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I've been using TurboTax for the past few years and have been very pleased. This year I was expecting a bigger refund because I paid out a LOT of money in medical bills last year, but I don't see the difference I was expecting this year from last year. I wanted to know - anyone ever use a tax software such as TurboTax - and then used a Tax Prep Business - and noticed a difference in refunds? I hate paying a lot for tax preparation, but if I can get more money back using a tax expert - then I rather pay.
How much was your medical bills? There's a minimum you must reach in order to get the deduction. "A LOT" is really relative. I remember paying $1500 for medical one year and did not reach the minimum. That felt like a lot to me.
The total of medical bills I paid was over $13k. I understand I can only deduct anything over the 7.5% rate of annual income - which would give me a medical 'total' of around $7,600 for 2012.
I would really hate to go to an accountant or tax prep company and they get me around the same refund as TurboTax. I guess I am trying to figure out if going to a live professional would help me more.
I always do it myself. Still, for those that use a professional, isn't the cost deductible?
Your tax prep fees, combined with some other miscellaneous stuff you won't take, have to exceed 2% of your AGI before you start deducting them. And then obviously you only deduct the amount that's over the 2%. So unless those specific job expenses and other random things are quite high, you'll never benefit from your tax fees.
If the medical expenses are the only difference between 2012 and previous years, then spending extra bucks on a CPA or tax preparer likely isn't going to help. Have you itemized your deductions in the past? If not, then even the deductible medical expenses (i.e., after the 7.5% haircut) aren't going to help as much as you think since your standard deduction is already $5950 if you're a single individual.
If the medical expenses are the only difference between 2012 and previous years, then spending extra bucks on a CPA or tax preparer likely isn't going to help. Have you itemized your deductions in the past? If not, then even the deductible medical expenses (i.e., after the 7.5% haircut) aren't going to help as much as you think since your standard deduction is already $5950 if you're a single individual.
Exactly. I seriously doubt any REPUTABLE CPA or tax preparer is going to be able to get you a bigger refund than using Turbo Tax. Turbo Tax Deluxe is very powerful and if you plug in every possible detail, it should come out to the same as any reputable CPA.
Unless your taxes are very complex, these days a CPA is some serious "overkill".
I usually do it myself, but I got money from a lawsuit and I'm not sure how to claim it. Also I usually claim a joint return with my wife but I want to see the numbers if we file separate.
Exactly. I seriously doubt any REPUTABLE CPA or tax preparer is going to be able to get you a bigger refund than using Turbo Tax. Turbo Tax Deluxe is very powerful and if you plug in every possible detail, it should come out to the same as any reputable CPA.
Unless your taxes are very complex, these days a CPA is some serious "overkill".
Turbo Tax Deluxe may be great BUT if the information is NOT entered correctly and the person entering the information does not understand the questions, the return may be correct.
I have checked a number of my friends' returns prepared with tax software and most have an error or two.
I am a CPA who does NOT do taxes except through the IRS's VITA program. My preferred software is Tax Act.
Always had better success with HR Block Taxcut. Used TTax for years too, but like I said...
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