Not a confession, but wanted to ask: what’s better TurboTax, or going to an accountant? If an accountant is better, is there a way to find a great one?

I’d appreciate any feedback/advice! Thanks all!

like
Posting as :
works at
You are currently posting as works at

I cannot believe Americans have to do their own taxes. Tf?

like

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

like

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.

likehelpful

Thank you! Appreciate it

like

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.

like

Ive saved thousands of dollars by going to an accountant and just paying the $250 to get personalized advice

like

Word of mouth from friends. Unfortunately google searches are usually a mixed bag. The reviews are hard to vet.

like

There are a lot of accountants in this bowl😅

smartlike

You got a point there…

like

Depends on your situation. Simple W-2 and standard deduction, just use turbo tax.

like

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

FreeTaxUSA

like

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?

like

Also, penalties only accrue if you owe anything. If you're getting a refund, you're fine.

I'll be your accountant! 😊

helpful

Thank you! I’ll message you!

Depends if you have no itemized deductions and just w2 income turbo tax should be fine.

Related Posts

Question for those in the power, utilities and energy groups - what’s the best/quickest way to get up to speed with the industry? In terms of trends/news/metrics for modeling etc.? I’m very interested in this space and want to learn more. I’m an m&a generalist now and never see deals in this industry sadly

like

Anyone else still like Slipknot? I’m not a mega-fan but Vol 3 is great ngl

like

I am fairly green in academia (< 1 year) and I want to shift to an area of research which I always wanted to do but never could as a Ph.D. student (because of conflict of interest).
The issue I am facing is that due to lack of my documented research experience in this field (read, lack of papers) I am finding it very hard to land any grant and reviewers keep saying "The PI hasn't demonstrated any experience in said research" blah blah.
Any advice on how to overcome this?

Anyone recently joined Optum...after how many days will they provide laptop after joining. Do I have to pick it up or will they courier that??Optum UnitedHealth Group Tata Consultancy Infosys Cognizant Accenture IBM

like

Hey Fishes,

Need referral in Accenture. I have the job id with me. Please let me know if anyone can help me with this.

like

Junior bankers in NYC — are y’all even allowed to get tired? Are you legit productive 90% or more of your day, EVERY day?

like
like

satan's expression 🤣🤣🤣

Post Photo
like

Anyone working PwC India SAP Advisory??
How is the projects and perks?

I gave 6 yrs of exp in SAP HCM. Cctc is 10.4 how much i can expect?

I have 2 offers with 22.3 LPA. Any chance they will match it??

like

Folks who recently moved jobs, how much increase % did you get? And YOE?

like
like

As a junior strategy consultant who’s keen to work in PE, would a CFA or CAIA be an advantage when applying for an investment role in the future?

like

Considering an offer from Freddie Mac but they have an additional check for anyone who previously worked at @PWC. Anyone go through the additional check? Can they deny employment? The check is to ensure I or anyone they’re hiring doesn’t have internal knowledge on Freddie’s financials.

like

I graduated with a degree in Business in 2018. I’m planning to pursue a Masters in Engineering (likely will pair with MBA) and have been taking the required pre-reqs over the last year from community college.

Is there a big difference between MEng and MS degrees? Or about the same?

I started off looking in going into Mechanical Eng but now looking more into Civil & Environmental.

Is anyone here willing to provide insight about job prospects between the two fields?

Or any other advice?

like

Not a great photographer obv but pita pockets?

Post Photo
like
like

Anyone have experience ordering versus getting a car off the dealer lot? Considering a new SUV and there are so many customizations with Land Rover, MB, BMW, etc. seems like ordering may be the way to go but historically have just bought what’s in the lot

like

How many Firm (non-billable hours) a year do you commit, where do most of them go, and what’s your gender?

like

Put the Moonswatch on a rubber strap today, way better than the Velcro strap it comes with!

Post Photo
like

Additional Posts in Confession

Can someone share the link for the singles bowl tyyyyyy

like

I think I might enjoy audit more than advisory work. 🤷🏻‍♀️

like

With all the drama going on with Tom Brady and Gisele Bundchen … whom do you think got the additional advantage by marrying the other? Do you think Tom benefited more or was it Gisele? They’re both rich and extremely good looking…I think Tom benefited more (my random Friday morning thought)🤔

likesmart

Anyone else still like Slipknot? I’m not a mega-fan but Vol 3 is great ngl

like

it’s h word hours i fear 🥹🥹😴

likefunny

In the vein of moving this bowl back into being lighthearted and away from the nut who’s being spamming it all night with posts about politics…ladies, feel free to slide into my DMs. 🤭🤫🫣😊

funnylikehelpful

My roomie is making blueberry pancakes and I want some. 😭

like

I have no interest working today. Work Wife is on vacation so I have nobody to flirt with to pass the time. Who's looking to text flirt today to help the time pass?

funnylikeuplifting

All my boys have a significant other and Im single and refuse to use dating apps 😭🤦🏽‍♂️ (straight male)

likeuplifting

Spiteful till the very end

like

I'm 11kg overweight for my height with a BMI of around 28.5. I'm hiking, walking up various peaks and ensuring that I get my heart racing the past 3 days. In some muddy/slippery places, I put weight on my left leg to prevent a 60 ft drop, knee took a lot of impact. Pity that attempting to be more active also leads to injury.

What do you recommend, a diet using the calorie deficit method? Looking to go back to gym, hit the heavy bag & lift weights from Monday.

like

So many Fishes in this pond looking for fun. Just put yourself out there and ask.

likeuplifting

Thinderstorms make me feel revitalised and fresh, please tell me I’m not the only one who loves a good thunder crackle and juicy lightning strikes.

like

Question of the day: would you still refer people to your firm if referral bonus was $0?

like

I'm from a very conservative culture. I'm reluctant to have sex unless my SO and I already perceive each other as life partner (no need to be engaged or married). Would it be very hard for me to date here in the U.S.?

likefunny

I'm training for my first ultramarathon (50K). I'd like to train during the winter to build a base of strength and endurance, and budget six months to a trail race I'll find early next spring. Does anyone have experiences with trail ultra running, and have any books, podcasts, training plans, gear, races, or general advice to share?

likeuplifting

I hung out with my brother at an extracurricular for one of his children and his and I was so proud of the type of supportive dad he is now. We grew up in a very tense and chaotic house. Happy to see him try to break generational trauma.

likeupliftingsmart

Unpopular opinion: Hookup culture is wack.

likeuplifting

a PSA you would want everyone to know? i’ll go first, be kind and stay rich ☺️

funnylike

All my six-figure salary consultant friends are ranting about how poor they feel right now because their IRAs/portfolios are down. Think the people in this industry need to take time to volunteer or engage with some tougher parts of town and understand that by virtue of even having investment accounts, that they’re more financially safe than at least 50% of America. Sad to see

likefunnysmart

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal