expired Posted by the-press-box • Jan 2, 2025
Jan 2, 2025 10:13 PM
Item 1 of 1
expired Posted by the-press-box • Jan 2, 2025
Jan 2, 2025 10:13 PM
H&R Block Deluxe + State 2024 Tax Software w/ 1-Year Bitdefender or Malwarebytes
& More (PC Digital Download)$23 each
$46
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What add-ons from this thread are the best deal?
Some people will say go with the free filing provided by IRS and states. The problem is that most do not allow HSA or retirement contributions, so that eliminates a lot of people.
I think you made a point in you description of the differences that I think important. I think it very important to know exactly what any software is doing with your tax numbers and where they go. if what you say about TT is true I would also prefer Block as well.
Love the software for doing the calculations and offering guidance but at this point I can catch things overlooked as I know what should be done. If you ignore it all and consider it all a once a year burden where you plug some numbers in and are done you may be slicing your own throat. I often start new returns and play with scenarios where you can see where moving money or doing something different can save you much on taxes.
One of the biggest benefits for me in doing my own taxes as over the years I have learned how it all works together pretty well. Taxes should be thought about all year and even for future years. To many just look at it as some one time yearly thing and want to plug some numbers in and be done but learning the ins and outs of it all can literally save you thousands to millions over a lifetime. We all should be paying attention and looking for ways to save on taxes all the time.
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I think you made a point in you description of the differences that I think important. I think it very important to know exactly what any software is doing with your tax numbers and where they go. if what you say about TT is true I would also prefer Block as well.
Love the software for doing the calculations and offering guidance but at this point I can catch things overlooked as I know what should be done. If you ignore it all and consider it all a once a year burden where you plug some numbers in and are done you may be slicing your own throat. I often start new returns and play with scenarios where you can see where moving money or doing something different can save you much on taxes.
One of the biggest benefits for me in doing my own taxes as over the years I have learned how it all works together pretty well. Taxes should be thought about about all year and even for future years. To many just look at it as some one time thing and want to plug some numbers in and be done but learning the ins and outs of it all can literally save you thousands to millions over a lifetime. We all should be paying attention and looking do for way to save on taxes all the time.
What add-ons from this thread are the best deal?
For taxable accounts, there are simple scenarios that there is little info. For example: If you live in a high tax rate state, there are quite a few ways to save on taxes and few places to find out. For example, if you live in a high tax state, putting your money in a money market is usually worse than putting it in a treasury only money market. Suppose a money market is paying 4.5%. A treasury only money market will typically pay less, say 4.4%. But in a high tax state, the effective return on the money market after state tax is 4.5% - state tax = 4.1% for a 10% state tax. This is worse than the treasury only money market that pays 4.4% since it is free from state tax.
For taxable accounts, there are simple scenarios that there is little info. For example: If you live in a high tax rate state, there are quite a few ways to save on taxes and few places to find out. For example, if you live in a high tax state, putting your money in a money market is usually worse than putting it in a treasury only money market. Suppose a money market is paying 4.5%. A treasury only money market will typically pay less, say 4.4%. But in a high tax state, the effective return on the money market after state tax is 4.5% - state tax = 4.1% for a 10% state tax. This is worse than the treasury only money market that pays 4.4% since it is free from state tax.
As you seay most tax savings are going to be by way of retirement and investment accounts and other financial transactions and all tax consequences must be considered.
Most of my tax savings are the basics. Self funded IRAs, SEPs, HSAs, 401Ks etc. This year when income is meeting bills fairly easily we bumped the wife 401K to near 30% per paycheck and still plan on funding our individual retirement accounts and HSA to the max. That is a good bit of money pulled out of the taxable income pile.
The government does pay you to save and way to many do not take advantage of it. Every hundred you get out of the taxable pile is worth more. Intehtable pile in may be worth $75 or less and that is a losing game. It is really the only way that you will beat the game or at least have a chance on of not getting totally eaten up.
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