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Don’t Forget To Do Your Taxes

03.30.2012 by Matt Jabs //

As a final reminder, the deadline to file personal federal tax returns is Tuesday, April 17th.  This is also the deadline for state returns and tax extensions.

Ways to file?

File manually – Download the forms from the IRS website, fill them out, and mail them in.  This is the slowest way to file. File online – Finish faster and make it a whole lot easier on yourself by using an online tax program and efiling your return.  Another advantage to using these products is that they include audit reviews to help you avoid an IRS audit.

  • TurboTax – I have used TurboTax Online to file for years and find it the fastest and best way to file my own taxes.  Read my review of TurboTax for more details.
  • H & R Block – This reputable tax company also offers their online H & R Block tax software that many DIY tax filers use every year.

IRS Free File – If your 2011 AGI was $57,000 or less you qualify for the IRS Free File program where you can choose from several different companies to file your federal return (some also support state retuns.) Individual company offers are limited so be sure to review the criteria before choosing. If you go this route I recommend using the IRS “Help Me Find a Company” tool to find a program that works best for you.

TurboTax - Choose Easy RECOMMENDED Save 25% on H&R Block At Home Online Premium

I have my taxes about 90% done and will be finishing them up this weekend.  Thank goodness.

*******

Resources

  • IRS Tax Calendar at 1040.com
  • IRS 1040 Form at IRS.gov
  • 1040 Central at IRS.gov
  • Free File: Help Me Find A Free File Company at IRS.gov

Categories // Taxes Tags // H&R Block, irs, Taxes, turbotax

H&R Block At Home – Valentine’s Day Discount

02.14.2010 by Matt Jabs //

Spreading discount love…

When I catch wind of a good deal on something useful – I love to pass it on!

Since it is tax season and many of us like to do our own taxes I figured I should pass this discount love on to you.

H&R Block At Home Discount

H&R Block contacted me today to offer a discount to readers who purchase H&R Block At Home tax preparation products through Debt Free Adventure.  Savings will be as high as 7o%, which is super cool.

I cannot vouch for H&R Block software, since I have never used it, but figured I should present the opportunity so you can take advantage if you want.  If you’re wondering what tax prep software I use then check out my TurboTax Online Review.

Here are the details of the H&R Block Valentine’s Day special:

  • Offer is valid February 12-14 of 2010 only
  • Purchase must be made through the links here on Debt Free Adventure

Use this banner link to receive the discount


Have any DFA readers used H&R Block?

If anyone has used H&R Block At Home software please share your experience with the rest of us – both positive and negative.

Categories // Taxes Tags // deal, discount, H&R Block, Taxes

Tax Preparation Help – Online, Software, Professional, and Paper

02.05.2010 by Robert Espe //

More Tax Preparation Help

Matt has already looked at TurboTax online this week.  While TurboTax is still my personal favorite tax program and I will be using the PC based TurboTax Deluxe this year, there are many other options for tax preparation.  Let’s review a few of them today.

Computer software and online tax preparation

This is how I like to do my taxes.  There are now more choices than ever, with programs for your computer, and lower cost options available over the Internet.  The most important part of any tax software is making sure it will work for your situation.  The cheaper programs are usually lighter on features.  If you choose a program that only does simple (1040EZ) returns but you need a full 1040, you might end up costing yourself more than the $20 you saved.

Also consider user-friendliness.  Some programs work better for beginners, others are cheaper but are suited for those with a better understanding of their tax situation.

Here are a few options for software and online tax preparation:

  1. TurboTax is the original in this field.  If you can take a bubble quiz, you can do your own taxes.  In fact check out this nifty little quiz tool they made called the TurboTax TaxCaster that helps you estimate your 2009 taxes.
  2. H & R block has joined the party and now offers online tax preparation and computer software.  Both are priced to compete with TurboTax.
  3. Tax Act is very favorably priced although it lacks TurboTaxes’ Q & A format.  I have been told it is better suited for the more experienced, but I have not used it.
  4. IRS FreeFile allows those with incomes under $57,000 to use this list of services free.  Lots of choices, and all the cautions about picking an appropriate one for your situation apply.  I am unable to review any of them, as my income is over $57,000.  IRS FreeFile offers no state option, only federal.

The Professional

Probably the most popular way to handle tax season is to just let someone else do it for you.  Personally, I believe each of us should make every effort to prepare our own taxes before handing off the responsibility to another.  We sign our returns, making us liable for their contents, so it makes sense to educate ourselves to ensure they are prepared correctly.  Additionally, no one cares about your money like you do – so it makes sense to assume that most professionals will be motivated by revenue first and your personal situation second.

H & R block says:

“Tax laws and IRS rules are complicated, and the language of the tax code is difficult to understand.”

I don’t think they give us enough credit… I believe we’re smarter than that!  There are a lot of tools out there to help us.

In most situations you don’t have to be an accountant to understand your tax situation, and it is never a bad idea to learn how to file for yourself rather than automatically assuming it too complicated.  We cannot shift the responsibility if something goes wrong, so we should not be so quick to shift the responsibility to file.  Tax professionals claim to guarantee their work, but will not answer to the IRS if there is a problem.  We will.

If you must use a tax professional, choose carefully.  They are everywhere this time of year, and the whole lot of them are promising to get you more money than anyone else.  As previously mentioned there is nothing arcane about tax preparation.  It is a complex math problem, nothing more.  We just need to work through the problem to find the best solution for our tax situation, and all the rules are public knowledge.  You do not want to be accomplice to a tax professional with questionable practices who bends the rules to get you a little more, and we do not want to hire someone who is incompetent.

With all that said, we will now focus on tools for those who choose to shoulder the responsibility of filing their own taxes on paper.

Paper

Filing on paper is the oldest way to file our taxes – outside of armed men coming straight to our doors and taking their share.

One of the biggest advantages of filing on paper is cost – it is completely free.  All you need is a stack of forms and booklets.  A disadvantage is that the stack can get VERY thick really quick.  Another factor to consider into the equation of filing on paper is the time spent reading all the booklets in order to fully understand what forms you need, and how best to file them.  This will improve with time as your understanding and experience grow.

For the bona fide do-it-yourself-er filing on paper is an excellent option.  People who use paper usually tend to have the best understanding of what exactly is going on with their tax situation.  If you tend to pay in at the end of the year, I would recommend paper.  Why spend $50 to spend more money… right?

The IRS now provides fillable electronic forms to make things easier.  You still have to read the booklets, but these eliminate the need for a #2 pencil, and do basic computations on each form.  Here are a the fillable form FAQs to help you along the way.

Final Thoughts

The most important step to finding the right tax solution is to understand what you need to pay and why.  The more you learn, the better able you will be to find a product that meets your unique needs.  It will also allow for better big picture financial management.

What do you think?

How are you doing your taxes this year?  What positive/negative experiences have you had with various methods in the past?

Categories // Taxes Tags // H&R Block, professional, software, Taxes, turbotax

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