Money Best Tax Software for 2016 Returns? - Page 5

BWillie · 03:48 PM

I'm ready to stop giving a tax service $1500+ to do my taxes. It's too much of a racket, they're not always done right anyway. I'd like to attempt to do them with software this time. Other than it just being a pain in the ass, what other advantage is there to use a tax service? The shitty ones don't even use certified accountants anyway.

The software I've heard most about is obviously Turbo Tax. I'm not looking at the most basic tax software like Tax Slayer or Tax Act or whatever. I would probably need at least the Turbo Tax Home & Business. I have rental properties, lots of home interest to deduct, gambling income but I file as a pro (which seems to confuse everybody & nobody has ever done it the same), technically small business income w/ probably very few deductions (do not have an LLC even though live in KS so I'm probably a dumbass), used an HSA. Hopefully using a tax software will easily help me find deductions etc.

So, what do you guys believe to be the best tax software to use?

Turbo tax?
H&R Block?
Tax Act premium?
Jackson Hewitt online?
Any others etc

DRU · 02-25-2017, 08:34 PM

Quote:

Originally Posted by Buehler445

Ummmm... No. The main reason I have the S-Corp is to retain earnings and service debt without the burden of SE tax. I do most of my work in the S-Corp, so my wage needs to be pretty high to be reasonable. I'm good.

Besides I work for her during tax season and she pays me (more than I pay myself).

The wage does need to be reasonable, of course. As I outlined previously, though, depending on the range you're talking about, a firm rule that you won't take a dividend more than your salary could potentially eliminate much of the benefit you're getting from the S Corp.

Again, if you're talking about $40k - $50k then you probably shouldn't go more than a 50/50 split. If you're talking about $150k, though, and you're still afraid to adjust that split, then you're losing out on big savings.

To each his own.

**Buehler445** · 02-25-2017, 08:38 PM

Right. I'm not in the 150 range. Like I said, it is most important that retain earnings without the burden of SE.

02-21-2017, 03:29 PM
BWillie Are you ready to Rumble? Join Date: Apr 2006 Casino cash: $-1328759	Best Tax Software for 2016 Returns? I'm ready to stop giving a tax service $1500+ to do my taxes. It's too much of a racket, they're not always done right anyway. I'd like to attempt to do them with software this time. Other than it just being a pain in the ass, what other advantage is there to use a tax service? The shitty ones don't even use certified accountants anyway. The software I've heard most about is obviously Turbo Tax. I'm not looking at the most basic tax software like Tax Slayer or Tax Act or whatever. I would probably need at least the Turbo Tax Home & Business. I have rental properties, lots of home interest to deduct, gambling income but I file as a pro (which seems to confuse everybody & nobody has ever done it the same), technically small business income w/ probably very few deductions (do not have an LLC even though live in KS so I'm probably a dumbass), used an HSA. Hopefully using a tax software will easily help me find deductions etc. So, what do you guys believe to be the best tax software to use? Turbo tax? H&R Block? Tax Act premium? Jackson Hewitt online? Any others etc Last edited by BWillie; 02-21-2017 at 03:48 PM..
Posts: 52,637

02-25-2017, 08:38 PM	#62
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1455266	Right. I'm not in the 150 range. Like I said, it is most important that retain earnings without the burden of SE.
Posts: 59,965