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  #1  
Old 12-11-2016, 10:29 AM
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turbo tax and taxact

I've used turbo tax for the past 4 years,but want to save $35. by using taxact. Any users.We have small 10600 year business,and must file business tax.

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Old 12-11-2016, 01:30 PM
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Howdy oldsinner111,
Because of your business I don't think you can do as I do. I go to the senior citizens center now and get my taxes done for free.
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  #3  
Old 12-12-2016, 05:19 PM
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Are you able to use the IRS Free file?

CompleteTax, TaxACT, TaxCut: Which to choose in Free File?


Free advice on the internet is worth what you pay for it. But, sending fyi.
https://www.consumeraffairs.com/finance/taxactonline.html
2016 TaxACT Review | Online Tax Software - Reviews.com
https://www.consumeraffairs.com/finance/tax_prep.html#

I don't have experience with it.
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  #4  
Old 12-15-2016, 09:11 PM
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I've used TurboTax since the time it was MacInTax. I have some 1099 income from several sources and farm-related deductions that it handles sin problema. I haven't looked at alternatives.
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  #5  
Old 12-29-2016, 01:46 PM
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From IRS

IRS, Partners Move to Strengthen Anti-Fraud Effort with Form W-2 Verification Code

When you get your Form W-2 in early 2017, you may notice a new entry – a 16-digit verification code. This is part of an effort conducted by the Internal Revenue Service to protect taxpayers and strengthen anti-fraud efforts.

The expanded use of the W-2 Verification Code is a way to validate the wage and tax withholding information on the tax form. For taxpayers, taking a moment to add this code when filling out their taxes helps the IRS authenticate the information. This in turn helps protect against identity theft and unnecessary refund delays.

For 2017, the IRS and its partners in the payroll service provider industry will place the code on 50 million Forms W-2. This is up from two million forms in 2016.

The IRS, state tax agencies and the nation’s tax industry – partners in combating identity theft – ask for your help in their efforts. Working in partnership with you, we can make a difference.

That’s why we launched a public awareness campaign that we call Taxes. Security. Together. We’ve also launched a series of security awareness tips that can help protect you from cybercriminals.

One area where we need your help is with the W-2 Verification Code. If your W-2 contains the code, please enter it when prompted if using software to prepare your return. Or, please make sure your tax preparer enters it.

If the code is not included, your tax return will still be accepted. However, initial results indicate the verification code shows promise in reducing tax fraud. It helps IRS processing systems authenticate the real taxpayer. Identity thieves sometimes file false Forms W-2 to support their fraudulent tax returns.

This initiative will affect only those Forms W-2 prepared by payroll service providers. The verification code’s location on the form will vary. Enter the code on electronically filed returns only. Most software providers will prompt you to enter the code.

To learn additional steps you can take to protect your personal and financial data, visit Taxes. Security. Together. Also read Publication 4524, Security Awareness for Taxpayers.


Doors open Jan. 23.
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  #6  
Old 12-31-2016, 06:57 AM
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I went back with turbo tax,as it lets me transfer info,I don't have to type everything.
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  #7  
Old 12-31-2016, 07:51 AM
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Quote:
Originally Posted by Botnst View Post
I've used TurboTax since the time it was MacInTax. I have some 1099 income from several sources and farm-related deductions that it handles sin problema. I haven't looked at alternatives.
Same here. I use TT Home and Business, deduct the cost. No issues.
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  #8  
Old 01-02-2017, 10:32 AM
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Many people are unaware of the automatic penalty abatement program the IRS has. So, if you forget about a 1099 and they hit you with an late payment penalty, you may be eligible for a "first time abatement. Pretty simple to do.

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

I had a client audited for his employee business expenses (a correspondence audit) and after it was over there was a tax due and interest and penalties, which were pretty hefty.
So, with a phone call I (with a POA) was able to get about $1,900 of penalties canceled. Lessened the sting a little bit.

You gotta ask for abatement though.
Requesting a first-time abatement penalty waiver


Final thought. I attended a tax seminar a few years back where the instructor ( from Ohio) mentioned that the most audited individual returns were "turbo Tax self prepared" Don't know where he got that from, but I have seen Turbo tax returns with handwritten entries. Not good.
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  #9  
Old 01-02-2017, 02:16 PM
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I use H&R Block software, which used to be known as Taxcut. It handles everything I throw at it without drama, and my return is fairly complex.
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  #10  
Old 01-07-2017, 06:33 PM
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I wouldn't doubt that statement about TT having the most audits and probably fines. It's the largest. Like Christian persecutions. Not that I think IRS is a vindictive, evil tool of authoritarian depression.

The other likely source of TT problems is people who try to cheat. Everybody thinks hating the contemptible institution of the IRS means the auditors are stupid. Nope. Most of them are pretty smart and know indications of cheating. I'll bet they use statistical analysis as a first pass scan for anomalies. Later they pull those from the bin and look them over for further anomalies. Too many and you get "the letter".
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  #11  
Old 01-08-2017, 09:14 AM
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I did for two years go to H an R block,over $400. to do my taxes. We only do $10400 in business.
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  #12  
Old 01-08-2017, 10:24 AM
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Quote:
Originally Posted by Botnst View Post
I wouldn't doubt that statement about TT having the most audits and probably fines. It's the largest. Like Christian persecutions. Not that I think IRS is a vindictive, evil tool of authoritarian depression.

The other likely source of TT problems is people who try to cheat. Everybody thinks hating the contemptible institution of the IRS means the auditors are stupid. Nope. Most of them are pretty smart and know indications of cheating. I'll bet they use statistical analysis as a first pass scan for anomalies. Later they pull those from the bin and look them over for further anomalies. Too many and you get "the letter".
It's a little less human than that imo. I think they will select returns for "correspondence audits" just for numbers being outside of norms.
Had a client from here in the East "audited" by a Service Center west of the Mississippi.
For your expenses on Form X, please send us all your documentation.
Here's a big envelope of papers.
Insufficient Documentation. All deductions denied.
Back and forth for 9 months. Raised the White Flag and settled for about half the deductions.

*** Note to all: The 1098 Mortgage Interest Statement this year will include the mortgage balance and property address and ask if this is the same as your address. I am convinced IRS will hit this hard with analytics and correspondence requesting proof. IRS has wanted this for a long time.
Lots of T/P abuse here.
https://www.irs.gov/pub/irs-pdf/f1098.pdf
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  #13  
Old 01-08-2017, 10:33 AM
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Quote:
Originally Posted by oldsinner111 View Post
I did for two years go to H an R block,over $400. to do my taxes. We only do $10400 in business.
Saw an H&R Block ad telling TT users to come to H&R block and file for free. T(They may have been referring to the IRS Free-file program, which Block and others, including TT participate in.) That program to the best of my knowledge has some income limits for free filing. Not sure if FF covers state returns either.

If you gross only 10,400 is "business", I imaging your expenses aren't that many or that much in $$. You ought to consider giving it a shot.

https://www.irs.gov/uac/free-file-do-your-federal-taxes-for-free
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  #14  
Old 01-08-2017, 11:29 AM
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Get H&R block software from Staples or Amazon, and you will have exactly the same product their agents use for about $35. It has a dialog that steps you through the return, there's really nothing to it. The software includes one free federal and one free state electronic filing.

https://www.hrblock.com/tax-software/

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