5 ms·

does H&R Block handle investments and cost basis year over year information? That's the only tripping point im finding with whatever product I look to in compar

does H&R Block handle investments and cost basis year over year information? That's the only tripping point im finding with whatever product I look to in comparison to Turbotax. Once your tax situation starts down that path I'm noticing getting a product that can pull from multiple investment accounts and keep track of cost basis correctly really narrows it down to Turbotax so far for me.

throwawayboise 5y ago
At that point why not engage an accounting firm? Yes it would probably cost more, but you're supporting your local economy and have a human being to discuss any questions with (as well as be responsible for any mistakes).
- lowercased 5y ago
  agreed. it's "more" money, but generally less headache, you can ask questions, and get answers specific to your situation, especially questions that may include state/local tax concerns as well.
- ryandrake 5y ago
  There's still a big jump in cost between, for example TurboTax Premier tier ($90 federal + $50 state = $140) and a CPA (where I've been quoted $400-$600). I don't think the level of service justifies the cost. I tried a professional once in my life, and he basically just asked me all the same questions the software would have asked me, and typed them in to his system for me. 3X-4X the cost for the services of a typist doesn't seem like a good deal.
  - jbluepolarbear 5y ago
    A CPA takes a risk doing your taxes. They are responsible if something goes wrong. That is probably $400 an hour. If you are paying less than that make sure it’s actually a CPA doing your taxes. There may be a CPA at the firm, but unless they sign and do your taxes you aren’t protected by their liability.
    - threatofrain 5y ago
      An accountant with a CPA could have ten or twenty seasonal temps working under them, but at the end of the day they will review and sign the outgoing product. They are liable and will be on top of your case if the IRS comes to bother you, but don't expect the personal attention of the CPA. Also, personal accounting is an increasingly niche industry.
      - jbluepolarbear 5y ago
        That’s only if the CPA is in that position. My mom has worked at places where they had a CPA on staff, but they were only doing here for consulting. They never reviewed or signed anything.
- UncleMeat 5y ago
  The last time I got a quote from a local accounting firm it was for $3,000. My tax situation is more complex than most but the difference between $150 for some paid software and an accounting firm is a lot. And the people working at the budget firms are basically just using TurboTax-equivalent software anyway.
  - deleted 5y ago
    [deleted]
  - daxelrod 5y ago
    The value proposition of a tax accountant is not usually crunching numbers. It's instead helping you find the optimal choices to make when filing, helping you model your situation in terms of tax code, and giving you advice about how to arrange your affairs the rest of the year to give you the biggest benefit come tax time. The one I've used has consistently saved me more money in taxes than he costs. That said, my tax situation is also nowhere near complicated enough that an accountant has ever asked the order of magnitude you were quoted, so YMMV of course.
  - nightski 5y ago
    Wow that's crazy, I have an accountant do my taxes each year and it's only $250. He even reviews my company's books as well.
- ivalm 5y ago
  For $150 turbotax filed my fed and state taxes: 1. W2s + bank interest for two people 2. Taxable capital gains of various kinds, including stock, options, and 1256 contracts 3. Self employment business (consulting) with multiple clients and deductions for various business expenses. All of this took less than 2 hours and most of the data was digitally imported from various portals. I'm guessing it would cost me at least an order of magnitude more and take similar time to do it through an accounting firm. So i'm kind of split, on the one hand intuit is an evil company and i hope our tax system is changed/irs no longer uses them/etc. On the other hand I really don't want to spend extra 1k+ on taxes OR spend tens of hours it would take me to assemble the 50+ page return on my own.
PascLeRasc 5y ago
Yeah, it did for me. But I only used it to make sure it matched Credit Karma tax and filed through there.

throwawayboise 5y ago

At that point why not engage an accounting firm? Yes it would probably cost more, but you're supporting your local economy and have a human being to discuss any questions with (as well as be responsible for any mistakes).

lowercased 5y ago
agreed. it's "more" money, but generally less headache, you can ask questions, and get answers specific to your situation, especially questions that may include state/local tax concerns as well.
ryandrake 5y ago
There's still a big jump in cost between, for example TurboTax Premier tier ($90 federal + $50 state = $140) and a CPA (where I've been quoted $400-$600). I don't think the level of service justifies the cost. I tried a professional once in my life, and he basically just asked me all the same questions the software would have asked me, and typed them in to his system for me. 3X-4X the cost for the services of a typist doesn't seem like a good deal.
- jbluepolarbear 5y ago
  A CPA takes a risk doing your taxes. They are responsible if something goes wrong. That is probably $400 an hour. If you are paying less than that make sure it’s actually a CPA doing your taxes. There may be a CPA at the firm, but unless they sign and do your taxes you aren’t protected by their liability.
  - threatofrain 5y ago
    An accountant with a CPA could have ten or twenty seasonal temps working under them, but at the end of the day they will review and sign the outgoing product. They are liable and will be on top of your case if the IRS comes to bother you, but don't expect the personal attention of the CPA. Also, personal accounting is an increasingly niche industry.
    - jbluepolarbear 5y ago
      That’s only if the CPA is in that position. My mom has worked at places where they had a CPA on staff, but they were only doing here for consulting. They never reviewed or signed anything.
UncleMeat 5y ago
The last time I got a quote from a local accounting firm it was for $3,000. My tax situation is more complex than most but the difference between $150 for some paid software and an accounting firm is a lot. And the people working at the budget firms are basically just using TurboTax-equivalent software anyway.
- deleted 5y ago
  [deleted]
- daxelrod 5y ago
  The value proposition of a tax accountant is not usually crunching numbers. It's instead helping you find the optimal choices to make when filing, helping you model your situation in terms of tax code, and giving you advice about how to arrange your affairs the rest of the year to give you the biggest benefit come tax time. The one I've used has consistently saved me more money in taxes than he costs. That said, my tax situation is also nowhere near complicated enough that an accountant has ever asked the order of magnitude you were quoted, so YMMV of course.
- nightski 5y ago
  Wow that's crazy, I have an accountant do my taxes each year and it's only $250. He even reviews my company's books as well.
ivalm 5y ago
For $150 turbotax filed my fed and state taxes: 1. W2s + bank interest for two people 2. Taxable capital gains of various kinds, including stock, options, and 1256 contracts 3. Self employment business (consulting) with multiple clients and deductions for various business expenses. All of this took less than 2 hours and most of the data was digitally imported from various portals. I'm guessing it would cost me at least an order of magnitude more and take similar time to do it through an accounting firm. So i'm kind of split, on the one hand intuit is an evil company and i hope our tax system is changed/irs no longer uses them/etc. On the other hand I really don't want to spend extra 1k+ on taxes OR spend tens of hours it would take me to assemble the 50+ page return on my own.

PascLeRasc 5y ago

Yeah, it did for me. But I only used it to make sure it matched Credit Karma tax and filed through there.