Tax Returns

andrya

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It's that time again, ugh!

How do you guys do your tax returns? Do you use a tax service or do your own?

l've been doing my own for years, but last year my tax back was way less than in previous years. Looking at my T-4 this year, l think l'm going to end up OWING this year. l don't know if l'm missing something, but don't want to pay an accountant or a tax service to find out.

Does anyone think paying someone to do their tax return pays for itself in more tax back?
 

di and bob

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I hate paying a CPA to do ours but we sold houses on contract several years ago and now have money in stocks that are sold and then more bought, so it's beyond my experience!
 

Willowy

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I have used TurboTax free edition for the past 5 years or so. My taxes are simple---one job, one mortgage, a couple bank accounts, easy peasy. But last year I bought a house so that's going to complicate things. . .not sure if I can use the free edition this time :/.

Hiring a service can be good if you're not sure what you're doing, so you don't miss anything. But if you're sure your taxes are simple and you're not missing any deductions, well, some years that's just how it goes. You can increase your withholding if you don't want to pay anything (in the US anyway. I'm not sure if Canadian taxes are very different from the US). But hey, it's better than letting the government keep your money interest-free all year! :lol3:
 
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andrya

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Thanks for the replies 


l used one of those free apps (like Turbo Tax) last year and got a small refund. l got a quite large refund the year before, but my son was still a minor, so l guess that would be the difference.

l haven't plugged in my numbers yet for this year, but judging by the government tables, l was undercharged by around $400 on the year. lf the provincial health levy is on top of that, l'll owe $1000. NOT good timing. lf only we could claim our cats as dependents!!
 

misty8723

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We have been using the Turbo Tax that you pay for, and it was worth it initially because we didn't realize some things we could use as deductions.  Plus it's a whole lot easier than trying to figure out all the new tax laws and such.
 

Winchester

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We used to do the taxes ourselves, but for the last couple of years, we've been having them done. Rick does a lot of union stuff that he gets compensation for, but they don't deduct the taxes and such. We have to do it ourselves and he's not dealing with it anymore. So we take everything in to H & R Block and they do it. That way, we know it's OK.

Yeah, I wish we could claim the cats; it would certainly help!
 

AbbysMom

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Around ten years ago I stopped doing my own and it was a smart decision. I pay $65 and that includes the e-file. My brother now goes to the guy I do to and the first few years he could not believe how much more he was getting back compared to before.
 

catsallaround

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I have always done my own except the year we bought house as I did not want to mess with that.  I usually do ours while husband entertains the pets:) 
 

denice

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I usually do my own.  Mine are usually pretty simple.  I use TaxAct and it walks me through it.  A few years ago I had them done because I inherited money from my Dad.  It certainly wasn't enough to be taxed but he had some money in a retirement account that he hadn't paid tax on before he died so I did have to pay tax on a portion of it.  I wasn't sure what I was doing so I paid someone to do them that year.
 

sivyaleah

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I'm fortunate that the guy who does our accounting at the office, has known me for oh, IDK, 20-30 years?  I knew him from my prior job; in fact, he recommended me for the current position.

He doesn't charge me at all; out of friendship but also because every year I manage to get my company to give him a little extra bonus on top of his usual fee for them :D  He does my BF's also free of charge.
 
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