What's the best tax software for a pharmacist?
Started by trailerpark
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If you have no investments (after-tax stock transactions, real estate, businesses, etc) and just have earned income then your taxes are simple. It doesn't matter what your salary is. Any of those tax software will give you the same refund/owed amount at the end, the only difference is user interface or ability to pull previous year return if you stick with same program. I'd go with the cheapest like TaxAct.
Of course it's easy to do it the old fashioned way by hand as well. I like to do it to double check at the end.
Of course it's easy to do it the old fashioned way by hand as well. I like to do it to double check at the end.
I use Tax Hawk.
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Any should be fine, or even doing it by hand (helps you learn how taxes work), if you only have earned income and no investments.
I've used TaxAct for a decade and they've been able to handle everything I've thrown at them. This includes things like Employee Stock Purchase Program, Incentive Stock Options, Restricted Stock Units and back-door Roth IRA. They used to be free (no state tax for me), but now it's just $20 I think, for the full version with all the forms.
I tried FreeTaxUSA once but they didn't do the ESPP properly which would've led me to pay double taxes on them!
I've used TaxAct for a decade and they've been able to handle everything I've thrown at them. This includes things like Employee Stock Purchase Program, Incentive Stock Options, Restricted Stock Units and back-door Roth IRA. They used to be free (no state tax for me), but now it's just $20 I think, for the full version with all the forms.
I tried FreeTaxUSA once but they didn't do the ESPP properly which would've led me to pay double taxes on them!
If you just have a w2 and some 1099/1098 and no special fancy deductions anything works. I've been using turbo take for a decade or so wo issues
I just stick with TurboTax because I've used it for over a decade and feel comfortable with it. The only time I used a real human being was when I was renting out my house. After they showed me how to account for the income and how to deduct the depreciation of my property I went right back to doing it myself.
So, what if you do have investments? What route is preferred then?
I use turbotax, but I'm also pretty captive since I've used them for ~10 years for personal return, and I use intuit/QuickBooks for payroll and accounting and it just ports over.
Yeah I used to do my taxes manually too...like 16 years ago when I first started working. It's a good exercise to do. I once had a 140 page tax return file (I had to file 3 states + federal, don't miss that).
Look for turbotax coupon codes floating around, consider filing your own state taxes (some states easier than others).
I use turbotax when I file for my family...there's like a dummy mode that will ask you basic questions. Try it out since you don't have to pay until you file.
Sent from my iPhone using SDN mobile app
Yeah I used to do my taxes manually too...like 16 years ago when I first started working. It's a good exercise to do. I once had a 140 page tax return file (I had to file 3 states + federal, don't miss that).
Look for turbotax coupon codes floating around, consider filing your own state taxes (some states easier than others).
I use turbotax when I file for my family...there's like a dummy mode that will ask you basic questions. Try it out since you don't have to pay until you file.
Sent from my iPhone using SDN mobile app
I like TurboTax because they have a very easy to use feature to record donations of goods, i.e. stuff I gave to Habitat for Humanity, Goodwill, etc. I used to be very conservative in my valuations so I think deducted way less than with TurboTax. I don't know if the other online tax software have this but it's definitely must have if you donate. I think all the other features are very good too, rentals, stocks, mortgage, etc.
I'm gonna give credit karma a shot to see how it works
This is a great thread, good read thank you.
Related but not a software recommendation, there are certain categories where you do not want to use software, you want to find a CPA or possibly a tax lawyer due to complications:
1. Business income versus personal income if you happen to be a landlord, contractor, or clergy (yes, there are pharmacists still addressed as "Sister" and "Friar" which make their payroll statements a PITA).
2. Time matters (Complex deprecation, deferred compensation, combat zone deferment)
3. Non-US income or holdings inclusive of Canada, Mexico, and overseas pay (that means DoD as well)
5. Tradeoffs between income versus other earnings in the AMT area (>$225k and less than $450k)
6. Complicated state returns
I use a tax lawyer for multiple reasons above. If I were using software, I'd consider just picking one and sticking with it due to the 7 year audit rule.
1. Business income versus personal income if you happen to be a landlord, contractor, or clergy (yes, there are pharmacists still addressed as "Sister" and "Friar" which make their payroll statements a PITA).
2. Time matters (Complex deprecation, deferred compensation, combat zone deferment)
3. Non-US income or holdings inclusive of Canada, Mexico, and overseas pay (that means DoD as well)
5. Tradeoffs between income versus other earnings in the AMT area (>$225k and less than $450k)
6. Complicated state returns
I use a tax lawyer for multiple reasons above. If I were using software, I'd consider just picking one and sticking with it due to the 7 year audit rule.
