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Conversation Starter
I cannot believe Americans have to do their own taxes. Tf?
Chief
Do your own taxes, but if it doesn’t match the way the IRS did it, you get fined until you redo it to match
Absolute ridiculousness, and Intuit lobbies to keep it that way
Rising Star
TurboTax continues to be a perfectly fine solution for many.
The tipping point for me was when things started getting beyond a few W-2s and some interest statements. As a broad generalization I'd suggest looking into an accountant if:
* You are about to jump tax brackets (marriage, promotion, windfall, etc.), esp. if it hits mid-year when you're certainly not going to be withholding enough. You'll need someone to help you figure out how best to adjust your holdings to avoid a large surprise tax bill.
* You have many sources of income, foreign investments, large amounts of claimed income from things like crypto that put you in a position that you may be subject to an audit. Many accountants provide some additional audit assistance to help you prepare for your audit.
* You have moved and your residency and state tax reporting becomes complex (esp if you move to a state with no income tax)
* You need someone to help you forecast potential future tax implications of certain financial decisions (e.g. becoming a partner in a firm, handling of exercising stock rights, buying/selling a home, etc.)
* You are too lazy and you just want to hand someone a stack of documents and tell them to figure it out.
If you go accountant, pick one you'll stick with. A lot of tax prep firms out there are good if you're just interested in getting it done, but having someone that has a good handle on your tax history is far more valuable as you move through life.
Enthusiast
Thank you! Appreciate it
Enthusiast
i have a very simple circumstance (single, few assets, etc.) and have been using turbotax for years because of that. you can actually go through the entire process with turbotax and see what your return will be without paying/submitting through the platform if you want to have a look.
Rising Star
Ive saved thousands of dollars by going to an accountant and just paying the $250 to get personalized advice
Rising Star
Word of mouth from friends. Unfortunately google searches are usually a mixed bag. The reviews are hard to vet.
Chief
There are a lot of accountants in this bowl😅
Enthusiast
You got a point there…
Pro
Depends on your situation. Simple W-2 and standard deduction, just use turbo tax.
Enthusiast
Thank you all! Yeah, I’m not in love with TurboTax. I have W-2 forms and freelanced a tiny bit last year and it’s showing that I’d owe so much money to the state - even though I didn’t make that much in comparison
Chief
FreeTaxUSA
Does anyone here know - If I did not file taxes for 2019 and 2020 what’s the best way to go about filing them now. I’ve read that you can avoid the penalties somehow?
Enthusiast
Also, penalties only accrue if you owe anything. If you're getting a refund, you're fine.
Enthusiast
I'll be your accountant! 😊
Enthusiast
Thank you! I’ll message you!
Rising Star
Depends if you have no itemized deductions and just w2 income turbo tax should be fine.