In 10 years in the future, after paying (tax deductible) tax preparation fees of $4,000, the net benefit is $51,400. Does that have any meaning to you?
I spoke to an IRS agent recently. I told her that I thought Turbo Tax software was a great deal for the government, because people have no idea of the many legal deductions available to them. They prepare a return quickly, with no education or skill, and send it in to the government. They pay much more tax than they are legally required to pay. I was surprised when she said, “Well, you know what I see? I see people who claimed many deductions they were not entitled to, and I have to go out and bust em’!” Which alternative would you choose? I have also seen tax returns prepared using Turbo Tax software, which had the numbers in the wrong place, and inappropriate forms which I have never seen in 25 years of tax practice. It has been time-consuming and expensive to amend these returns. Frequently, taxpayers do not understand what they are doing with this software, cannot control it properly, or do not have the experience to recognize the output is wrong. Taxpayers usually do not understan
