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Do you do your own taxes?

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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-07-10 12:16 PM
Original message
Do you do your own taxes?
I've been using an accountant for 10 years. Last year we had some issues so I'm thinking of trying Turbo Tax or some such program. Any of you do that?

I'm no good with depreciation, amortization, etc. I've always just let my guy figure it out in the past. Maybe it's time for me do it myself :shrug:

Any experiences out there?
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lady lib Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-10-10 12:01 PM
Response to Original message
1. We use an accountant
for our yearly S-corp taxes because, like you, we don't know how to figure amortization and depreciation. Also, I've read that the IRS is less likely to audit a return that is completed by an accountant.

I do all the other bookkeeping, monthly tax payments, quarterly reports, FUTA, W-2's, etc. for our company, and use Turbo Tax for our personal taxes.
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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-17-10 07:55 AM
Response to Reply #1
2. Thanks for the reponse
Sorry I'm late getting back here.

Interesting you should say that about auditing. I have read that a sole propietor filing a schedule C is more likely to be audited. And having a home office is a trigger for an audit. I even read that filing electronically is bad (my accountant has been doing that for a decade). Looks like I'm ripe for an audit!!

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Tumbulu Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-11-10 10:50 PM
Response to Original message
3. I am a sole proprietor and I do my own taxes
I followed the depreciation schedule that the accountants who used to do my taxes used until last year when I tried Turbo-Tax. It was excellent. I used the simplest one and it had all the complicated depreciation stuff for farms (I file schedule F for farmers).
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