01/13/10

TurboTax is Now Available

I went to our local Sam's Club yesterday to pick up a couple of things we needed. When I walked in, they has a big display for TurboTax. They only had the Basic and Deluxe versions available for purchase, although the display also listed the Home and Business, the Premiere, and the Timmy Geithner versions. Rather than wait for the Geithner edition, I opted to buy the Deluxe version. I've taken a lot of undergrad and graduate courses in accounting and quantitative management. I figure I can do my taxes at least as well as Timmy can.

By the way, interesting article in The Hill the other day:

IRS commissioner doesn't file his own taxes

By Bob Cusack - 01/10/10 11:54 PM ET

IRS Commissioner Douglas Shulman does not file his own taxes in part because he believes the tax code is complex.

During an interview on C-SPAN's "Newsmakers" program that aired on Sunday, Shulman said he uses a tax preparer for his own returns.


"I've used one for years. I find it convenient. I find the tax code complex so I use a preparer," Shulman said.


Pressed on how he would make the tax code simpler, Shulman responded, "I don't write the tax laws. Congress writes the tax laws so that's a whole different discussion."

The IRS this month announced it will be scrutinizing the tax preparer industry. Shulman said the IRS is looking to set "a minimal level of competence in the preparer community."

Later in the C-SPAN interview, Shulman downplayed his use of a tax preparer, saying he has used one for 10 years. He noted that he and President Barack Obama are proponents of simplifying the tax code.

Shulman said about 60 percent of Americans use tax preparers and another 20 percent use software to file their returns.

He added, "So you're over 80 percent of people who aren't just sitting down and filling out the forms themselves."

Source:
http://thehill.com/blogs/blog-briefing-room/news/75119-irs-commissioner-doesnt-file-his-own-taxes

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I never thought taxes were that complicated, but I used to be able to read computer dump code in the middle of the night too.

Oh, by the way:

Tax Tip: If you drive to the store to purchase TurboTax to do your taxes, The entire cost of your vehicle is deductible as a tax-preparation expense. (Many people overlook this deduction and overpay their taxes.)