Tax return software

[TurnedTheCorner]

Originally Posted by squiggs96

I've never heard of it before today, and I'm an accountant. I just sent texts to five accountants I did my master's with, and not one had heard about it either. It's mind bottling you think every person in Canada has heard of Studio Tax.

I did a quick scan of the site. If you are doing more than 20 returns, you need to pay for it. If you want to bring in your previous returns, you have to do it manually.

That's only the first time, as has already been mentioned in this thread. I just started my 2011 StudioTax return by importing my 2010 StudioTax return.

[TorqueDog]

I've used UFile for years, but as a result of this thread, I'm going to give StudioTax a try. Thanks guys.

[Bertuzzied]

Originally Posted by TorqueDog

I've used UFile for years, but as a result of this thread, I'm going to give StudioTax a try. Thanks guys.

I switched from Ufile to studiotax 3 years ago. It's definitely a no brainer.

[GP_Matt]

I have found that tax prep software seems to miss some deductions and you have to manually look for them. I have always done them myself using QuickTax but caved and paid a CA to do it last year as things had become more complicated. It didn't cost too much money and I am quite happy with the result.

[Sec218]

Originally Posted by Bertuzzied

Sucker! hehe

I'm sure one of your friends has a pc you can borrow.

Why would I want to borrow a PC just to save $15? They are crap! Rather pay the $15 and use my Mac.

Like most of us here on CP, $15 is not going make or break me. If I was as cheap as you are, I'd own a pc instead of a Mac!

Let me guess, you're too cheap to be a Flames season ticket holder as well.

[onetwo_threefour]

Used StudioTax for the first time this year thanks to this thread. Could use a bit more polish to make it as nice as TurboTax, but not bad. I threw them a $20 PayPal donation to help the cause of making it better for next year and support the business model...

[Bertuzzied]

Originally Posted by Sec218

Why would I want to borrow a PC just to save $15? They are crap! Rather pay the $15 and use my Mac.

Like most of us here on CP, $15 is not going make or break me. If I was as cheap as you are, I'd own a pc instead of a Mac!

Let me guess, you're too cheap to be a Flames season ticket holder as well.

hahahaha. Flipping awesome!! full apple defense mode with 1 sentence.

Sniff. yeah you are right i'm sad. I'm hoping that by using Studio Tax for 1363 years i can save up to buy a mac so I can stop using Studio Tax since it's not supported.

You must be loaded! A Mac + Flames Season Tickets? i think only 7 people have that combo in Calgary.

[TorqueDog]

^Apparently there's a clause in your AppleCare agreement that requires you to be completely irrational in the event using a PC might be advantageous or otherwise more practical than using a Mac (the latter of which is damn near all of the time).

--

Just finished using StudioTax. I like it.

One thing I noticed is that it originally didn't maximize my RRSP deduction (I had $20 in unused contributions kicking around) and instead of deducting the full amount, it ONLY deducted the $20. I had to go back into the Schedule 7, uncheck and recheck the maximize box before it did the proper deduction.

All in all, a good program.

[MrMastodonFarm]

I used StudioTax as well this year, previously I had never been bothered to do it myself, but I have a fairly simple return and it was painless. I was always one of those people who was more then happy to be totally ignorant of doing a Tax Return but it was a breeze this year.

[Rerun]

I always went by the rule that you get what you pay for.

Apparently, according to a lot of posters here, Studio Tax is the exception to the rule.

Normally I buy TurboTax every year, but this year, before doing so, I might take a look at Studio Tax.

[squiggs96]

Originally Posted by Bertuzzied

Maybe you and your 5 accountant friends should surf more. I guess Studio Tax would be right for many people, except for ones doing MORE than 20 tax returns which is about 2% of the people in Canada. Does a free tax program which offers all the same features as the other paid programs cut into your profits?

Sure you have to transfer in your information for that first year, but after that it carries forward. Even those other programs you had to start off the first year manually typing it in.

I'm just saying that if a bunch of accountants haven't heard of a tax software program, maybe they should some other things to get the word out. I asked a few more today and none of the accountants I asked have heard of it. I'm not saying it's a bad program, I'm saying that it's not as popular as you think it is. If accountants haven't heard of it, why would everyone other Canadian have heard of it?

You said it's mind bottling everyone in Canada isn't using it. If you haven't heard of it, it's hard to use it. I guess we could search the internet for free tax software programs, or we could just pay the $15 for the one we've used, trusted and know that it works. I'm guessing there are many, many things that are cheaper if I spent enough time looking for it. It didn't occur to me and my colleagues to search for free programs for tax software.

Does it cut into my profits? Since I don't prepare tax returns for other people, no it doesn't cut into my profits. Once again, I'm pointing out reasons people may not want to use it or may not use it because they don't know about it.

I know the information carries forward. I'm just saying that people might value their time over an annual fee of $15. If I have the choice between spending an hour or two transferring all of my information forward one year or paying $15 each year to not have to do it, I'm okay with spending the $15. I have a fairly complex return, so it would take more time than the average user.

[Slava]

Originally Posted by cSpooge

all you get is a letter back with all your crap telling you to do your own taxes.

Really? I have a buddy of mine who just couldn't be bothered and he would just put a blank return, T4 and RSP slip in an envelope and send it in. I guess that was a few years ago now, but he always got a cheque back. He told me "what do I know? The CRA already has all this stuff anyway, and I don't know what I'm doing, so they can figure it out!". Worked for him at that point.

[squiggs96]

Originally Posted by Slava

Really? I have a buddy of mine who just couldn't be bothered and he would just put a blank return, T4 and RSP slip in an envelope and send it in. I guess that was a few years ago now, but he always got a cheque back. He told me "what do I know? The CRA already has all this stuff anyway, and I don't know what I'm doing, so they can figure it out!". Worked for him at that point.

A guy I worked with in the restaurant industry did something along these lines too. He'd put in a random number for his revenue and then a giant number for credits that would give him a refund. He'd include his three slips and the government would assess his return as the actual number.

Pro tip, CRA calculates every return based on their information. All T slips are recorded in their database from the remitters and if your information is different, they will look into it.

[cSpooge]

Originally Posted by Slava

Really? I have a buddy of mine who just couldn't be bothered and he would just put a blank return, T4 and RSP slip in an envelope and send it in. I guess that was a few years ago now, but he always got a cheque back. He told me "what do I know? The CRA already has all this stuff anyway, and I don't know what I'm doing, so they can figure it out!". Worked for him at that point.

currently the only ones that actually get done that way is people with just a T5007 otherwise you just get the letter.

[Kybosh]

I have access to TaxPrep, but I use ufile for my personal taxes because it is extremely easy and convenient. I have no problem paying $10, or whatever it is, for them to save my key information.

[macker]

Originally Posted by squiggs96

I'm just saying that if a bunch of accountants haven't heard of a tax software program, maybe they should some other things to get the word out. I asked a few more today and none of the accountants I asked have heard of it. I'm not saying it's a bad program, I'm saying that it's not as popular as you think it is. If accountants haven't heard of it, why would everyone other Canadian have heard of it?

You said it's mind bottling everyone in Canada isn't using it. If you haven't heard of it, it's hard to use it. I guess we could search the internet for free tax software programs, or we could just pay the $15 for the one we've used, trusted and know that it works. I'm guessing there are many, many things that are cheaper if I spent enough time looking for it. It didn't occur to me and my colleagues to search for free programs for tax software.

Does it cut into my profits? Since I don't prepare tax returns for other people, no it doesn't cut into my profits. Once again, I'm pointing out reasons people may not want to use it or may not use it because they don't know about it.

I know the information carries forward. I'm just saying that people might value their time over an annual fee of $15. If I have the choice between spending an hour or two transferring all of my information forward one year or paying $15 each year to not have to do it, I'm okay with spending the $15. I have a fairly complex return, so it would take more time than the average user.

Surprising a bunch of accountants haven't heard of Studio Tax? A bunch of Engineers told me about it at least 3 years ago. It is widely used these days and in the 100's of thousands that use it IIRC? Why wouldn't accountants know about it

[eddly]

Originally Posted by macker

Surprising a bunch of accountants haven't heard of Studio Tax? A bunch of Engineers told me about it at least 3 years ago. It is widely used these days and in the 100's of thousands that use it IIRC? Why wouldn't accountants know about it

Why would accountants need to know about it? Do optometrists tell their customers where they can buy discount contact lenses on the Internet?

Its not like I would ever need to use it either.

[macker]

Originally Posted by eddly

Why would accountants need to know about it? Do optometrists tell their customers where they can buy discount contact lenses on the Internet?

Its not like I would ever need to use it either.

SWOT

[Kybosh]

Originally Posted by eddly

Why would accountants need to know about it? Do optometrists tell their customers where they can buy discount contact lenses on the Internet?

Its not like I would ever need to use it either.

I'm with macker on this. Tax accountants should be familiar with the competition, be it other accounting firms or DIY software.

[macker]

Not unlike a Travel Agent being familiar with Priceline or Expedia but not Travelzoo. Just surprising is all?