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Daycare and Taxes>Tax Software Suggestions
originalkat 02:46 PM 01-20-2010
I finally have my husbands W-2 so I am ready to get working on our taxes. I have used H&R Block online before I had a business for free and it worked out fine. Last year we had them done professionally...that was TOO MUCH MONEY!! I feel confident in doing them myself but, I dont know what tax software to use. Any suggestions and personal experience you can share with me would be helpful. THanks!!
kitkat 10:13 AM 01-21-2010
For the last 2 years I've used TaxAct online. I believe it was free, even with the business stuff, but I had to pay to file the state return (I think $9 or something pretty cheap). The state return was a flat fee, with or without the business. It was a simple program to use.

I started using e-file on my own because the fees for a professional were way too high and I don't think they were doing a good job...never even asked me about stuff to depreciate (besides the house)!
momma2girls 10:45 AM 01-21-2010
I also have friends that have used H & R Block, it was way too expensive- like $5-700.00!!!!! We just always use someone from our small home town bank, that has been doing daycare businesses for many yrs. I think it was like $100 or $125.00
Chickenhauler 04:02 AM 01-24-2010
Tax advice and prep is kinda like a defense in a murder may not always get the best results with the lowest bidder...

I ALWAYS tell people to do your research, ask others in your trade who they use and then go from there....we are talking about someone whose knowledge and expertise can mean the difference between owing thousands and getting back thousands, sometimes more.

Red Adair (famous oil well fire fighter) responded to an oilman's complaints about his prices with "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur. "

My tax lady is always telling us about ways to prune down our tax bill throughout the year, along with pointing out stuff that we weren't even aware of at prep time.

PS-H&R Block sucks........most of their "preparers" have about as well trained as temp worker, since that's what most of them are. They're data entry personnel. Almost learned the hard way, H&R Blockhead's figures claimed I owed over $20k, then I found this lady and she discovered TONS of stuff they missed, and turns out not only did I NOT owe that much, I was due a REFUND!

About depreciating stuff.....if you depreciate things, you have to account for them in your records, whether they are trashed and scrapped or sold. If you sell them, you then have to pay capital gains and sales tax on the sale price, unless you can offset that sale with another purchase. Depreciation can be a double edged sword.
originalkat 06:02 PM 01-24-2010
H&R Block is a rip off...I will never use them again. We were charged like $500 last year when we went there. I had no idea we would be charged that much and we were getting a big return so I didnt throw a fit...but Like I said will NEVER go back. Like Chicken Hauler said the preparer knew less than I did. I tried to use one of those free tax programs...but halfway through I realized it wasnt going to work with all my business stuff. I then went to Turbo Tax Home and Business Online. It has a lot of specifics for Home Daycare which guided me through. It worked very well and found lots of deductions I didnt know about. It ended up being about $100 with Federal and State. Less than paying someone else. Also, we got a good return. I recommend it!

Also---You can go through the whole process first before paying so you know you want to use it (and know your refund or how much you owe). I dont like paying for something before "seeing" it.
Tags:h&r block, tax software, taxes, turbo tax, w-2
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