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I agree with JDWinNOLA on this subject. I would add that Turbotax, owned by Intuit (owners of Quicken) is the premier product for fed and state income tax self preparation and submission in the market today. I have used it for several years now, and have saved myself more in taxes and fees than anytime during the 20 years that I used a Tax Preparer.
The process is easier and faster than using an outside preparer, because you have to answer all of the same questions for that guy, look up all the same data for him, organize all of those little pieces of paper for him, so that he can do your tax forms. What is left for him to do is about 10% of the problem.
Turbotax will ask you the same questions he does, you answer the questions, and it selects the proper form (in most cases) and presents you with the forms already filled out. It h as all of the forms that you will need, built in, and prints them for you in submittable form. Turbo also has a self checking capability, that you use before submitting that will prevent you from submitting with any dumb errors or missing forms or fields, and it will check your submission against agerages for people in your same filing category. Your old tax preparer did not do those things. I used to have to go through audits, every two or three years, mostly because my tax preparer either did something stupid, or didn't ask me some question that he obviously should have, or didn't question one of my inputs that was obviously out of line.

In the case of investments or whereever there was any option, my tax preparer always used the method that was easiest for him, not the one that would produce the lowest taxes for me.

Just consider that I now pay $65 per year for Turbotax Federal and State Package instead of the $450 I used to pay my tax preparer to do 10% of the job. I think that's not a bad trade off. If your worried about how long it will take you to learn how, I submit that you can learn how and be refunded before you can get an appointment with your tax preparer.

Fool ON tonygreco8fool

The Nerdifool

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