It is tax season and it is hot topic in all water-cooler discussions and in weekend get togethers.
1A. What is the tax software you used to file this year ?
1B. Are you happy with that ? Would you use the same software next year ?
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Pls share..
Links:
Free File Alliance Online Tax Preparation Companies : http://www.irs.gov/app/freeFile/jsp/index.jsp?ck#Company1
2008 US Tax filing - poll, lessons learnt
2008 US Tax filing - poll, lessons learnt
Here I go with my response first.
1A. What is the tax software you used to file this year ?
1B. Are you happy with that ? Would you use the same software next year ?
>> TaxAct. Yes, I am happy. I started with another and switched.
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
>> N/A
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
>> I got Form 5498. Spent some time searching a place to enter these info.
Finally learnt that it is not to be "entered" in the software.
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
>> Collecting all documents in one folder.
1A. What is the tax software you used to file this year ?
1B. Are you happy with that ? Would you use the same software next year ?
>> TaxAct. Yes, I am happy. I started with another and switched.
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
>> N/A
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
>> I got Form 5498. Spent some time searching a place to enter these info.
Finally learnt that it is not to be "entered" in the software.
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
>> Collecting all documents in one folder.
2008 US Tax filing - poll, lessons learnt
1A. What is the tax software you used to file this year ?
1B. Are you happy with that ? Would you use the same software next year ?
NA
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
complicated math is done with a small fee, less hasstle. Also he keeps up with latest IRS policy changes I will go crazy to do so. Itemized can be done better with expert than me
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
Purchased computer, books and material related to your learnig can be claimed under education expense if itemized.
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Getting the Tax consultant's appointment. Proving all forms required also calculating interest earned on FCNR account with Indian Banks
Pls share..
1B. Are you happy with that ? Would you use the same software next year ?
NA
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
complicated math is done with a small fee, less hasstle. Also he keeps up with latest IRS policy changes I will go crazy to do so. Itemized can be done better with expert than me
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
Purchased computer, books and material related to your learnig can be claimed under education expense if itemized.
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Getting the Tax consultant's appointment. Proving all forms required also calculating interest earned on FCNR account with Indian Banks
Pls share..
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out_of_the_box
- Posts: 3
- Joined: Tue Dec 18, 2007 10:54 pm
2008 US Tax filing - poll, lessons learnt
1A. What is the tax software you used to file this year ?
Turbotax Deluxe.
1B. Are you happy with that ? Would you use the same software next year ?
Yes and Yes (if I get discounts like this year and previous years).
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
N/A.
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
If you currently have non-incentive vested stock options, exercise them every year to save taxes as opposed to excercising them all at once (e.g., before options expire or if you leave the company).
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
I hate to keep paperwork...so it's difficult for me to keep all past year returns. I tend to rely on turbotax as my repository for all past year returns. However, I happened to use different software (taxact) once earlier which I need to store that separately.
Turbotax Deluxe.
1B. Are you happy with that ? Would you use the same software next year ?
Yes and Yes (if I get discounts like this year and previous years).
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
N/A.
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
If you currently have non-incentive vested stock options, exercise them every year to save taxes as opposed to excercising them all at once (e.g., before options expire or if you leave the company).
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
I hate to keep paperwork...so it's difficult for me to keep all past year returns. I tend to rely on turbotax as my repository for all past year returns. However, I happened to use different software (taxact) once earlier which I need to store that separately.
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SubtleFriend
- Posts: 38
- Joined: Tue Jan 23, 2007 6:56 am
2008 US Tax filing - poll, lessons learnt
Can we add another question: If you used a consultant, how much did you pay?
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Old-Spice2
- Posts: 1898
- Joined: Wed Jan 17, 2007 11:38 pm
2008 US Tax filing - poll, lessons learnt
>>1A. What is the tax software you used to file this year ?
>>1B. Are you happy with that ? Would you use the same software next year ?
I dont use tax software. In the past used TurboTax and was happy with it. My wife used to file the taxes and few years back she went on strike. It takes too much of her time and we end up eating pizza in April.
>>2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
Use tax consultant. My return has become complicated. Tax pro makes sure I dont get any refund which is good as we dont give interest free loan to IRS. Every year we pay AMT and estimated tax every quarter. The consultant keeps up with new tax rules. Plan to use his services after r2i. We feel the fee is worth the free time and peace of mind we get.
>>>3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
Once I ignored his advice of estimated tax payment. Just managed to avoid IRS penalty. After that, blindly follow his advise to mail the check before the deadline.
>>4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Nothing. We collect all incoming W-2, 1099 into a folder. Once everything is received, seal it and mail to the tax consultant. He does electronic filing and sends the folder for our record.
>>1B. Are you happy with that ? Would you use the same software next year ?
I dont use tax software. In the past used TurboTax and was happy with it. My wife used to file the taxes and few years back she went on strike. It takes too much of her time and we end up eating pizza in April.
>>2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
Use tax consultant. My return has become complicated. Tax pro makes sure I dont get any refund which is good as we dont give interest free loan to IRS. Every year we pay AMT and estimated tax every quarter. The consultant keeps up with new tax rules. Plan to use his services after r2i. We feel the fee is worth the free time and peace of mind we get.
>>>3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
Once I ignored his advice of estimated tax payment. Just managed to avoid IRS penalty. After that, blindly follow his advise to mail the check before the deadline.
>>4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Nothing. We collect all incoming W-2, 1099 into a folder. Once everything is received, seal it and mail to the tax consultant. He does electronic filing and sends the folder for our record.
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LearnStuff
- Posts: 16
- Joined: Tue Jan 23, 2007 4:17 am
2008 US Tax filing - poll, lessons learnt
My taxes are simple enough even with itemizing. Doing myself... Most difficult part is planning for the next year.
2008 US Tax filing - poll, lessons learnt
1A. What is the tax software you used to file this year ?
Taxact since 2004
1B. Are you happy with that ? Would you use the same software next year ?
Yes and I plan on using until I have to file the taxes or it is available (whichever comes first)
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
Prior to 2004 I used tax consultant from a different state thru my company. I feel it requires good co-ordination to make sure both the parties are on same page
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
I learnt about disclosing Indian account information in 2004
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Life changing events and new investors need to take ample time to understand the process
Taxact since 2004
1B. Are you happy with that ? Would you use the same software next year ?
Yes and I plan on using until I have to file the taxes or it is available (whichever comes first)
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
Prior to 2004 I used tax consultant from a different state thru my company. I feel it requires good co-ordination to make sure both the parties are on same page
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
I learnt about disclosing Indian account information in 2004
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
Life changing events and new investors need to take ample time to understand the process
2008 US Tax filing - poll, lessons learnt
One thing I fail to say is, Taxact is free for federal e-filing opposed to TurboTax. One pitfall to note is Taxact has downloaded version and onlline version. Both are free for federal efile.
But downloaded version does not allow you to save your return in pdf format. But online version will allow you to save in pdf format.
But downloaded version does not allow you to save your return in pdf format. But online version will allow you to save in pdf format.
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submarine66
- Posts: 97
- Joined: Tue Jan 16, 2007 11:08 am
2008 US Tax filing - poll, lessons learnt
1A. What is the tax software you used to file this year ?
1B. Are you happy with that ? Would you use the same software next year ?
>> Not applicable
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
>> Changed tax consultants this year. My previous consultant who I used for many years hiked his expatriate tax rates to a minimum of $1500. I found another one for $550 who has done a good job with the filing. My returns have gotten increasingly complicated over the years given foreign income exclusion, foreign tax credits, child tax credits, Indian interest, Indian rental income, income from stock, capital long/short-term gains in the US etc. Given my work schedule I don't have the patience to do it myself, even though I could probably do it myself or use a software.
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
>> Child tax credits have been helpful
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
>> I keep records (excel) through the year for India source income. US source income are clean since one gets 1099's (no W-2 for me now). But for India source income, I found it helpful to keep track of every financial account and interest/distributions during the year. This helps me file TDF 90 very quickly as well. If I were not doing that every month, it will be headache end of the year! :emteeth:
Flip-side: I keep detailed excel based records for US source income for the purposes of India filing! Tax years being different is a head-ache! I do use an auditor for tax planning in India. Many times I (based on knowledge acquired on this forum!) know more than he does!
1B. Are you happy with that ? Would you use the same software next year ?
>> Not applicable
2. If you have used a tax consultant and if you are happy, pls share your experiences. Why did you choose to go with an expert instead of using the software ?
>> Changed tax consultants this year. My previous consultant who I used for many years hiked his expatriate tax rates to a minimum of $1500. I found another one for $550 who has done a good job with the filing. My returns have gotten increasingly complicated over the years given foreign income exclusion, foreign tax credits, child tax credits, Indian interest, Indian rental income, income from stock, capital long/short-term gains in the US etc. Given my work schedule I don't have the patience to do it myself, even though I could probably do it myself or use a software.
3. Did you learn anything new that helped you to save taxes ? Or do you have a tax tip to share with others ?
>> Child tax credits have been helpful
4. What is the most difficult part in filing taxes, in your opinion ? ( your nightmare)
>> I keep records (excel) through the year for India source income. US source income are clean since one gets 1099's (no W-2 for me now). But for India source income, I found it helpful to keep track of every financial account and interest/distributions during the year. This helps me file TDF 90 very quickly as well. If I were not doing that every month, it will be headache end of the year! :emteeth:
Flip-side: I keep detailed excel based records for US source income for the purposes of India filing! Tax years being different is a head-ache! I do use an auditor for tax planning in India. Many times I (based on knowledge acquired on this forum!) know more than he does!