What tax return software would you recommend?
#1
What tax return software would you recommend?
Hi all,
My husband has decided that he should use netfile to submit his tax return this year (whereas last year we were completely new to it all and so had an accountant do everything for us and e-file on our behalf.) We've got a printout of his 2006 return here and can see that only one return was submitted, but it's slightly complicated by the fact that he has a part-time salaried position and also earns self employed income from our B&B and Computer Consulting, so along with the single return there are also 2 attached printouts headed "Statement of Business Activities" - one for B&B and one for the computer business.
We went to the Intuit website and filled in their questionnaire about what version of their (QuickTax) software we need to use, and it came back with QuickTax Business Unincorporated at $79.99 (or $39.99 for their online version of the same) but the blurb for that package states: With QuickTax Business Unincorporated, you can file both your personal & unincorporated business returns i.e. plural...whereas one return sufficed last year
Now seeing as I can't even work out what software we need, I'm starting to think we should just chuck the lot at the accountant again but she charged >$300 last year and I think that's way too steep, but out here in the back of beyond there's not much in the way of competition I guess.
Any advice?? Please (Feel free to PM me if you'd rather not send all the other forumites to sleep!)
Thanks,
Alex
My husband has decided that he should use netfile to submit his tax return this year (whereas last year we were completely new to it all and so had an accountant do everything for us and e-file on our behalf.) We've got a printout of his 2006 return here and can see that only one return was submitted, but it's slightly complicated by the fact that he has a part-time salaried position and also earns self employed income from our B&B and Computer Consulting, so along with the single return there are also 2 attached printouts headed "Statement of Business Activities" - one for B&B and one for the computer business.
We went to the Intuit website and filled in their questionnaire about what version of their (QuickTax) software we need to use, and it came back with QuickTax Business Unincorporated at $79.99 (or $39.99 for their online version of the same) but the blurb for that package states: With QuickTax Business Unincorporated, you can file both your personal & unincorporated business returns i.e. plural...whereas one return sufficed last year
Now seeing as I can't even work out what software we need, I'm starting to think we should just chuck the lot at the accountant again but she charged >$300 last year and I think that's way too steep, but out here in the back of beyond there's not much in the way of competition I guess.
Any advice?? Please (Feel free to PM me if you'd rather not send all the other forumites to sleep!)
Thanks,
Alex
Last edited by AlexInBC; Mar 12th 2008 at 3:52 pm.
#2
BE Forum Addict
Joined: Aug 2006
Posts: 3,124
Re: What tax return software would you recommend?
Hi all,
... but it's slightly complicated by the fact that he has a part-time salaried position and also earns self employed income from our B&B and Computer Consulting, so along with the single return there are also 2 attached printouts headed "Statement of Business Activities" - one for B&B and one for the computer business.
Now seeing as I can't even work out what software we need, I'm starting to think we should just chuck the lot at the accountant again but she charged >$300 last year and I think that's way too steep, but out here in the back of beyond there's not much in the way of competition I guess.
Any advice?? Please (Feel free to PM me if you'd rather not send all the other forumites to sleep!)
Thanks,
Alex
... but it's slightly complicated by the fact that he has a part-time salaried position and also earns self employed income from our B&B and Computer Consulting, so along with the single return there are also 2 attached printouts headed "Statement of Business Activities" - one for B&B and one for the computer business.
Now seeing as I can't even work out what software we need, I'm starting to think we should just chuck the lot at the accountant again but she charged >$300 last year and I think that's way too steep, but out here in the back of beyond there's not much in the way of competition I guess.
Any advice?? Please (Feel free to PM me if you'd rather not send all the other forumites to sleep!)
Thanks,
Alex
Once a year to pay out is not exorbitant.
If hubby is self-employed and there is business, as opposed to simple employment inome, it seems to me he needs a qualified beancounter with emphasis on the word qualified.
Just think of the tax implications of trying to do it yourselves even using software which is great but only for simple straightforward returns.
My advice is do not skimp. You may live to regret it.
#3
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Re: What tax return software would you recommend?
Ditto - $300 is a steal of a deal.
You may miss more than the cost of the accountants fees in deductions if you don't know what to do.
You may miss more than the cost of the accountants fees in deductions if you don't know what to do.
#4
Re: What tax return software would you recommend?
I see what you're both saying but just thought that, with all the information she gave us last year and the copy of his last return, it would be fairly straight forward to simply input the 2007 figures instead. I'll go away and have a rethink, thanks!
#5
Re: What tax return software would you recommend?
Did you really efile in your first year? I thought that wasn't possible. Not important, just being nosey
I paid an accountant 800 CAD for some help with getting back the CCTB and UTC that was owed to me, your bill sounds cheap
I paid an accountant 800 CAD for some help with getting back the CCTB and UTC that was owed to me, your bill sounds cheap
Last edited by Biiiiink; Mar 12th 2008 at 5:21 pm.
#6
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: What tax return software would you recommend?
I've used Quicktax for years to file returns for myself, my family and the many new ... er ... friends that I seem to acquire around this time of year. I am less than impressed with them recently as they seem to be pushing people into higher priced versions of the software quite unnecessarily.
To clarify, each individual files one tax return each year. If they have an unincorporated business they will also need to file a statement of business activities and/or a statement of real estate rentals with the return. If you know what you are doing then you can do all of it quite satisfactorily with Quicktax Basic.
Having said that, if you are in business and are not 100% absolutely sure you know what you are doing, getting it done by an accountant is definitely the way to go. $300 is not too expensive if I understand your circumstances correctly. Part of the fee is an allowable business expense so it costs you less. It may even be a bit cheaper this year as there are no client engagement issues - worth asking!
To clarify, each individual files one tax return each year. If they have an unincorporated business they will also need to file a statement of business activities and/or a statement of real estate rentals with the return. If you know what you are doing then you can do all of it quite satisfactorily with Quicktax Basic.
Having said that, if you are in business and are not 100% absolutely sure you know what you are doing, getting it done by an accountant is definitely the way to go. $300 is not too expensive if I understand your circumstances correctly. Part of the fee is an allowable business expense so it costs you less. It may even be a bit cheaper this year as there are no client engagement issues - worth asking!
#8
Re: What tax return software would you recommend?
Ermm, we didn't really have much to do with it, but yes, the accountant submitted the return electronically. I know you can't use NetFile to submit your first Canadian tax return, online, yourself, but EFile must be different.
#9
Re: What tax return software would you recommend?
Aha, I'm confusing two separate things. Thanks for explaining
#10
Re: What tax return software would you recommend?
I've used Quicktax for years to file returns for myself, my family and the many new ... er ... friends that I seem to acquire around this time of year. I am less than impressed with them recently as they seem to be pushing people into higher priced versions of the software quite unnecessarily.
To clarify, each individual files one tax return each year. If they have an unincorporated business they will also need to file a statement of business activities and/or a statement of real estate rentals with the return. If you know what you are doing then you can do all of it quite satisfactorily with Quicktax Basic.
Having said that, if you are in business and are not 100% absolutely sure you know what you are doing, getting it done by an accountant is definitely the way to go. $300 is not too expensive if I understand your circumstances correctly. Part of the fee is an allowable business expense so it costs you less. It may even be a bit cheaper this year as there are no client engagement issues - worth asking!
To clarify, each individual files one tax return each year. If they have an unincorporated business they will also need to file a statement of business activities and/or a statement of real estate rentals with the return. If you know what you are doing then you can do all of it quite satisfactorily with Quicktax Basic.
Having said that, if you are in business and are not 100% absolutely sure you know what you are doing, getting it done by an accountant is definitely the way to go. $300 is not too expensive if I understand your circumstances correctly. Part of the fee is an allowable business expense so it costs you less. It may even be a bit cheaper this year as there are no client engagement issues - worth asking!