British Expats - Taxes - Doing it yourself

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British Expats (https://britishexpats.com/forum/)

- USA (https://britishexpats.com/forum/usa-57/)

- - Taxes - Doing it yourself (https://britishexpats.com/forum/usa-57/taxes-doing-yourself-776485/)

LondonNw3

Nov 3rd 2012 9:17 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by TimNiceBut (Post 10364254)

I guess it depends what you consider to be a rip-off - we have a moderately complex return with income from the UK and even though I do some of the prep work, our CPA does the majority of the work and charges around $200 for our return. I consider that money well spent.

I agree $200 is money well spent! Our charges were around $900 last year.

lansbury

Nov 3rd 2012 9:40 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by LondonNw3 (Post 10364580)

I agree $200 is money well spent! Our charges were around $900 last year.

$900 is steep for a simple return. We paid $265 this year, and ours isn't straightforward, and it included the CPA working my quarterly payments out for the next tax year.

TimNiceBut

Nov 3rd 2012 10:50 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by LondonNw3 (Post 10364580)

I agree $200 is money well spent! Our charges were around $900 last year.

That sounds more like you need a new CPA than some software :).

Cook_County

Nov 4th 2012 4:14 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by SanDiegogirl (Post 10364565)

We have always used Turbo Tax. We have investments here and in the UK, together with bank accounts in the UK - so not altogether a simple return.

Turbo Tax has always worked perfectly for us.

Does it work out any PFIC tax? Does it handle 3520s and treaty claims for my UK SIPP?

Cape Blue

Nov 4th 2012 5:33 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by LondonNw3 (Post 10364222)

Thanks everyone for your comments so far. It is most helpful. I think we will go down the route of doing it via Turbo Tax this year as our income is not complex in the US.

What about your non-US income - you'll be declaring that as well to the IRS. Do you own a house abroad and understand how the depreciation rules work for your US return?

I'd pay the money for the first year, try Pete Newton who seems to get a lot of recommendations on BE.

nun	Nov 4th 2012 6:48 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by Cook_County (Post 10365655)

Does it work out any PFIC tax? Does it handle 3520s and treaty claims for my UK SIPP?

No TurboTax won't do PFIC....there is no 8621 form, at least when I last looked.
It does not do 3520, or 8833s either.

paul32x

Nov 4th 2012 8:24 am

Re: Taxes - Doing it yourself

We use Turbo Tax, it's pretty straightforward. We also still run a business in the UK so have to declare all our business income as well, but it copes with it all. I do have an accountant in the UK though who deals with that end, and I just pop across once a year to go through it with him and sign off all the paperwork. We've never yet had any problems using Turbo Tax.

LondonNw3

Nov 4th 2012 9:52 am

Re: Taxes - Doing it yourself

Quote:

Originally Posted by Cape Blue (Post 10365752)

In 2011 we used a tax accountant here in the US, so we declared everything. All our income in 2012 is from the US earnings.

kins	Nov 4th 2012 1:01 pm

Re: Taxes - Doing it yourself

Quote:

Originally Posted by sir_eccles (Post 10363293)

My understanding is that if you have a simple straightforward life. Go to an office for a regular job, no kids, no mortgage and have little else to declare then things like Turbotax will be sufficient. Beyond that you can never be quite sure you are getting all your deductions right.

I'm married with kids and a mortgage and Turbo Tax does us fine. We did hire a CPA one year but he screwed up the return, we got a bill from the IRS that we should not have got, and he refused to help fix his mistake...

AdobePinon

Nov 4th 2012 2:06 pm

Re: Taxes - Doing it yourself

I've always done them myself, on paper. When I moved here, I had a single income source with a W2, no investments, and nothing to itemize, so it was super easy. Since then I've just learned the extras as they become relevant: itemization, self-employment, etc... Ahhh, the legacy of arriving in the country with two suitcases and no assets. :)

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