VO-BB - 19 YEARS OLD!

CarynClark · Posted: Sun Jan 19, 2014 9:25 am Post subject: TurboTax

So, I've decided to not use my accountant this year (or, should I say, ever again...) and I plan to use TurboTax. I have an LLC for my business, and from what I've seen, it seems pretty straightforward.

Anyone else have any experience as a voice over actor using TurboTax? Tell us the good, the bad, and yes, even the ugly.

Thanks!!
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scottnilsen · Posted: Sun Jan 19, 2014 9:34 am Post subject:

I've been using it for a while (I'm not an LLC, but a Sole Proprietor) and haven't found it to be too complicated. I wonder if it's because I'm not making extremely large sacks of cash and because of the amount of deductions I have (aka kids).
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Lee Gordon · Posted: Sun Jan 19, 2014 11:59 am Post subject:

I have used it for years and, to my way of thinking, most of the information it asks you for is the same stuff you'd have to gather up to give to an accountant anyway. The first time you use it, it takes a bit longer to input all the information it asks you for, but in subsequent years, it reuses some of the data from previous years, so it goes a bit quicker. Sometimes, I'll enter an item where I think it goes, only to discover, further in the process, it belonged somewhere else. Then, during the review process, I may have to go back and delete the item from the first place I entered it so as not to "double dip." Get the "Home and Business" version.
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Ed Fisher · Posted: Sun Jan 19, 2014 12:48 pm Post subject:

Agreed. Turbotax is the way to go.

There are different levels of the program available, some specifically for small business which offer even more help and ask more involved questions about deductions for your business.

I switched years ago when I was just starting out when (at the time) I discovered that the amount I was paying the accounting firm was comparable to what I owed the government.. And what does an accountant do? Mostly put in the same numbers that you would. It's all math anyway. TT guarantees numerical accuracy and for a small additional charge they also offer assistance should you ever become the subject of an audit.

Be not afraid.
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Scott Pollak · Posted: Sun Jan 19, 2014 12:50 pm Post subject:

I used TT for YEARS and finally went BACK to using an accountant about 5 years ago due to the inordinate complexity of investments I have.

If you don't have things like overseas funds and annuities and stuff like that (which, I guess, TT could figure out) then it probably works for most folks. But honestly, my tax return is typically around 50-70 pages and it got to the point where I became scared I was missing a lot of stuff. I pay my accountant about $375 each year - which is, of course tax deductible - and it's worth it for my peace of mind. If the IRS comes after me, at least I can call on my accountant for some backup.
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CarynClark · Posted: Sun Jan 19, 2014 6:21 pm Post subject:

Mmmmm... yes, I do see your point.

I'd have to look, but my tax return IS pretty long. However, I don't have complex investments (just an IRA). My accountant charges about the same, but last year I was charged some additional fees without them being disclosed, and so I was an unhappy customer.

My boyfriend uses TT, although his tax situation is pretty simple. I figure I'll use TT, and then compare the forms to last year's return to ensure everything that was done last year is done again this year.

I've just heard so many good things about it, and it seems user friendly, but the boyfriend suggested I ask y'all, since we're in the same biz and all. Smile

I'm also using FreshBooks for the first time this year (wow, is it so easy and amazing for the most part), and so that is *hopefully* gonna make tax time easier for me, too. I hope.
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Lance Blair · M&M Joined: 03 Jun 2007 Posts: 2279 Location: Atlanta

I use and recommend TT, but if your situation is complicated, it's always better to turn to a pro who can ask more nuanced questions about your situation.
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todd ellis · Posted: Mon Jan 20, 2014 3:26 pm Post subject:

i use a pro for the same reason i go the the emergency room when i have a broken leg. could i set it myself? probably. but it wouldn't be any fun and and it's likely i'll screw something up that will cost me more to fix later.

but that's me. i'm a eejit.
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DougVox · Posted: Mon Jan 20, 2014 4:08 pm Post subject:

Nope, you're not an eejit, Todd, and you proved it yourself...

An eejit would set his own broken leg.

Smile

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todd ellis · Posted: Mon Jan 20, 2014 4:47 pm Post subject:

i wouldn't count me out on that example alone.
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DougVox · Posted: Mon Jan 20, 2014 8:37 pm Post subject:

Good point, todd!

cool

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Lynn Benson · Posted: Tue Jan 21, 2014 12:23 am Post subject:

A good pro can't be bad. TurboTax is OK if it isn't complicated. Frankly I have my wife do the taxes. That's what I do.
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Mandy Nelson · Posted: Tue Jan 21, 2014 7:38 am Post subject:

I've used TT since I started in VO (can it really have been around that long?!?) and I love it. We have talked about going to an accountant this year because of some complex issues we've had with this house, investments and whatnot but TT can handle it. It even covered things like nanny taxes back when we had one. Oh and I use the small business one for the reasons mentioned above. The best part is drinking a glass of wine while writing out the checks and addressing the envelopes.
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bransom · DC Joined: 06 Nov 2008 Posts: 650 Location: St. Louis, MO

I used Turbo Tax for years but switched back last year to using a real accountant as my tax situation got more complicated. For reasonably simple returns, Turbo Tax is great: it leads you by the hand and makes the whole process more or less stress-free. You'll occasionally find yourself scratching your head but that's more a function of our wonderful US tax code than of the program.

Do plan to spend several hours stepping through it all to get your returns done. There's a lot of info to enter (but, as Lee said, it's easier in subsequent years.)
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CarynClark · Posted: Tue Jan 21, 2014 8:42 am Post subject:

Thank you, all!!!

I'm gonna give it a whirl.

I will be sure to double check to see I'm using the small business one (all I recall right now is the one I checked out was $74.99).

Mandy, I'm gonna need a few bottles of wine to drink whilst I write checks and address envelopes to the IRS in the ol' ATL.

Ugh.
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Caryn Clark... The Hip Chick Voice!

"A positive mental attitude and having faith in your ability is quite different from being irresponsible and downright stupid." - Dave