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I've used TurboTax Live for 3 years now, and it's decent but has some limitations. For importing brokerage accounts - yes, they connect with major firms, but crypto transactions and more complex investments sometimes have issues. The CPAs vary wildly in quality - I've had amazing experts who found deductions I never knew about, and others who seemed barely more knowledgeable than me. Pro tip: if you don't like the expert you're matched with, you can disconnect and try again for a different one. For quarterly estimated payments, make sure you have the exact dates and amounts handy - TurboTax can be picky about matching those precisely to IRS records.
What about state taxes? I have to file in two states and always struggle with that part. Does TurboTax Live handle multi-state filing well?
TurboTax handles multi-state filing pretty well actually. I've filed in both California and Arizona for several years because of a rental property, and the software walks you through it step by step. The Live experts are particularly helpful with state-specific questions since tax laws vary so much between states. Just make sure you select the multi-state option early in the process. It costs a bit more, but it's way cheaper than having a CPA handle multiple state returns.
Has anyone used H&R Block's live tax pro option? I'm trying to decide between that and TurboTax for a similar situation (W2s, investments, home ownership).
I've used both. H&R Block's interface isn't as slick, but their tax pros seemed more experienced to me. Their import features for investments weren't as good as TurboTax though. For brokerage accounts specifically, TurboTax has better connections with more institutions.
From what I've heard, the filing season opening date is expected to be January 27th, 2025, but that's just based on previous years' patterns. The IRS usually makes the official announcement in early January. One thing to keep in mind - even if you file on the first day, refunds that include Earned Income Tax Credit or Additional Child Tax Credit won't be issued until mid-February due to the PATH Act requirements. So if you're claiming either of those credits, filing super early won't actually get your refund any faster.
Wait seriously? I didn't know about that delay for EITC. Is there any way around it if I really need my refund ASAP?
Unfortunately there's no way around the EITC/ACTC delay - it's mandated by law through the PATH Act to allow the IRS time to verify claims and reduce fraudulent refunds. Even if you file on the first possible day, the IRS is prohibited from issuing refunds containing those credits before mid-February. If you really need funds quickly, you might consider adjusting your W-4 with your employer now to reduce withholding for the rest of the year, which would give you more money in your paychecks immediately rather than waiting for a tax refund. Just be careful not to underwithhold and end up owing when you file.
Something nobody's mentioned yet - if you use tax software, most companies let you pre-file before the IRS officially opens. You can complete your return, and the company holds it and submits it the moment the IRS system opens. That way you're literally in the first batch processed. I did this last year with TurboTax and got my refund on February 8th, which was pretty quick. Just make sure you have ALL your forms before doing this.
Which tax software do you think is best for early filing? I've used H&R Block online in the past but I'm open to trying something different if it'll get my refund faster.
Another option - if you know roughly how much you earned those two days, you could always file now using your best estimate, then amend later if needed when the W-2 arrives. Not ideal but if you really need that refund ASAP it's technically an option.
Has anyone noticed that employers seem to be taking longer and longer to send W-2s each year? I swear they all wait until the absolute last minute on January 31st now, sometimes even later. Making us all wait to file is so frustrating.
Yep! And the IRS starts accepting returns usually by like Jan 23rd... so there's this awkward week where you COULD file but don't have all your docs yet. Super annoying especially if you're expecting a big refund!
Another option: consider using a tax professional for your first year filing business taxes. I tried to DIY with payment apps my first year and messed up bad, ended up amending my return. Now I use a CPA who handles everything for about $350, and she finds way more deductions than I ever did on my own. Totally worth it if your business is bringing in decent money.
Are CPAs really worth the cost for someone who's just starting out? My business only made about $27,000 last year total, and I'm trying to save where I can.
For someone making $27,000, it could still be worth it for your first year. A good CPA will not only file correctly but teach you things about business deductions you might miss. For example, mine showed me how to deduct a portion of my rent as a home office, track mileage, and properly deduct phone/internet expenses. The peace of mind alone can be worth it, plus they might find enough deductions to pay for their fee. That said, if money is really tight, something like FreeTaxUSA is quite good for self-employment income and costs much less than TurboTax while offering similar guidance.
Don't overthink this! I was in your shoes last year. Cash App is just a payment processor, not a tax filing platform. You'll report ALL business income on your Schedule C, no matter how customers paid you. FreeTaxUSA is WAY cheaper than TurboTax for self-employment ($0 federal + state fee vs TurboTax's $120+ for self-employment). Just download your Cash App transaction history and total up what was business income.
Anastasia Smirnova
I'm a retired accountant, and I think it's absolutely reasonable to ask for citations, but there's an important distinction to make: tax professionals should know THE PRINCIPLES behind tax law and where to find citations, rather than having every code section memorized. For example, when a client asks me about the home office deduction, I should know the general rules (exclusive use, regular use, principal place of business) and be able to say "that's covered in Publication 587 and Section 280A of the tax code." I might need to look up the exact citation, but I should know where to point you. What raises red flags is when someone gets defensive or dismissive when asked for support. Good tax pros welcome these questions because they want you to understand and be comfortable with their advice.
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Isabella Costa
β’That makes sense! So it's not that they need to have the exact code section memorized, but they should be able to tell you generally where to find the information or be willing to look it up for you. Is there a polite way to phrase this kind of request without seeming like I'm challenging their expertise?
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Anastasia Smirnova
β’I've found the best approach is to frame it as wanting to understand for your own knowledge rather than challenging their expertise. Try saying something like: "This is interesting - could you point me to the IRS publication or tax code section where I could read more about this? I'd like to understand the details better." Most professionals respond well to curiosity. If they still get defensive, that's actually valuable information about whether this is someone you want to work with. A good tax professional should appreciate a client who wants to be informed rather than just taking everything at face value.
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Sean O'Brien
Adding to this discussion - I've learned that there's a huge difference between tax preparers and actual tax attorneys when it comes to citations. Tax attorneys literally live and breathe by citations since they often have to defend positions in court or to the IRS. My regular tax preparer at H&R Block couldn't cite anything specific when I asked about some S-corp questions, but when I went to a tax attorney for a second opinion, she immediately pulled up multiple court cases and revenue rulings that addressed my situation. She even emailed me a summary with all the citations afterward.
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Zara Shah
β’That's because there's a HUGE difference in qualifications. H&R Block "professionals" often just take a 10-week course. Tax attorneys have law degrees plus specialized tax training. You get what you pay for.
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Luca Bianchi
β’Don't discount CPAs though - many are extremely knowledgeable about tax laws and citations, especially those who specialize in taxation. The real dividing line isn't the credential but whether they focus on compliance (just filling out forms) versus actual tax planning and strategy.
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