Time for Taxes

  • Posted by a hidden member.
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    Jan 14, 2012 6:39 PM GMT
    Hey Guys,

    I've completed (almost) my first full year in the workforce post-studentdom, and I'm wondering if there is any way that I can complete my taxes on my own. I've got some math skills and I'm painfully organized, but I am completely illiterate when it comes to things like tax breaks and general guidelines.

    Is there any way that I can do these myself and avoid a fee for hiring someone, or am I better off using a software and enduring the fee?

    Let me know!

    Nate
  • Suetonius

    Posts: 1842

    Jan 14, 2012 6:57 PM GMT
    Natennis saidHey Guys,

    I've completed (almost) my first full year in the workforce post-studentdom, and I'm wondering if there is any way that I can complete my taxes on my own. I've got some math skills and I'm painfully organized, but I am completely illiterate when it comes to things like tax breaks and general guidelines.

    Is there any way that I can do these myself and avoid a fee for hiring someone, or am I better off using a software and enduring the fee?

    For (federal) U.S. taxes, one can find free online programs to compute them if they are simple, and you do not have a lot of income. If your tax situation is really simple (one job with withholding, and no deductions like mortgage interest), you could easily do them on the paper forms (remember paper?). Turbotax (about $50) is accurate and relatively simple to use.
  • Posted by a hidden member.
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    Jan 15, 2012 2:46 AM GMT
    Just use turbo tax. You can thank me later for that.
  • Posted by a hidden member.
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    Jan 15, 2012 3:02 AM GMT
    huhwhat saidJust use turbo tax. You can thank me later for that.


    +1

    I've been using it to do mine for the last 14 years.
  • johndubuque

    Posts: 319

    Jan 15, 2012 3:02 AM GMT
    There are several online sites that let you do them for free, at least if your income is under a certain level. These are far easier than the paper forms, because you just enter the information you have and they figure out where to put it on the paper forms. I have a math degree from Harvard, and doing the paper forms on income from mutual funds was a nightmare for me. It used to take me a few days to do my taxes, now it takes part of a morning.
    I use one called taxhawk.com, which lets me do both state (Iowa) and federal at the same time for no charge. Check with your state's revenue web site to see what online tax services they accept. Make sure to use one that both your state and the federal government accept.
    There might still be some complications, depending on your income sources. But check out the online sources, which your state's site should direct you to.
    Good luck
    I
  • Posted by a hidden member.
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    Jan 15, 2012 3:06 AM GMT
    If you don't make much and your finances are simple, doing taxes on your own should be a piece of cake.
  • Posted by a hidden member.
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    Jan 15, 2012 7:18 PM GMT
    Turbotax has a free EZ form, so does H&R Block. You can get free forms from the IRS web site too.
  • Webster666

    Posts: 9217

    Jan 15, 2012 10:29 PM GMT
    1) Read the instructions
    2) Follow the instructions

    Unless you own a business, it's very easy.
  • Posted by a hidden member.
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    Jan 15, 2012 10:31 PM GMT
    If it's a simple 1040EZ - you can use TurboTax online for free.

    I plan on doing that this year myself because I don't have to do my entire family's anymore.
  • Posted by a hidden member.
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    Jan 15, 2012 11:11 PM GMT
    As long as you don't have a complicated tax situation, and are just reporting income you made from a job.. then you can do it online relatively easily.