Accountants vs. TurboTax

Discussion in 'The Okie Corral' started by BriGuy618, Mar 6, 2017.

  1. BriGuy618

    BriGuy618

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    If there are any accountants here, please chime in.

    I am married, I have a house (mortgage interest, PMI, taxes, etc.), 1 child ($850 credit), daycare expenses ($600 of the $8000/year) car registration fees ($300) and I live in NC. Our combined gross income is $110,000.

    I don't want a refund, I just want to break even without withholding anymore income. This year, taxes came out to about $1300 combined fed/state, which is better than it has been. Some years it has been closer to $3000 with less money earned.

    So, can an accountant benefit someone like me that apparently makes too much money in the eyes of the government(s)?

    Can a good accountant find their fee, offer an audit protection of some sort and at least keep my tax payment the same? Obviously, I'd prefer a lesser tax burden, but I'd settle on chipping off a piece to the private sector if I'm going to spend it anyways.
     
  2. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

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    Ask XDRoX,
    He seems to know how to screw them pretty good and get all his money back......
     
    Last edited: Mar 6, 2017

  3. Joshhtn

    Joshhtn The eBay Guy Gold Member

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    Better yet, ask detectorist... He seems to think he knows something about pretty much everything.
     
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  4. bfg1971

    bfg1971

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    one way to cut your taxes that is perfectly legal is to bundle charitable giving that you plan to do over two years into one. That year you itemize and the next you take standard deduction. Don't give anything in the std ded year.
     
  5. ClydeG19

    ClydeG19

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    Have another kid.
     
  6. Jake514

    Jake514

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    You can also do this with your real estate taxes. Example: Pay your 2017 taxes on Jan 2, 2017 and pay your 2018 taxes on Dec. 29, 2017. You can deduct all the taxes paid for both years in 2017. Then skip 2018 (no deductions) and they pay similarly again in 2019, skip 2020, etc.
     
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  7. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

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    :animlol::animlol::animlol:
     
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  8. shotgunred

    shotgunred local trouble maker

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    I use turbo tax and it works for me. If you want to limit your tax burden you need to start a small business. You will be amazed at all the things you can write off. We went from paying in taxes to refunds every year.
    An accountant can be valuable for how to change your taxes next year. HR and those types of tax services are a waste of time and money (in my opinion)
     
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  9. Adub

    Adub

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    Unless you have a business, you don't have many options. The tax system is set up to reward those who take risks and create jobs, not people with W-2s.

    What is your profession and can you make money doing it on the side as a contractor?

    Maybe you turn your hobby of shooting Glock's into a business and decide to become a part time firearms instructor. You'll need training, range time, ammo, guns, travel to the NRA convention, etc. You just have to have a profit-seeking motive and run your business in a business like manner.
     
  10. railfancwb

    railfancwb

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    If you have a residence upon which you pay property tax, you can do this as well. If the mortgage is large enough that interest along beats the standard deduction, the double or nothing approach makes little difference.


    Sent from my iPhone using Tapatalk
     
  11. railfancwb

    railfancwb

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    I prepared tax returns as a sideline activity until I retired my CPA certificate, and used ProSeries - big brother to TurboTax. Now I use TurboTax and my daughter also uses the software. Since I don't charge her, this use is within the five allowed by TurboTax.


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  12. BriGuy618

    BriGuy618

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    I work for a major wireless carrier on the operations side of the business. I cannot own or operate a service or retail
    business that could be viewed to be in competition with my employer. My wife had her Mary Kay and Avon business for a few years that allowed for some writeoffs, but not enough to justify the expenses of running it. I've gone back and forth with myself for years on whether or not to try capitalizing on one of my hobbies, but they are all too expensive, too time consuming and usually too "controlled" in some fashion or another. It's a good suggestion for someone with less on their plate, but I've got nothing left.
     
  13. BriGuy618

    BriGuy618

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    This is an interesting suggestion one worth looking at more closely. My taxes are Escrowed into my monthly payment, so would I just make a separate payment for the property taxes in full to make this work?
     
  14. BriGuy618

    BriGuy618

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    LOL. You sound like my wife, but for different reasons. I've done the math. Doesn't work out. Thanks for the laugh though.
     
  15. sombunya

    sombunya Use it up, throw it away

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    The guy that's been doing my taxes for the last 26 years is an Enrolled Agent. When it comes to anything tax related he is incredibly knowledgeable. I would advise hiring one.
     
  16. handloader109

    handloader109

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    You make over 100k, put a hundred or so in the bank a month and call it your It's fund. If you need it tax time it is there, if not, it is fun money.
     
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  17. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

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    That is terrible advice......



    :tongueout:
     
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  18. oldandtreacherous

    oldandtreacherous

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    I'm retired with frankly a pretty good retirement income, too young for SS, wife still makes good money in the mortgage business, kids recently out of college and married - we get hammered. Price of doin business I guess. We're fine thankfully but hate the thought of writing that check come April.

    That's obviously no help to the OP but makes me feel better to vent.
     
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  19. huskerbuttons

    huskerbuttons

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    You and the wife quit your jobs, get divorced, go on public assistance and you'll never pay taxes again. And you can have that other kid, free of charge. Plus you'll get extra money and benefits for it. Millions of people do it every single day.
     
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  20. r3dot

    r3dot

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    Screw turbotax. Tried to charge me 40 bucks to upgrade because I 'had' to have a certain form that wasn't available on their free version. H&R was free.