Doing Your Own Taxes?

[KEG123]

Anyone do your own taxes, or do you take them somewhere?

If you take them somewhere, how did you find your preparer?

If you do them on your own, what program do you use?

And for both, how much did it cost to file?

[MissAnn]

I do them all myself. I read posts here....I buy all of Tom's books, I use MMK, Neatreceipts, and Turbotax.

[KEG123]

What version of Turbo Tax do you use?

[Sunchimes]

I have them done. She is a CPA, although she isn't working and does them on the side. She's done our taxes for years (this is our first day care year though). As always, I have all of the receipts organized and totalled, etc, and I give her a summary of everything.

This year is, of course, very different. I bought and read all of Tom's books and read back through the forum archives here, plus reading back through Tom's blog. I did the best I could with the summary, but depreciation has completely defeated me.

I'm giving her Tom's books and have already sent her links to the blog and forum. We are going to sit down together and go over the Tax Workbook I filled out. I think it's going to work out just fine.

She usually charges us $85, but I'm prepared for much more than that this year. It will be worth every single penny.

[MyAngels]

I use a CPA now, but I've done my own and used TurboTax and Tax Cut (H&R Block program). I would not use any type of tax software unless you are very, very sure that you understand how to fill out the tax forms dealing with your childcare business. It is extremely easy to make a mistake entering information into those programs, and they are not really designed to guide childcare providers correctly.

When I looked for my CPA I talked to every firm in my town and found one who handled dozens of other providers taxes. Even with that, I double check everything he does.

[KEG123]

Myangels, did you use Minute Menu when you did Turbo Tax and Tax Cut? Because I do use it and so am fairly confident I have everything I need to do it on my own... (but see my other thread and I'm so confused over why I'm getting less back than I think I should be)

[MissAnn]

What version of Turbo Tax do you use?

Home and Business

[MyAngels]

Myangels, did you use Minute Menu when you did Turbo Tax and Tax Cut? Because I do use it and so am fairly confident I have everything I need to do it on my own... (but see my other thread and I'm so confused over why I'm getting less back than I think I should be)

No, I've never used the paid version of MMK for taxes. If you have a good understanding of the differences in the type of expenses for child care providers and where they belong on the tax forms then you should have no problem using either TurboTax or Tax Cut. The first time I used tax software I input everything using the guidance of the program and when I printed the forms I knew they were incorrect and had to go back and fix it. If I didn't have a good understanding of it then I would not have caught it.

I started using the tax software originally because I had kids in college and wasn't sure I understood the various tax benefits of that and wanted to use something that could guide me in that area. It did help, but after a couple of years I just decided a CPA would be a good investment.

[kendallina]

I do mine the old fashioned way-paper and a pen. I don't use any programs, but I do have Tom's Recordkeeping book. Last year was my first year doing them and I'll be doing them again this year.

[wdmmom]

I will NEVER again use Turbo Tax! The first year I did daycare I had to amend. Turbo Tax robbed me of $1700! So glad I went to a CPA for a second opinion! Well worth the $100 to amend!

[Michael]

This should be a Poll Question.

[Blackcat31]

I have someone else do them. She is experienced and pretty inexpensive so I would much rather pay her the money and save myself the stress.

[lil angels]

I have someone else do them I found the guy when I went to a training on record keeping for daycare and found out that he specializes in daycare taxes so I went with it and he has Ben doing them for the past 12 yrs for me it does cost me $175 but it is worth it to me to not have to worry about getting them done right or not.

[itlw8]

Years ago I took a class and was very impressed with the CPA that gave it. Not all CPA's understand family childcare. Unfortunately his health got bad several years ago. I have been happy with the place he sold his business to until this year.

It has been worked out but next year they are putting me with the owner.

I read on the subject and ask questions so I am prepared when I go for my appt. It helps when you know enough to question them and ask the right questions.

[GretasLittleFriends]

My husband and I are both self employed with separate businesses. We take our taxes to a CPA. She used to work for a division of the IRS, and is now a CPA. He has been taking his trucking business stuff to her for years, so when we got married and I started daycare, it only made sense to bring my stuff to her too. Her charges depend on how much work she has to do. Last year she charged a little more because we had her do some of the totaling of stuff. This year everything was totaled up, all she has to do is do the necessary calculations, and fill in all the right numbers on the right forms. It is well worth EVERY penny we spend. For all of our stuff last year, she charged us $275. This year should be a bit less.