TaxAct Review for filing 1065 on own

Member since 2022 · 5 posts · 4 votes

As we're ramping up into tax season and this is my first year reporting my rental property, I've been researching CPA firms to complete my 1065. One is very expensive and the other I don't think I trust. As a CPA myself, I have some confidence in my abilities to fill in the necessary information, but want someone to ultimately review it to ensure I'm maximizing the first year of potential deductions and credits. I came across TaxAct online--reasonably priced with CPAs available to answer questions and go through typical deductions and credits with you. Does anyone else have any recommendations for assisted 1065 online filings or have experience with TaxAct? Thanks!!!

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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
3y
I might be biased but don't do your 1065 with online providers. You will have to amend it. You will eventually have to pay 3 times more to amend or go through the AAR process if not filed correctly. Happens almost 100% of the time.
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Linda WeygantPro Member
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
3y
Also probably biased, but will agree wish Ashish.
This year, 1065s have the K2 & K3 as required forms. Also, with the new grab bag of states allowing the new PTET election, you'll want to make sure you understand the theory behind IF your state has that available and then WHETHER you should make the election. Just checked, and WI does have it this year.
Throw in the more common elections, like De Minimus Safe Harbor and Small Business and I'm not sure any of these online companies (with your odds of being able to talk to the same person ever again is very slim) can do more than say that your balance sheet balances and everything is filled in correctly. I'm positive that getting into the nuances of some of these strategies is not in their wheelhouse.
I don't know about TaxAct, but if they're anything like TurboTax (and I think they are), the quality of the person you get on the other end of the phone is a real mixed bag. Some are pretty great. Others are nothing even close to adequate.
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