Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (60930)	3/1/2006 8:45:09 AM
From: falconflingagain	Respond to of 206316

I've used it for almost 10 years with no problems and more importantly...no audits. This includes early 2000's humungeous losses, which I just this year have used up for carry forward losses. I especially like the feature that allows you at any time, to pull up ANY IRS form, or go to "dictionary" of terms. Prior to my huge losses I had made a huge gain, and decided to use an accountant. She was O.K., but not really any different, in my opinion, than using turbotax. With Fidelity, one click of the mouse enters all transactions into turbotax. While likely not for everyone, if the majority of investors or the public in general knew of it, accounting would suffer a very heavy hit. __ ____________________________________________________________ OT: If anyone is interested I'll give the link to the British troops in Iraq's video of Road to Armadillo. Very ingeneous and funny.

To: tom pope who wrote (60930)	3/1/2006 8:46:47 AM
From: Wyätt Gwyön	Respond to of 206316

let me say one thing that TurboTax will not help you on: an audit. if you get audited, the agent can show up at your doorstep. if you have an accountant, you may never have to see the agent as the accountant will serve as interface and the agent can review your materials at the accountant's office. and obviously you can ask the accountant's advice, etc.

To: tom pope who wrote (60930)	3/27/2006 3:06:43 PM
From: Paul Senior	Read Replies (2) \| Respond to of 206316

Turbotax: "I predict your first year with the program will prove frustrating." Right again. I am spending hours and hours going through this thing over and over - misc. incomes, royalties, real estate, depreciation, stocks, foreign tax credits. Isn't helping when I have to redo stuff because I find my input mistakes/omissions. (e.g. I had to write a check April '05 to pay off state '04 taxes. I knew that check was deductible for me this year, but I didn't understand that because I also paid estimated '04 state taxes in Jan '05 too, that payment also was deductible. Turbotax asked the question, but at first I didn't understand it and didn't check that box yes. Just happened later to read an article on typical deductions people overlook, and that item was mentioned.) Every broker keeps sending me and sending me revisions to 1099 forms, and I'm learning to quickly re-enter the revised numbers. So far, I'm pretty impressed with what Turbotax does and how imputs are reflected in the bottom line (no waiting a week to get results). Although I miss my tax guy, Turbotax appears like it might work for me okay this year. One thing that's helpful to me is that I have my completed stuff from my accountant from last year and my tax situation doesn't seem to have changed (afaik), so that I can use last year's results to help figure this year's. For example, my real estate amortization amount (straight line) for this year ought to be the same as last year, and after several tries (hours), I understood the Turbotax questions enough to put the numbers in the right places in Turbotax to see Turbotax come up with the same dollar figure I was expecting. Just my experience. Thanks, guys, for the assistance and comments here regarding Turbotax (and Turbotax vs. 'astute' tax advisors). Informative and very helpful to me.