How do you do your taxes?

[FreeJoe]

Over the last 30 years, I've done them all sorts of different ways. I've picked up my forms at the library and filled them out by hand. I've given my stuff to a CPA and let her do it.

My current method is roughly this:
1) During summer, I estimate what my W-2 will look like and adjust my withholding so that I expect to come out close to even.
2) Throughout the year, I keep a spreadsheet of what forms I expect to get (1099s, W-2s, etc)
3) As my forms come in, I check them off my list.
4) Once I have the information I need, I do my taxes in Turbo Tax and Tax Cut (HR Block). If they agree, I file with Turbo Tax (I get it free). If they don't agree and I can't figure out why (this happened last year), I buy Tax Cut and print the forms and compare them with Turbo Tax to see what is different.
5) I file electronically. If I am owed or it is close, I file in early February. If I owe a lot, I wait until April to file.

It looks like I'm going to get a sizable income this year. I'm still waiting on a trivial 1099 (from the bank where the kids have their accounts) and I need to work through my wife's side business info.

[1000words]

1. Drunk.

[The Velveteen Ocelot]

2. I'm too disorganized to do my taxes competently

although I've done it myself for years (and often made mistakes). So now I just gather up all my stuff and take the whole mess to an accountant. It's worth their fee to avoid the headache.

[CTyankee]

10. we do the same. It's worth it. He finds the $ we can save and gives us good advice for the following

year.

I don't mind his fee because I know we can't do it and we need peace of mind.

[kydo]

3. badly

[femmocrat]

4. I don't.

My husband does them. He's a financial planner so it's less painful for him.

BTW, you sound very organized!

[House of Roberts]

5. I pay for the Turbotax and my ex does mine.

I trust her more than strangers.

[Omaha Steve]

6. H&R Block

[pangaia]

7. I have a small business.

Very, very small. Almost as small as it can get.
I pay quarterly estimated tax.
I use QuickbBooks, one 'file' for the business and another for personal.

Everything is in there. My book keeper does my books every couple of months, making sure everything balances out.
Then, when I have all my W-2 in -usually mid Feb. - she comes in and does my taxes and files electronically.

[RC]

8. On the form on the back of my SSA-1099

That is all the farther I need to go.

[Hoyt]

9. I knew a guy who looked in his checking account for how much he could spare, and worked backwards.

Wouldn't advise it nowadays.

[elfin]

11. I sort my stuff as best I can for income, donations, taxes paid, med $, etc

Plus the end of year report from broker of any stock cap gains, losses etc. And hand everything in to accountant.

Know I probably have the capability to do via Turbo, but willing to pay for the preparer's name on the submission.

He is picky, which I respect. Makes me submit Amazon non-tax purchases for state return line item.

He is also quickly available for any questions or suggestions. So it is worth it for me. Plus, numbers are not my friends and I routinely transpose digits on computer entries, causing HOURS trying to figure out where I went wrong.

[Shrike47]

12. Accountant, although now we've retired, I'm beginning to think about trying myself...

[tammywammy]

13. My dad buys TurboTax and I go to his house.

[tammywammy]

30. I cannot use the free edition.

But that's good info for people that can.

[TexasProgresive]

14. Work it out with a pencil.

[B Calm]

15. High School math teacher does ours!

[oldhippie]

16. I do my own ......

... with the help of TurboTax. I do a kind of pseudo 1040 estimate each quarter with an Xcel spreadsheet I made that is customized for my situation. I estimate all my income (pension, SS, consulting income, interest and dividends and capital gains from brokerage accounts and IRA distributions.) My estimates are usually pretty close.

This time of year I gather all the 1099s and enter them into TurboTax. Deductions are pretty easy, (I don't have any), so I take the standard exemptions and deduction. This year I didn't have any surprise distributions or end of year consulting, so I think my estimates will come out pretty close to what TurboTax says. I will probably get a small tax return (unlike last year) so I will efile as soon as I get all the info together.

In the past I have used CPAs to do my taxes. Both years they made mistakes that I caught that would have ost me over a thousand dollars if I hadn't checked. So now I do my own. Having an MBA in Finance, and being retired with time to study tax issues helps a lot. The average Joe, if he has any complications at all, has a hard time doing his own.

[Liberal_in_LA]

17. in a very organized manner, over pay slightly so i know i'm always getting someting back

During year, put everything tax related into a folder. Do taxes in feb

[Warpy]

18. I send in quarterly taxes

based on the last year's tax. Then I grab everything and sort it out, put on my green eyeshade and on April Fool's Day, I start plugging numbers into my computer.

[bluestate10]

19. I keep running updates, then give the records to my CPA. My filings cover enough REGs

that I can't do them myself because doing so will take time that I spend on other activities.

[doc03]

20. Did it myself up until 4 years ago, since

then used Taxcut program.

[oneshooter]

21. TurboTax and luck.

[Blue_In_AK]

22. I don't go to nearly that much trouble

I just put all my receipts and stuff in a big envelope, sort 'em out in February and "fill in the blanks" at TurboTax and then send the check after we get back from the Iditarod. I've always done my own taxes.

[RebelOne]

23. I don't anymore. I am retired.

And I don't have to fear the dreaded April 15 deadline any longer.

[LWolf]

24. I procrastinate until February, then

lock myself in the office and don't come out until they are done, complaining bitterly about the things I gave up to spend the hours doing the job, and muttering imprecations about the IRS and their persistent desire to audit me instead of someone who actually makes a lot of money.

[Gothmog]

25. I use turbo tax

I can not do anything until I get my K-1 from my law firm

[tridim]

26. I do a quick and simple calculation and if I'm getting a refund I'll file right away.

If I owe, I'll wait.

This year it came out to exactly $0, both federal and state. No need wait, but I am anyway.

[obnoxiousdrunk]

27. I use Tax Slayer.

[shanti]

29. TaxAct online

by myself. i've done my own taxes since 1974, except for a few times. the online tax programs are just so much easier for math-challenged people like me!