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1.I was wondering if there any media that you guys recommend when it comes to learning about tax forms?
2.If you invest in stocks, bonds, funds, and etc..., is there a tax form for that?
3.What is itemize deductions? I know if you have gambling losses, then you do that on line 28 on Form 1040A! I was wonder if you have gambling losses at a casino, can you itemize them just because a casino is most likely to be on a Native American reserve?!
1.I was wondering if there any media that you guys recommend when it comes to learning about tax forms?
2.If you invest in stocks, bonds, funds, and etc..., is there a tax form for that?
3.What is itemize deductions? I know if you have gambling losses, then you do that on line 28 on Form 1040A! I was wonder if you have gambling losses at a casino, can you itemize them just because a casino is most likely to be on a Native American reserve?!
The IRS website.
There are other sites that will kind of mirror the same forms and pubs, but the 'horse's mouth' is the IRS.
Each form is available there.
Each pub and worksheet.
I am not aware of any on-line courses really.
A pub 17 is the general / overall pub that explains everything about income taxes. First you need to read it.
Then each area of interest that you have questions on will have its own pub. Read those, and go back to the pub 17.
Schedule 'A', 'C', 'D', 'E', and 'F' are the primary forms where you will see the greatest amount of 'write-offs'.
Should I get Turbotax? Does anyone use it and what was your experience with the product?
Some folks seem to like it.
Once the year is done, and all you have are the numbers, tax programs are handy to help you to figure out which numbers can go where. all after the fact, and too late to make any real decisions about your tax-planning.
I feel that if you read the pubs yourself, then you get a better feel for what each category can do. What each form is used for.
If all you have is a year's worth of W-2s from employers, then using the programs will be fine.
Once you get into business ownership or investing, then you are functioning outside of the masses. And are not well within the 'box' that the programs have assumed you to be inside of.
Location: Stuck on the East Coast, hoping to head West
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Originally Posted by BORGUSX
Should I get Turbotax? Does anyone use it and what was your experience with the product?
I've used it for years and really like it. it walks you through everything step-by-step and has things like an deduction finder. I've used turbo tax with my investments (not terribly complicated) and as a sole practitioner and it could handle that. Then again, i have an accounting degree and a tax prep background. Like forestbeekeeper said, I don't think the boxed programs could handle things more complicated like 1031 exchanges, foreign income, resident aliens, partnerships, etc and they don't offer much in the way of tax planning.
That being said, if you're unsure about what you're doing it might be worth it to have your taxes professionally done once so you can ask questions and do some tax planning along the way. I'd also suggest seeing a tax planner in the fall, before the end of the year (if you're calendar year) so that you can make adjustments as needed. If you choose to pay someone to do your taxes, I also suggest you go to an enrolled agent or CPA who specializes in tax preparation (and your particular situation) and pepper them with questions.
Last edited by bande1102; 07-05-2008 at 07:05 PM..
Reason: added accounting background, etc
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