and consider those with that income and below to be substandard welfare people, IMO
My take on the refund anticipation loan? file electronicly yourself and have it in your account in 7 to 13 days
Posted by: Kushman
I hear ya
I have kids, friends that have a hell of a time getting by on 10, 12, 14 bucks an hour. They use this "extra" money for medical bills, car repairs, or just a month to not have to do without and enjoy things for a change.
Come to think of it, I think my kids cost me less when they were under my own roof
Posted by: Kushman
DennisC
I have filed mine as well as others since 1992 with computer sofware.
This year I am doing 27 individual returns for family and friends
Speaking for TurboTax...its all in there, very easy to use. Walks you through each step, as well as the electronic filing process
Any detailed questions, give me a PM
Posted by: OverRaTeD
H&R Block has a lot of advertising trying to get people to go this route. Most people are very impatient and willing to give up a percent of your refund to get it faster. H&R Block will charge you a significant amount to get you refund instantly. Your not actually getting an instant refund, your getting a loan from H&R Block based on what they calculate on your return. Should the IRS have a problem with your return and not process it you will have to pay H&R Block back and taking out a loan can effect your credit. What most people don't know that you can file electronically straight with the IRS yourself and not pay anyone anything. Going this route you can have the money deposited in your checking account in as little as 7 days and 14 days at the longest. It just depends when in the cycle you submit your return. If you only have W-2s and no other complicated deductions, you are a fool if you pay someone to do it for you, it is easy and the most you will have to wait is two weeks to get your money.
Also, H&R Block is mainly targeting people with large refunds. These people generally get Earned Income Credit (EIC) In case you don't know...EIC is WELFARE. So if you get EIC, you&39;re getting all the tax you had deducted back plus an additional amount determined by a factor of your income and dependents. This additional amount was withheld out of someone else's check and you didn't pay it. If you are receiving EIC the government has decided you&39;re not making enough so they take it from someone else and give it to you. So if you receive EIC, I challenge you to take the steps you need to increase your income level and better provide for yourself and you family and get off welfare.
Posted by: OverRaTeD
Quote
Originally posted by: Kushman
Quote
Get off of welfare??? Just because you qualify for EIC does not mean you are on the welfare system
The earned income credit (EIC) is available to certain people who work, have income less than $34,458, and meet certain other requirements. Generally this applys to working family's in this income range with children.
Yes, it is free money. It does come out of the governments pockets.
$34,000 is a heck of a lot of money to perhaps lots of members on this board. Lets see, do the math, with one person working, that translates to around $17.00 an hour of gross wages for a 40 hour work week, 52 weeks a year. Not bad money by most peoples standards.
Obviously you make more money than that and consider those with that income and below to be substandard welfare people, IMO
My take on the refund anticipation loan? file electronicly yourself and have it in your account in 7 to 13 days
$34,000 is good money by anyone's standards...if your single, that is. If you are having to house, cloth and feed a family of four on $34,000 then things are tight all the time. EIC is a form wealth transfer pure and simple, the government is taking money from one group of individuals and giving it to another. If you qualify for EIC, your standard deduction and exemptions will reduce your taxable income to a level that your child tax credit will wipe out any federal tax you owe. Then the refundable earned income credit is given to provide an additional refund amount. If the government has to provide someone money to help increase there income it is called welfare, therefore EIC is welfare.
Hey, I am not trying to knock anyone on EIC. Sometimes things happen and everyone needs a little help sometimes. And people at low incomes do need help getting by, that is where the government comes in to help when they can't get by on there own. I was just trying to make people aware of what it truely is. I know some single parents who will not get married to their live in girlfriend just because they know if they do, they will not get that big refund check next year and I think that is wrong. I also think it is wrong when I see people using that big EIC refund to buy car stereos and unneeded stuff like that when they have kids at home that need clothes, food and braces etc. I know I would feel like crap if I went out and bought myself a YFZ with my EIC refund check and then the next week I am scraping up change to feed my kids.
Posted by: OverRaTeD
I am only refering to Federal Withholding tax in my above statements. Social Security is set up as a pay money in now and later get money out system. They more you pay into social security the more you will receive when you retire. Everyone's pay is taxed the same for social security and medicare, and there is no getting out of paying it for the most part, with some exceptions. Social Security is not welfare, however, if your only income is a social security check you are not making a whole lot.
And if you think that social security is going to be around as we know it now forever, you are greatly misinformed. Some of you might find this interesting, all social security payments are placed in the Social security trust fund. Congress and our wonderful government has made it law that all Social Security Trust fund balances can only be invested in US Government Treasury Bonds. When Treasury bonds are purchased the government gives a paper bond with a set interest to pay in return for money that is placed directly into the General fund. The General fund is the main "checking" account of the US and the money is used to pay current expenses. So when you hear how much money is in the Social Security trust fund, now you know that the trust fund is full of Treasury Bonds and all the money has been spent. There is no way the government will ever be able to pay back all those Treasury Bonds. It appears as if it is invested when in fact it has been spent. It is the same thing as if you took all the money out of your savings account and "loaned" it to you checking account and spent it. Then saying to yourself "I have all this money in savings because I am going to pay myself back one day" Give me a break.
Posted by: Ridinghard
Quote
Originally posted by: pendejo
Yay, tax time and new bike time. Being the impatient person that I am, I want my money NOW!!!!!!! Has anyone used this service before? How much did they charge you? I would call H&R Block, but they are too busy and I can't get throughhr>
Every year I use turbo tax and get my refund check direct deposited in less than 10 days. I have done it for 3 years in a row and last year I got the state back in 4 days and federal in 7 days. It is well worth the $.
Posted by: Ridinghard
I get sent a new one every year so I uninstall the old one, but I keep the CD along with a burnt CD with that years filing. I can reinstall it at any time and view, or print my taxes from previous years.
Posted by: Ridinghard
Oh heck, I make over 40,000 a year and if people are eligible for EIC let them have it!!!!!!!!!!!
I supported myself and my daughter for years with no support from my ex wife (at the time I was earning around 30,000/year and she refused to work because she didn't want to pay support). I am more than happy to have some of my money now go to people who are trying. I never applied for any welfare, but the EIC came in handy at tax time! Better than the ones who sit home and do nothing! Call it welfare if you want but it goes to people who are trying at least, that is why they call it EARNED income credit.
Thank you for the podium, I am stepping down now, NEXT?
Posted by: Ridinghard
if welfare is taking money from one group to another what do you call social security? WELFARE?
Posted by: currentresident
Hey, pendejo, definitely don't waste the money for the anticipationloan, and do your own taxes if you can. But definitely e-file, and when you get that check in the next 2 weeks, go pay cash for your bike, like I did. You'll get a better deal, and own it free and clear without worrying about making those payments plus interest. Yeah, investing is a great idea, and when you have extra money do some of that, too, but life is too short not to have fun, and you will enjoy yourself so much on your quad that I gaurantee you won't miss that money! Have fun!
Posted by: pendejo
Yay, tax time and new bike time. Being the impatient person that I am, I want my money NOW!!!!!!! Has anyone used this service before? How much did they charge you? I would call H&R Block, but they are too busy and I can't get through
Posted by: pendejo
Quote
Originally posted by: ShadyRascal
If you're getting a tax return the best thing you can do is stick it in a mutual fund or some other long-term savings plan. Money is too hard to put aside, and when you have a chunk like that, sure it's easy to spend on fun stuff but so few people in this country save anything it's pathetic.
Let's say you're 20 years old, and you have $500 coming back. You can buy a 4 stroke pipe and it's gone. If you invest it, with an average return doubling it every 7 years, by the time you're 62 that old pipe magically turned into $32,000. Which is worth more to you?
I'm about to turn 44 and have saved quite a bit but could have a lot more if I'd have listened to this kind of advice when I was "young". And believe me, you blink your eyes and you're 40. Another blink and you're 60. Why not make small sacrifices now and still have your fun, but be comfortable and financially independent too. It's nice not to have to be in debt to the Man for your whole life.
Sorry, lecture over. img src="i/expressions/face-icon-small-wink.gif" border="0">
Oh man, a lecture, sheeshJust kidding. I would like to invest all of it, but I know I won't. I would like to invest 1/3 of it, but I don't know that I will do that either. I believe I should live life to it's fullest, so it's hard for me to take my money to a bank and watch it for 40 years before I see it again, when I could spend it right now on something I need(yes an ATV is a need for me, don't ask). Hey Shady, aren't you the guy with an Ebay business? I asked if you could give me some details about it, but ya never did. Top secret info I guess?
Posted by: pendejo
HeHe, I know!
Posted by: pendejo
I guess using bank was a broad generalization of what I meant. I think I should just wait til I get my money before I start spending it!
Posted by: pendejo
Kushman, thank you. I wasn't going to say anything, but I'm glad somebody did.
Posted by: pendejo
Damn, not getting back as much as I had hoped, but oh well. I just telefiled, they actually calculate almost everythign for you, very simple and fast, money should be in my bank Tuesday!
