Your Take 

Your Take: How Do You Prepare Your Taxes?

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Busboys & PoetsLast night I had to pleasure to finally meet some of the DC personal finance bloggers and some PR folks at a happy hour (or three) hosted by TurboTax at Busboys and Poets at 5th and K Street. It was a fun event that was really casual and it was nice to meet people I’d only been emailing, instant messaging, or twittering with these last few months and years. Many thanks to the most awesome Chelsea (@TTaxChels) for inviting me!

In talking with both Scott Gulbransen (@prgully) and Dave Donohue (@davedonohue), I was surprised to learn that most people prepare their taxes the same way their parents did. If your parents did their taxes online with a service like TurboTax, you were more likely to use TurboTax. If they always went to a tax prep place like H&R Block, then you would be more likely to go to H&R Block over trying to do them yourself.

At first I was a little surprised to learn our tax preferences are influenced by our parents, but then I realized I was influenced by my parents. When I first decided to use TurboTax, I didn’t compare it to TaxCut or TaxAct or going to a tax preparer. I chose it because that’s how my dad did our taxes when I was younger. So I shouldn’t have been that surprised because I did the same thing!

So the Your Take for today is a two parter – How do you prepare your taxes and how much do you think your choice is influenced by your parents?

(Photo: daquellamanera)

{ 60 comments, please add your thoughts now! }

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60 Responses to “Your Take: How Do You Prepare Your Taxes?”

  1. Alex says:

    I used the free edition of Turbo Tax for sometime but no longer qualify. Then I paid for Turbo Tax a couple of years but its been getting expensive.

    Now I just do it myself. Its pretty easy to just sit down and fill out the 1040A form for my fiancée and I. We both claim a standard deduction, deduct some student loan interest, have small interest income. IRS even lets you e-file it for free online now so I still get quick turnaround time. This also saves a nice bit of money.

  2. Frugal says:

    Used Taxcut or Turbotax – both are nice. Will stay with Turbotax as Taxcut missed one point and costed me $20.

    Parents are in another country – not applicable

  3. eric says:

    Hm I guess it’s different for me. My parents have an accountant but I’m comfortable enough to do it using tax prep software.

  4. That Guy says:

    I can read; therefore, can do my taxes. I don’t need to buy expensive software. By hand for life.

  5. Lucy says:

    I don’t remember my parents doing their taxes… but when I moved in with my boyfriend he used H&R Block and that seemed simple enough so I used their offices too. His return got simple once he got a stable salary job so this year he used Turbo Tax. I, however, sttill live in one state and work in another, I also have W2s and I’m an independent contractor so I intend to use H&R Block again especially since the business Turbo Tax cost about $100 which is the same as what H&R block charged me last year.

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