|
|
|
 Topic: Turbo tax ( Topic Closed)
|
 
|
| Author |
|
Donald11
Major Contributor
Joined: 14 Sep 2009
Online Status: Offline
Posts: 481
|
| Posted: 13 Mar 2010 at 19:27 | IP Logged
|
|
|
If you use Turbo Tax, you either get fined by the IRS or put in charge of the IRS as Treausry Sec. It could go either way really.
|
| Back to Top |
|
| |
killer2021
Regular
Joined: 12 Apr 2008
Online Status: Offline
Posts: 236
|
| Posted: 14 Mar 2010 at 03:32 | IP Logged
|
|
|
For most, turbo tax will kill off paid tax prep. I am 100% sure of it. Yes there will be the 100k+ people who will hire cpa firm, but how many 100k+ people are there? Not many. The vast majority of tax payers are under 100k/year. When you have millions of people using their own tax software thats gonna result in a huge drop in demand for paid tax prep. Which means less demand for those skills.
Eventually there will be so much competition in the tax software market that it will force those software programs to start going down to free to use. The company will make its money off selling financial products (refund loans).
Now, just because paid tax prep will die off doesn't mean other industries will start to grow. One sector where I see growth: Enrolled agents and other services that help people with audits. I know for a fact that people are playing around with the numbers with the do it your tax software. The IRS knows this and is gonna audit like crazy. Guaranteed.
However, its good we are having this discussion. As the years go by less and less people will go to paid tax preps. Paid tax prep is a declining market, why go into that field?
There is always this big debate: audit or tax. We now know the answer to that question: audit for sure. (then go to work for the government or private sector). You can always do taxes on the side but I wouldn't make tax your best expertise.
|
| Back to Top |
|
| |
fla_examer85
Major Contributor
Joined: 30 May 2009
Location: United States
Online Status: Offline
Posts: 661
|
| Posted: 14 Mar 2010 at 13:50 | IP Logged
|
|
|
killer2021 wrote:
For most, turbo tax will kill off paid tax prep. I am 100% sure of it. Yes there will be the 100k+ people who will hire cpa firm, but how many 100k+ people are there? Not many. The vast majority of tax payers are under 100k/year. When you have millions of people using their own tax software thats gonna result in a huge drop in demand for paid tax prep. Which means less demand for those skills.
Eventually there will be so much competition in the tax software market that it will force those software programs to start going down to free to use. The company will make its money off selling financial products (refund loans).
Now, just because paid tax prep will die off doesn't mean other industries will start to grow. One sector where I see growth: Enrolled agents and other services that help people with audits. I know for a fact that people are playing around with the numbers with the do it your tax software. The IRS knows this and is gonna audit like crazy. Guaranteed.
However, its good we are having this discussion. As the years go by less and less people will go to paid tax preps. Paid tax prep is a declining market, why go into that field?
There is always this big debate: audit or tax. We now know the answer to that question: audit for sure. (then go to work for the government or private sector). You can always do taxes on the side but I wouldn't make tax your best expertise.
|
|
|
I agree, however my point was that most of the people who already do/will do their own taxes with TurboTax were the type of people who never used CPA firms anyway. Most of these types would have gone to H&R Block or Jackson Hewitt if not for TurboTax. TurboTax already offers free tax prep for federal returns.
If tax dies, it isn't like that's gonna be good for all the auditors. Every college student would then be going into Audit and you'd have all the current tax CPA's trying to get into private/audit. Neither would be good for anyone really.
|
| Back to Top |
|
| |
|
|
Sorry, you can NOT post a reply.
This topic is closed.
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum
|
 Copyright ©2001-2010 Web Wiz Guide
This page was generated in 0.1250 seconds.
|
Active Topics 
Memberlist 
Search 
Help
Register 
Login
