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I used to do them but hand and sometimes I made mistake just by adding things. At least with Turbo tax, it's like one big add/subtract machine. You can overwrite them if you like. I found many mistakes with Turbotax but will always get the software.
Last edited by NewbieHere; 02-04-2017 at 06:08 PM..
I used to do them but hand and sometimes I made mistake just by adding things. At least with Turbo tax, it's like one big add/subtract machine. You can overwrite em if you like. I found many mistakes with Turbotax but will always get the software.
Actually the way I did it by hand is I would create a spread sheet and program the formulas the IRS has in their various tables into the spread sheet. The spread sheet would automatically calculate everything for me. Since the 1040 does not change much every year, I would just change the parts that did change and re-use it the next year.
I used Excel, but you can use Google docs which is free. You just have to have the patience to put it all together. Doing it with a spreadsheet eliminates math errors. But it does not eliminate errors in programming the IRS formulae. I goofed on the AMT formula and the IRS told me about it.
The funny thing is the IRS audits every single form these days and if you make a mistake they will always find it and tell you what it is. It makes me wonder why they even have us fill out a 1040 since they recalculate everything anyway.
I do it myself by hand and then use free fillable forms online with the IRS to file.
This is what I do too. I have never paid anyone to do my taxes even when I owned apartment buildings in the 80s and had to deal with depreciation, etc.. I like the fillable forms because I have the penmanship of a 4 year old.
Actually the way I did it by hand is I would create a spread sheet and program the formulas the IRS has in their various tables into the spread sheet. The spread sheet would automatically calculate everything for me. Since the 1040 does not change much every year, I would just change the parts that did change and re-use it the next year.
I used Excel, but you can use Google docs which is free. You just have to have the patience to put it all together. Doing it with a spreadsheet eliminates math errors. But it does not eliminate errors in programming the IRS formulae. I goofed on the AMT formula and the IRS told me about it.
The funny thing is the IRS audits every single form these days and if you make a mistake they will always find it and tell you what it is. It makes me wonder why they even have us fill out a 1040 since they recalculate everything anyway.
It's great for you but I had 2 young kids under 10 and a full time job and other things to do. The price I paid for Turbotax is a small price. I must admit if I find an error, I return the software for refund. I figure that's the price they pay for me to troubleshooting their software.
Its a racket like computer fixing, it creates jobs. That being said, my landlady was a secretary for a tax attorney and she taught me all about taxes. How to set up this expense, deduction. If you do it by hand its easier to grasp
I have used free online filing but I also like to do ours by hand. I did ours by hand last year when we had 1099 income and expenses, plus forms for having ACA subsidies part of the year. This year ours are a little more simple and I already have printed out the forms to fill in.
We do our tax filing on paper every year. We have done this for over 30 years, it is habit.
We itemize, and we use schedules Cs, Es, and Fs. I have not had a tax obligation [any money from me going to the IRS] since 1983.
Last year we formed two LLCs [for our investments]. This is the first time for our personal taxes to include corporations, so we hired an accountant to walk us through the first couple years. This accountant accepted our hand written books. She said that we can continue doing this on paper, or we can shift to Quick-Books.
With paper we can go to her office, once a year. Or with Quick-Books we can do it all via email, and effectively we would never actually meet with our accountant ever again.
It's great for you but I had 2 young kids under 10 and a full time job and other things to do. The price I paid for Turbotax is a small price. I must admit if I find an error, I return the software for refund. I figure that's the price they pay for me to troubleshooting their software.
I work in retail and we sell the TurboTax program. It cracks me up that, after each one is scanned, we are to ask if they'd like to purchase the "two year extended warrantee". Why would anyone want to do that with a program that's only good for one time?? Some of the looks I get from customers are pretty funny.
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