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Ping John N: re TurboTax

Old_JoeOld_Joe
edited March 2012 in Off-Topic
John- thought of your situation when I read this article...

⇒ TurboTax

From the article:

"Most tax software companies do offer "accuracy guarantees," reimbursing customers for any penalties and interest paid. However, they often only reimburse for software errors that are "computational" in nature.

The correct application of the law to the facts has always been the taxpayer's primary responsibility, and therefore it cannot easily be shifted to the software. So TurboTax's final "error check" and its "audit risk meter" might provide you some comfort, but these tests are not going to save you from IRS tax penalties.

The tax code and its regulations do, however, provide some limited relief from penalties, if the taxpayer can demonstrate he or she acted reasonably and in good faith in preparing the return. For example, a taxpayer using computer software may have his or her penalties waived under the "isolated error" exception for typos."

Comments

  • johnNjohnN
    thank you kindly sir
    I appreciate this site.
    I called the CFA and they told me that dividends and gains from invididual bonds are taxed 15% rate after capital gains. Took me like 8 hrs to fix the darn thing... Ended up paying ~ 800 dollars instead of 10K [big differences]

    Another options you can do is do your own tax then bring it to H&R tax preparation centers --> they'll rescreen and redo it for you free. If you can get more 'gains' then they'll charge you a fee to process the tax. Thinking of doing this and I'll be very careful this yr.

    thanks again
  • Derf
    John: The good news. You now have a $800 tax write off to start the new year.

    Have a nice week, Derf
  • InvestorInvestor
    edited April 2012
    Reply to @johnN: I would be cautious of those additional deductions that tax preparers find to get your business. Some are known to include questionable deductions to get your business and make a justification for being. However if IRS takes a look at your return you could get you in trouble with IRS. Be careful. After all you are the responsible party, not the preparer in most cases.
  • Sven
    Reply to @johnN: I used H&R Block in the past, and walked away quickly... They gave bad advice which I would have pay TWICE on my stock option. A local CFA set the matter straight and I will never use these large tax preparation shops.
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