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View Full Version : The Tax Dude Is Here



dean51267
03-04-2005, 06:58 PM
okay, all you procrastinators, if you want to know how or what you can do, ask away, I will do what I can to help.....
Free advice, just for my Hot Boat friends...........

Freak
03-04-2005, 07:11 PM
My friends say turbo tax is just for singles. You wont get max deductions with it. true or false????

dean51267
03-04-2005, 07:16 PM
if you do not need a technician, if there is nothng going on, if it is ultra simple, it is probably okay. However that said, the tax/accounting/financial services world is changing, CPA's are becomming family financial advisors, that is a whole new world, and with TT you miss it all.
There is a place for TT, but it is not the be all to end all Intuit makes it out to be, and worst case, if you get an audit, that computer will do nothing for you.

Jbb
03-04-2005, 07:21 PM
If I buy a Profile boat...with a cabin ...can I write off the interest as a second home?......can I write off the medical expenses as well..? :D

dean51267
03-04-2005, 07:24 PM
like the diapers.................
;-)

Freak
03-04-2005, 07:28 PM
If I buy a Profile boat...with a cabin ...can I write off the interest as a second home?......can I write off the medical expenses as well..? :D
LOL...if a profile boat falls apart on the water does anyone hear the injured screaming?

dean51267
03-04-2005, 07:30 PM
unfortunately...........

dean51267
03-04-2005, 07:31 PM
I love that altar..........

fkeys
03-04-2005, 07:40 PM
My friends say turbo tax is just for singles. You wont get max deductions with it. true or false????
False!! Turbo Tax is the shit!! We've used it the last four years. Every time it took no longer than 2 or 3 hours to complete and file both the federal and state returns. It makes itemizing deductions a breeze - especially if you own a home. I'd highly recommend it. Plus - if you efile (costs about $15) you can get your returns FAST. We got our state in 5 days and our federal in 7!! :2purples: It's definately worth it.

dean51267
03-04-2005, 07:49 PM
False!! Turbo Tax is the shit!! We've used it the last four years. Every time it took no longer than 2 or 3 hours to complete and file both the federal and state returns. It makes itemizing deductions a breeze - especially if you own a home. I'd highly recommend it. Plus - if you efile (costs about $15) you can get your returns FAST. We got our state in 5 days and our federal in 7!! :2purples: It's definately worth it.
I have seem some people it works for, and if you think a human can be replaced by a machine, well, hey, good deal for someone.
However did it ever recommend you review your insurance policies to determine if a term policy might free up enough money to put into an IRA and the nget the form 8880 credits? Did it explain that if you took at little extra cash you are earning on the side and reported it you might be able to write off thousands of dollars in expenses? Did it ever suggest you make this change or that based upon expected political changes? Did it ever look over your state laws and determine if you should file differently for state matters than for federal?
If it works for you, GREAT, it is a lot less than a good tax person will charge, but it is not the great god send Intuit says it is.
For reference, I own a large CPA firm, teach graduate tax school on the side, and own a personal tax business. check us out at www.owencpa.com, or www.supertax.biz, check out the newsletters, they are good.
P.S. - I will make a deal with you, call me in May, if I can save you money on your 2004 return, you pay my billing rate for ammendments, if not, no charge............
Care to see just how good, or poor, a job TT does for you???????????

fkeys
03-04-2005, 08:02 PM
However did it ever recommend you review your insurance policies to determine if a term policy might free up enough money to put into an IRA and the nget the form 8880 credits? Did it explain that if you took at little extra cash you are earning on the side and reported it you might be able to write off thousands of dollars in expenses? Did it ever suggest you make this change or that based upon expected political changes? Did it ever look over your state laws and determine if you should file differently for state matters than for federal?
Gotta admit it does none of that! But alot of people aren't in (or ready for)those kinds of situations.

dean51267
03-04-2005, 08:06 PM
good night all, thanks for lettimg me vent. If you have tax questions call me, 888-OWENCPA, or shoot me an e-mail, dean@owencpa.com, I will see what I can do to help....

Mandelon
03-04-2005, 08:25 PM
IS there a form to file to finalize the upleg on a 1033 exchange?

Tab
03-05-2005, 09:43 AM
Mandy, You funny.........

Mandelon
03-05-2005, 09:46 AM
I'm serious. :hammerhea REally. How do you report it on your return?

ROZ
03-05-2005, 10:48 AM
MAndy, You have a CPA, don't ya? I figured you had a guy... :messedup:

Rod-64
03-05-2005, 11:15 AM
okay, all you procrastinators, if you want to know how or what you can do, ask away, I will do what I can to help.....
Free advice, just for my Hot Boat friends...........
I already got my tax refund in and lost 200 of it at the casino in Vegas.........can I deduct that next year???? :D

Tab
03-05-2005, 01:46 PM
Try form 4797 or form 4684. It depends on the nature of the incident whether the property is business or not(code sec 1033 covers both). I thought you were making a rather insightful funny about Dean's situation. Tab

boatnam2
03-05-2005, 02:02 PM
shit i had to claim a couple of g from the old blue water.story is 100 years old take it from the indians and give it back to uncle sam.

HM
03-05-2005, 02:56 PM
I used Turbo Tax for years and it is good. But there is a big $$ difference between good and great.
Last year, I hired a CPA and she went back on my last 5 years returns and got more money for me...like $20K!! Some people don't want to have to pay a CPA, but 9 times out of 8, they will get you more money back than Turbo Tax and will more than pay for themselves - assuming you have a good CPA.
also, a CPA can determine your risk factor in regards to interpretation of the tax code. My risk factor is as high as my CPA can handle.
CPA's as financial planners? A good idea, not great, but good. I equate CPA's as financial planners to be about as good as using Turbo Tax on your taxes. But, since most people don't do any financial planning, a CPA can do some good things for most people. Your best bet is to have a CPA, Financial Planner, and a Trust Lawyer - all of which are very affordable when you see what they put you tens of thousands of dollars ahead - after you pay them.

ROZ
03-05-2005, 06:27 PM
also, a CPA can determine your risk factor in regards to interpretation of the tax code. My risk factor is as high as my CPA can handle.
There is no risk factor when a CPA follows the law... If he is unethical, he will will take himself out as well as getting everyone he has done taxes for in the past few years audited...
My pops has a client who was one of the unluck bystandards of an crooked CPA....Not too many people were happy either....

HM
03-05-2005, 06:37 PM
There is no risk factor when a CPA follows the law... If he is unethical, he will will take himself out as well as getting everyone he has done taxes for in the past few years audited...
My pops has a client who was one of the unluck bystandards of an crooked CPA....Not too many people were happy either....
Tax code/law is not black and white. Anybody who tells you that it is has no clue.