Comments on: Why Doing Your Own Taxes is Beneficial http://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#utm_source=rss&utm_medium=rss&utm_campaign=why-doing-your-own-taxes-is-beneficial A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: JT in the Armyhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-73553 JT in the Army Wed, 24 Mar 2010 12:11:21 +0000 http://www.nodebtplan.net/?p=3752#comment-73553 You never mentioned that doing your taxes helps to educate you on the inner workings of your state, as well. I used an online tax program because it was free for me because I'm deployed... It didn't know all the inner workings of my state's tax exemptions for deployed military personnel. By going through my state's online resources, I have learned about many state tax exemptions and deductions that are unique to me but not listed in software bundled for the common taxpayer. You never mentioned that doing your taxes helps to educate you on the inner workings of your state, as well.
I used an online tax program because it was free for me because I’m deployed…
It didn’t know all the inner workings of my state’s tax exemptions for deployed military personnel. By going through my state’s online resources, I have learned about many state tax exemptions and deductions that are unique to me but not listed in software bundled for the common taxpayer.

]]> By: Web Giveaways | Money Smart Lifehttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-72978 Web Giveaways | Money Smart Life Sat, 20 Mar 2010 18:13:24 +0000 http://www.nodebtplan.net/?p=3752#comment-72978 [...] Why Doing Your Own Taxes is Beneficial @ No Debt Plan [...] [...] Why Doing Your Own Taxes is Beneficial @ No Debt Plan [...]

]]> By: philiphttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-64854 philip Thu, 25 Feb 2010 14:25:43 +0000 http://www.nodebtplan.net/?p=3752#comment-64854 Not to single Megan out but her perception is the same that I hear from people all the time. They think that because of this or that they are unique and theirs will be more difficult. Consider the number of people that own homes and have a kid, it really is a huge majority of tax payers. For the most part none of the people that claim all these problems have not tried to run their numbers themself in one of the programs that make it incredibly easy. It walks you through and asks every question to complete the tax forms and you really won't miss much. The only way that I feel it is worth it to get help is if you are a business owner because that creates way more options than most have, and more likely deal with much larger amounts as well. I encourage everyone to at least go to one of the free sites (most will let you run all the numbers and not pay till you actually file if you have to pay at all) and run your numbers yourself even if you decide to go back to have someone do it for you. Not to single Megan out but her perception is the same that I hear from people all the time. They think that because of this or that they are unique and theirs will be more difficult. Consider the number of people that own homes and have a kid, it really is a huge majority of tax payers.

For the most part none of the people that claim all these problems have not tried to run their numbers themself in one of the programs that make it incredibly easy. It walks you through and asks every question to complete the tax forms and you really won’t miss much.

The only way that I feel it is worth it to get help is if you are a business owner because that creates way more options than most have, and more likely deal with much larger amounts as well.

I encourage everyone to at least go to one of the free sites (most will let you run all the numbers and not pay till you actually file if you have to pay at all) and run your numbers yourself even if you decide to go back to have someone do it for you.

]]> By: Meganhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-64853 Megan Thu, 25 Feb 2010 14:18:27 +0000 http://www.nodebtplan.net/?p=3752#comment-64853 I have a CPA who does our taxes. It's worth the peace of mind, IMO. I think I probably could have done it myself when I was living at home, and when DH and I were first married and living in an apartment. But once you become a homeowner and have a baby, it starts to get complicated. I have a CPA who does our taxes. It’s worth the peace of mind, IMO. I think I probably could have done it myself when I was living at home, and when DH and I were first married and living in an apartment. But once you become a homeowner and have a baby, it starts to get complicated.

]]> By: Golfing Girlhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-63726 Golfing Girl Mon, 22 Feb 2010 22:49:46 +0000 http://www.nodebtplan.net/?p=3752#comment-63726 We do our taxes together and make note of the items that have the biggest impact and items that we miss out on so we'll know what to do next year. It's painful but we knock it out after the kids are asleep and do it some Saturday evening. We do our taxes together and make note of the items that have the biggest impact and items that we miss out on so we’ll know what to do next year. It’s painful but we knock it out after the kids are asleep and do it some Saturday evening.

]]> By: Frugal Babe » Blog Archive » Carnival Of Personal Finance, And Why I Do Our Taxes Myselfhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-63714 Frugal Babe » Blog Archive » Carnival Of Personal Finance, And Why I Do Our Taxes Myself Mon, 22 Feb 2010 19:08:43 +0000 http://www.nodebtplan.net/?p=3752#comment-63714 [...] Debt Plan explains why doing your own taxes is a good idea.  I’ve been doing my own taxes for years.  Back in the day, it was simple – just a W2 [...] [...] Debt Plan explains why doing your own taxes is a good idea.  I’ve been doing my own taxes for years.  Back in the day, it was simple – just a W2 [...]

]]> By: Kevinhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-63489 Kevin Mon, 22 Feb 2010 01:20:14 +0000 http://www.nodebtplan.net/?p=3752#comment-63489 I actually plan to do that... we're going to have to file amended returns since I missed my tuition deduction the past two years (more on that in post tomorrow). So we'll see how far off I've been. Hopefull more off in our favor than the government :) I actually plan to do that… we’re going to have to file amended returns since I missed my tuition deduction the past two years (more on that in post tomorrow). So we’ll see how far off I’ve been. Hopefull more off in our favor than the government :)

]]> By: J. Moneyhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-63412 J. Money Sun, 21 Feb 2010 21:03:46 +0000 http://www.nodebtplan.net/?p=3752#comment-63412 I'm going to give it a shot myself for the first time ever this year! Specifically to learn just like you say. BUT, I'm also going to have my accountant do it too (and actually file it) so I can match up the differences and see how close we got!!! This way I'll a) see if I did well ;) and b) not miss any deductions! Maybe you can try that one year and see if you're on track? I’m going to give it a shot myself for the first time ever this year! Specifically to learn just like you say.

BUT, I’m also going to have my accountant do it too (and actually file it) so I can match up the differences and see how close we got!!! This way I’ll a) see if I did well ;) and b) not miss any deductions! Maybe you can try that one year and see if you’re on track?

]]> By: Early Retirement Extremehttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-62823 Early Retirement Extreme Fri, 19 Feb 2010 23:10:57 +0000 http://www.nodebtplan.net/?p=3752#comment-62823 I do my taxes by paper. One thing it has taught me is that tax planning for investment can really pay off e.g. taking losses in December rather than January, say. The paper part simply comes from having been burned by an inadequate program once. I do my taxes by paper. One thing it has taught me is that tax planning for investment can really pay off e.g. taking losses in December rather than January, say. The paper part simply comes from having been burned by an inadequate program once.

]]> By: Evanhttp://www.nodebtplan.net/2010/02/18/why-doing-your-own-taxes-is-beneficial/#comment-62438 Evan Thu, 18 Feb 2010 20:31:46 +0000 http://www.nodebtplan.net/?p=3752#comment-62438 I always did my taxes until I got married, and then with all the specifics that go along with my wife's independent contractor position, it is easier to send it all to a CPA. I still do my younger brother's taxes for him though. "(Why pay $1 in interest to save 25 cents in taxes?)" You simply bypass this little nugget. Do you know how many people don't understand or get this concept?! I always did my taxes until I got married, and then with all the specifics that go along with my wife’s independent contractor position, it is easier to send it all to a CPA. I still do my younger brother’s taxes for him though.

“(Why pay $1 in interest to save 25 cents in taxes?)”
You simply bypass this little nugget. Do you know how many people don’t understand or get this concept?!

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