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I'm looking into taking an Income Tax Prep course both for my own knowledge and possibly extra income during the tax season
Which one offers better courses? H&R Block or Liberty Tax Service, or perhaps some other company?
Can anyone give some pros and cons on each?
Price: I tried to look it up and H&R Block would charge $286 while Liberty $150
Location: H&R Block has more locations in the NYC Metro area I think
Value: ???
I don't know that any one person is going to be able to compare both for you. I've taken the H&R Block and it was fantastic. I took it several years ago and it was much cheaper - I think $149. Do both courses meet for the same number of sessions? Are you doing this to work with one of the places? Because the one with more locations could be better because there would be more job opportunities. H&R Block definitely uses it as a way to hire seasonal help. At the time, if you did well in the class you were offered a job. I left there knowing everything about personal income taxes. The only con I can see is it's a lot more expensive now.
edited to add - the course filled up back then very quickly. With the economy the way it is now I think a lot of people will be interested. So try not to wait too long to decide if this is important to you. And if you're serious, you really won't be able to miss classes because it would be hard to catch up. I was surprised at how detailed it was and how much material was covered.
How ridiculous it is that people have to pay someone just to fill out a tax form. For majority of the people out there, filling out a tax form should be no more than 1/2 hr and using your prior tax returns you can do this.
How ridiculous it is that people have to pay someone just to fill out a tax form. For majority of the people out there, filling out a tax form should be no more than 1/2 hr and using your prior tax returns you can do this.
I am a pretty hardcore DIY'er and will not normally pay someone to do something I could do myself (auto repair, home improvement, landscaping, etc...) but when it comes to taxes I defer to a professional. It's not the filling out the form, it's knowing the tax laws and what deductions/credits you're eligible for. Between my wife and I we have the child tax credit, mortgage interest deduction, student loan interest deduction from four different student loan servicing companies, medical expenses, plus she is a teacher who often pays for supplies out of pocket, and there's even more than that.
The government loves people who "just fill out the form themselves" and end up not taking advantage of the deductions they are actually eligible for. Not using an accountant to do your taxes is like going to court without a lawyer as far as I'm concerned. That said, I'm not sure what the purposes of these courses from the chain tax preparers are besides making a quick buck...
I do my own taxes, using turbo tax. Every-one I know do their own taxes and those who use "professionals" usually do not have-their taxes in order.
There is 2 kinds of professionals in taxes. A CPA that was referred by friends and some-one who has finished H&R block and is making $15 during the tax season. An educated person can do better for themselves then $15/h seasonal tax preparerors.
CPA's many times employ these paid tax prepairorrs and simply pass your taxes to them.
Again, a college educated person should be able to a better job on their own taxes then the $15/h tax preparor.
often you have people who have their "own businesses" and are not college educated folk. Construction workers, Truck drivers, plumbers... They often either have their own business or get 1099, these need referrals to good CPA's.
Then you have people with 1 W2 who rent and have no assets, they have an option of filing 1040ez or paying those 15/h an hour people.
Spend $150 - $250 to learn to do your own taxes is a good idea. You will have a fundamental knowledge and you will know what questions to asks or research.
To illustrate the state of NJ CPA's:
One of my friends, with in the last 2 years bought and and sold his house, his wife changed jobs, so he went to see a CPA. For 2 years he has NO idea what the situation with his taxes. He calls em up and hears a story, so he asks for receipts and that's where he get's stuck.
I have multiple 1099s to report, so i talked to CPA who said that I should incorporate. I have heard him out, but basic calculations reveal that I would pay less in taxes but more in CPA fees, so in the end I would pay more..
I asked around to be referred to a trustworthy CPA, there is simply no referrals.
I am a pretty hardcore DIY'er and will not normally pay someone to do something I could do myself (auto repair, home improvement, landscaping, etc...) but when it comes to taxes I defer to a professional. It's not the filling out the form, it's knowing the tax laws and what deductions/credits you're eligible for. Between my wife and I we have the child tax credit, mortgage interest deduction, student loan interest deduction from four different student loan servicing companies, medical expenses, plus she is a teacher who often pays for supplies out of pocket, and there's even more than that.
The government loves people who "just fill out the form themselves" and end up not taking advantage of the deductions they are actually eligible for. Not using an accountant to do your taxes is like going to court without a lawyer as far as I'm concerned. That said, I'm not sure what the purposes of these courses from the chain tax preparers are besides making a quick buck...
I agree that you should use a tax pro when you have to take into acct all these tax credits but for majority of people that don't have any dependents or tax credits they can DIY without issues.
The IRS has free over the phone tax preparation that can help you e-file your taxes too. I know they can get busy but in most cases people who don't have any tax deductions to submit should just use the free service to e-file their taxes.
Years ago I was allowed to do taxes and at that time the H & R Block course was the best. That was over 30 years ago so not much help now.
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