 Turbo Tax Premier or CPA (by CJ [OH]) Mar 9, 2014 6:45 PM
 Turbo Tax Premier or CPA (by AllyM [NJ]) Mar 9, 2014 7:20 PM
Turbo Tax Premier or CPA (by Chris [CA]) Mar 9, 2014 7:56 PM
Turbo Tax Premier or CPA (by Jeff [UT]) Mar 9, 2014 7:56 PM
Turbo Tax Premier or CPA (by CJ [OH]) Mar 9, 2014 8:24 PM
Turbo Tax Premier or CPA (by Robert J [CA]) Mar 9, 2014 11:24 PM
Turbo Tax Premier or CPA (by Dixie [KS]) Mar 10, 2014 12:51 AM
Turbo Tax Premier or CPA (by Wilma [PA]) Mar 10, 2014 5:18 AM
Turbo Tax Premier or CPA (by tryan [MA]) Mar 10, 2014 8:41 AM
Turbo Tax Premier or CPA (by Dale [KY]) Mar 11, 2014 2:29 PM
Turbo Tax Premier or CPA (by BRAD 20,000 [IN]) Mar 11, 2014 10:59 PM
Turbo Tax Premier or CPA (by CJ [OH]) Posted on: Mar 9, 2014 6:45 PM
Message:
State Specific Question About: OHIO (OH)
Hi, we have one rental property and I am using Turbo Tax Premier to do my taxes, so far it is going good. Basicly the way I see it, I am the one putting the numbers in, since it takes you step by step thru the process, I see no reason to use a CPA/Accountant. Can someone tell me some good reasons to use a Tax Person and not Turbo Tax? --205.188.xxx.xx |
Turbo Tax Premier or CPA (by AllyM [NJ]) Posted on: Mar 9, 2014 7:20 PM
Message:
Does it say anything about how to differentiate between an expensed item and an item to be depreciated for your rental?
The rules have changed and they are tighter so maybe you can google that and tweak the software if it doesn't take the new rules into account.
How old is the software?
Olde Miss Ally --69.141.xxx.xxx |
Turbo Tax Premier or CPA (by Chris [CA]) Posted on: Mar 9, 2014 7:56 PM
Message:
I would stick with TT, but upgrade to Home & Business AND use their on the web version. Next year, all the previous year's data will be right there to be used... --125.25.xx.xxx |
Turbo Tax Premier or CPA (by Jeff [UT]) Posted on: Mar 9, 2014 7:56 PM
Message:
I agree with you. I've used TurboTax for years. I've also used a CPA, but I find very few know specific things about real estate taxes. I recommended the latest Nolo Landlord's Tax Guide: there are some changes regarding units of property, repairs vs. capital expenses, and safe harbors. I also read what I can from Al Aiello and verify everything with current tax publications.
Personally, I like to revisit tax prep for my real estate a couple of times before the deadline. CPAs don't want to take much time. If there's a mistake, they don't want to fix it.
Another route is to do your own taxes and then have them reviewed by a local Enrolled Agent before filing. I'm kind of geeky, so learning about taxes in real estate is as much a part of my business as learning how to do repairs. --166.70.xxx.xxx |
Turbo Tax Premier or CPA (by CJ [OH]) Posted on: Mar 9, 2014 8:24 PM
Message:
The software is for this year, so I am assuming all updates are on it. I like what Jeff from UT said, but I would like to know what the term "local enrolled agent" means. Is it common to do your own taxes then have a CPA/Accountant review them? I wonder how much lower their fees are, or are they the same? --205.188.xxx.xx |
Turbo Tax Premier or CPA (by Robert J [CA]) Posted on: Mar 9, 2014 11:24 PM
Message:
I use Turbo Tax Home and Office Version for the properties I own 100% myself or with family. Other large properties with partners have tax professionals prepare and file a separate return (LLC, Corporate, Trust, Partnership, etc) and then send us our separate K-1 Partnership "Forms" that we input into our Turbo Tax programs. It works out well so that each partner files the with the same property information -- meaning fewer audits. --98.119.x.xxx |
Turbo Tax Premier or CPA (by Dixie [KS]) Posted on: Mar 10, 2014 12:51 AM
Message:
I think TT "Premier" is the one that deals with "rentals" not "Home & Business". Not sure tho. --70.195.x.xx |
Turbo Tax Premier or CPA (by Wilma [PA]) Posted on: Mar 10, 2014 5:18 AM
Message:
I have used H&R Block's "Premier" for a number of years now. I seem to remember that I originally used it because TT no longer supported an older version of Windows that I had. When I discovered the HRB's was more intuitive for me, I stuck with it.
That said, I always try to educate myself so that I am not just plugging in info without understanding the reasoning (stop laughing, the IRS always has SOME kind of reasoning!) behind it.
I'm pretty small potatoes as a LL, too. The first time I did the rental taxes, I contacted a local CPA that I knew, and asked what she would charge to look over my work and evaluate it for correctness and completion. She made a few tweaks, and sent me on my way feeling that the amount I'd spent for the peace of mind was worth it. --71.185.xxx.xxx |
Turbo Tax Premier or CPA (by tryan [MA]) Posted on: Mar 10, 2014 8:41 AM
Message:
The bigger question is : What will they do for you in the event of an audit.
Been using a CPA for 25+ years ... several IRS "inquiries" resolved at no fee to me via the CPA. Can't put a price on that.
TT offers "Audit Defense" for $50. Anybody relied on it after being contacted by the IRS? --24.128.xxx.x |
Turbo Tax Premier or CPA (by Dale [KY]) Posted on: Mar 11, 2014 2:29 PM
Message:
Last year I had the state send me a letter stating I was late paying my tax and that I miscalculated a credit. My CPA sent a letter at no cost to me and the state sent me a "never mind" letter. Saved me about $200 I think. --199.61.xx.xxx |
Turbo Tax Premier or CPA (by BRAD 20,000 [IN]) Posted on: Mar 11, 2014 10:59 PM
Message:
Even using these programs requires some knowledge.
For true savings the program needs an expert using it.
Reminder: years a go a Supreme Court Judge wrote it is the duty of every citizen to reduce his tax burden as much as possible.
--67.175.xx.xxx |
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