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TaxCut vs TuboTax

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Replies to: TaxCut vs TuboTax

  • musicmommusicmom Registered User Posts: 2,513 Senior Member
    Yeah, that child credit thing.....I think you lose it after age 16.
    What, like they no longer cost you anything????
  • peoplepeople Registered User Posts: 264 Junior Member
    No, it wasn't the age thing (she's 19, so that phased out a couple years ago). Having looked more carefully, it appears that the Hope Credit is prorated based on income. Also, because I made less money, I paid less taxes. Those two things combined seemed to sink me this year. Ridiculous. In my current state of grumpiness, I feel we'd end up better off in the end if we didn't work so hard. Government wouldn't be digging around so hard in our pockets, apparently. Grumble, gripe....
  • SBDadSBDad Registered User Posts: 847 Member
    people,

    As a CPA, I suppose I look at things a little differently.

    It's always interesting when people judge their tax burden by whether they get a refund or have to pay at the end of the year. That is really only a function of what you paid in with withholding and estimated tax payments during the year.

    The real test is to take you total tax for the year (line 63) and divide it by your total income (line 22). That percentage is your effective tax rate and comparing it year to year gives you a good picture of your tax burden.

    I know, spoken like a true bean counter...
  • peoplepeople Registered User Posts: 264 Junior Member
    SBDad,
    How dare you be rational and correct, when I'm trying to indulge my petulance (*smile*). Yes, I know...I know... I keep telling myself all will feel better once both kidlets have graduated. Just too many checks to write now-a-days.
    Your bean-counting does have its place in keeping the rest of us from freaking out...
  • SBDadSBDad Registered User Posts: 847 Member
    Hang in, people. (your name reminds of how my 5th grade teacher used to address the class "people, people, please pay attention people")

    My S is a junior so I am in the "save like crazy, don't take vacations, don't buy a car, bread and water" mode. I'm starting to feel your pain.

    ps Where are you kids attending?
  • peoplepeople Registered User Posts: 264 Junior Member
    SBDad, Both in NC State universities, so I'm actually rather spoiled compared to what folk are paying for privates. D had to turn down both GW and BU because neither forked over enough $$ to make them affordable. Still, no matter how you slice it or plan ahead, having two in college is a wild ride - Hold onto your hat!
  • SBDadSBDad Registered User Posts: 847 Member
    NC is such a beautiful state. Stopped in Asheville on the way south from Michigan last year. What a beautiful place. Also had the pleaure of playing golf (poorly) at Pinehurst a few years back - on someone else's dime.
  • TheDadTheDad Registered User, ! Posts: 10,228 Senior Member
    Just finally finished doing taxes two days ago, doing the FAFSA and Profile yesterday. I think a root canal is more enjoyable.

    I'm in that awkward tax situation where my taxes are tedious and a little complicated but I don't have lots of complicated investment & depreciation questions, so by the time I have the info organized, it's easier for me to just plug everything into MacinTax...or TurboTax on the Mac as it's more appropriately called now.

    2005 was the first year that I started a rigorous daily tax diary system. The bad news is that made collating info very tedious. And I've spotted some holes that I need to fill in terms of some expenses being missed. But the who/where/why of entertainment expenses, for example, are now linked directly to the auto mileage/expenses and it feels very thorough.

    SBDad, out of curiosity, do you handle many accounts for people in the creative (artistic) fields? Even here in L.A., there aren't that many CPA's who understand the tax side of writers, actors, etc.
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