Preparing for 2012 Income Tax Return

[Shwa Girl]

We usually use Quick Tax software to file.


Right now UFile is on sale for $19.99 for 8 returns
https://secure.drtax.ca/ufileshop/2012/storespec.asp

Quick Tax goes on sale in February at Walmart for one week - $29.99 for 4 returns (?)


Which income tax software do you prefer?

[gourmetsue]

Glad I'm not the only one who is already thinking about tax season

[Mia001]

Glad I'm not the only one who is already thinking about tax season

+1.....my nightmare !

[gourmetsue]

LOL Mia. I love tax season!

[Shwa Girl]

+1.....my nightmare !

Mia, I understand. I had a great business teacher in high school who made doing income tax preps like a game. I think we won prizes for the person to get "the client" the most money back.

Gourmetsue, I should be getting money back, from paying tuition. We want to pay down our mortgage with the expected refund. So, that's why I'm thinking about it now.

I am seeing $$$

[sweet sparrow]

I actually prefer a pencil and a calculator (mostly pencil, then the calculator to do it at the end). Then, I get to relive it all with DH's taxes. The real fun part begins when I play around with different scenarios like who claims medical, donations, etc.

Lately, I feel like I've given in to using software only because it saves on the stamp and taxes get filed faster. We use Studio Tax, the free software. I'm sure it's similar to some of the other programs, but they have a cute little "optimize" button so you can see instantly where the greatest benefit lies and they rearrange your tuition, medical, etc.

I've actually been missing the pencil method, so I do it first in pencil and now Studio Tax is my new calculator. It took a few years to actually trust it to send it in for me.

I look forward to doing taxes each year because it forces me to go through all the records and recycle/shred/discard all the papers I don't need. It's as liberating as cleaning.

[roseofblack25]

I do it the old fashioned way still with a calculator and paper...This year is going to be a huge pain because I have had a bunch of seasonal contracts and self employed income that I have to claim on top of my normal day job. Then I have school and medical stuff as well that I need to claim so hopefully I can figure it out and not screw anything up!

[marmaduke]

Lately, I feel like I've given in to using software only because it saves on the stamp and taxes get filed faster. We use Studio Tax, the free software. I'm sure it's similar to some of the other programs, but they have a cute little "optimize" button so you can see instantly where the greatest benefit lies and they rearrange your tuition, medical, etc.

I have been using the FREE Studio Tax for the last 3 years. It's great.

[Shwa Girl]

I do it the old fashioned way still with a calculator and paper...This year is going to be a huge pain because I have had a bunch of seasonal contracts and self employed income that I have to claim on top of my normal day job. Then I have school and medical stuff as well that I need to claim so hopefully I can figure it out and not screw anything up!

Even if you don't buy a software package, you can do it for free online ( like studio tax, but I don't know how good it is). The benefits is that the programs prompt you about deductions you many not know about. Deductions are added or deleted each year. If you are an accountant, you know the ins and outs.

[Shwa Girl]

December is the time that some people make donations to charities. Just make sure you know the minimum amount needed before they will give you an income tax receipt. Some say minimum $10, some require a minimum of $20.

[roseofblack25]

Even if you don't buy a software package, you can do it for free online ( like studio tax, but I don't know how good it is). The benefits is that the programs prompt you about deductions you many not know about. Deductions are added or deleted each year. If you are an accountant, you know the ins and outs.

Where do you go to do it for free online? If I do it free online do I have to submit it online or is it more of a guide? I just am afraid of missing something this year when I already have so much to claim I don't want to be missing other things I could be eligible for.

[Shwa Girl]

Where do you go to do it for free online? If I do it free online do I have to submit it online or is it more of a guide? I just am afraid of missing something this year when I already have so much to claim I don't want to be missing other things I could be eligible for.

Above, SCers have used studiotax online for free. If you want to submit online, you can. If you want to transfer to paper, you can.

[Angela273]

I am still dealing with issues from last year's tax return. I qualify for the $20,000 Graduate Retention Program, but someone in the government tax profession entered it as $2,000 instead. BIG difference, so I just finished faxing in documentation again on Friday and await the other $1,800 of my return. Good grief, I need that sorted out before I do this year's taxes. My husband does all of our taxes (and some of our friend's), which is great because I find the whole thing stressful. BTW he prefers the old paper method.

[Shwa Girl]

I am still dealing with issues from last year's tax return. I qualify for the $20,000 Graduate Retention Program, but someone in the government tax profession entered it as $2,000 instead. BIG difference, so I just finished faxing in documentation again on Friday and await the other $1,800 of my return. Good grief, I need that sorted out before I do this year's taxes. My husband does all of our taxes (and some of our friend's), which is great because I find the whole thing stressful. BTW he prefers the old paper method.

I hope it gets resolved soon. Congrats on your upcoming refund.

I am thinking the tax people are being extra careful because some have tried to take advantage of the system. Not you.

[sweet sparrow]

The first few years, I just tried out Studio Tax just to see if our numbers matched up. I did it by pencil, read the guide from cover to cover to make sure I didn't miss any changes, and used it to check the math. They matched to the penny. When Studio Tax is released for download, it includes all the changes for the current taxation year so I have no worries about updates.

We have extremely uncomplicated taxes, no student loans (anymore), no children, one T4, no income from other investments, no odd deductions, etc. Basically, the only info we input is on the T4 except for schedules 9 and 11 for donations and tuition. For us, it wasn't worth it to hire an accountant or pay for tax software. When our taxes become more complicated, it might be a consideration.

Right now, I have so much fun with them, I'd volunteer to do other people's taxes if they were similar to mine. They're so fun. That and I love shredding all the extra pay stubs, receipts, etc. that we will no longer need as long as we have the official documents for tax purposes. My folders are so clean afterwards and I get blissfully happy.