I have to admit that there is a side of me that enjoys conspiracy theories. I remember that one of the very few things I enjoyed at my first engineering job, which was in the dungeon basement of the Layton City Building, was that we could only get one station on our little radio (this was back in the day before internet radio- I think) and on Fridays that station (talk radio, of course) did Conspiracy Theory Friday. The show host let people call in and rant and rave about conspiracy theories. After a minute of talking, the host would make a fool of the theorists and I would get a good chuckle. I also enjoy the stories Dr. Lawton told us of his friend's Cadillac that got 80 mpg and the light bulb that lasted ten million hours.
Well, I found my own and so I thought I better warn the people.
Many of you will be compiling your taxes over the next few months. In our case, due to having ten kids and buying our first house, we will be receiving a very nice refund from the federal government. I did our taxes by hand because then I better understand how it all comes together and works out. I will try a computer program to check my results before I submit.
In spite of the nice federal return, when I did our state taxes online at utah.gov, I owed a considerable amount of tax. As I was filling out the online program I noticed several issues with the program itself that made me uncomfortable. I have always used the state's online program in the past, but this year I found a huge error on entering your standard or itemized deduction. So I researched the tax code and did the state forms by hand, and was able to cut down what we owe by over 80%. I still think it is strange that we get so much back from the federal government, but have to pay the state. I guess it is relative to typical family size, but at this time I think I would rather pay a little extra tax than have a fourth child under the age of 3. I bet Megan even more strongly feels the same way.
Also, according to an editorial I read in the paper today, Utah has a balanced budget whereas many other states and especially the federal government don't. So maybe it is a good thing that we are more significantly taxed in Utah.
Anyway, in the midst of a thousand topics, my conspiracy theory is that the state-promoted online tax submission program called TaxExpress is a rip-off. It does not accurately factor in your deductions and is too simple to allow you to apply for numerous avaliable tax credits. The state tax code is a little funky compared to the federal code. I think Utah could use some fresh blood to renovate and fix numerous grammar erros in a lot of the legislative areas.
Like I said, I did my own taxes by hand and saved 80% of what the state program required. I built my own spreadsheet program to calculate the whole tax form. Let me know if you would like a copy of the tax form to do your own or to compare your answers with other programs.
What is the best tax software in your opinion?
Well, I found my own and so I thought I better warn the people.
Many of you will be compiling your taxes over the next few months. In our case, due to having ten kids and buying our first house, we will be receiving a very nice refund from the federal government. I did our taxes by hand because then I better understand how it all comes together and works out. I will try a computer program to check my results before I submit.
In spite of the nice federal return, when I did our state taxes online at utah.gov, I owed a considerable amount of tax. As I was filling out the online program I noticed several issues with the program itself that made me uncomfortable. I have always used the state's online program in the past, but this year I found a huge error on entering your standard or itemized deduction. So I researched the tax code and did the state forms by hand, and was able to cut down what we owe by over 80%. I still think it is strange that we get so much back from the federal government, but have to pay the state. I guess it is relative to typical family size, but at this time I think I would rather pay a little extra tax than have a fourth child under the age of 3. I bet Megan even more strongly feels the same way.
Also, according to an editorial I read in the paper today, Utah has a balanced budget whereas many other states and especially the federal government don't. So maybe it is a good thing that we are more significantly taxed in Utah.
Anyway, in the midst of a thousand topics, my conspiracy theory is that the state-promoted online tax submission program called TaxExpress is a rip-off. It does not accurately factor in your deductions and is too simple to allow you to apply for numerous avaliable tax credits. The state tax code is a little funky compared to the federal code. I think Utah could use some fresh blood to renovate and fix numerous grammar erros in a lot of the legislative areas.
Like I said, I did my own taxes by hand and saved 80% of what the state program required. I built my own spreadsheet program to calculate the whole tax form. Let me know if you would like a copy of the tax form to do your own or to compare your answers with other programs.
What is the best tax software in your opinion?
4 comments:
I want a copy.
Now.
We always have to pay huge amounts of state tax. Are you saying that you cut your state tax due or your federal tax due by doing it by hand? Guess I'll have to forgo the software and try it by hand as well.
Thanks for the heads up.
Let me have a copy as well.
I've never done our state taxes online or with a tax preparation software, because I'm too cheap. I buy the federal only tax prep software and then do the state taxes by hand. State taxes are easy to do, anyway. Why would I pay an extra $15 when I could just do it by hand in 15 minutes. My time is worth a dollar a minute. And I also hated it that there used to be fees associated with e-filing, so that was also a deterrant. But I'm still confused about how you had to pay state taxes. We never do, and we usually get a sizable refund from the feds, too.
I was thrown for a loop this year with the new state tax forms, but pleasantly surprised that I didn't have to send in W-2s.
I love doing taxes, mostly because I have a windfall to look forward to. For a couple of months every winter I just feel so rich!
Best tax software = my CPA! :)
Never done taxes and hopefully never will. He's been doing our taxes for about 20 years (family taxes, etc.). He's conservative, very honest and no personality(he doesn't have to have one when he's that good :D)...the top three traits I want in a CPA.
p.s. came from Megan's blog...how come I didn't know you had a blog? Must tell my husband that boys do blog...and blog well I might add!
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