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dzenan

Income Taxes

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:D

 

how many people do their own income taxes (in US)? I am going to try and do my own this year, inshallah. How hard can it be?

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I have always done my own. If your finances are fairly uncomplicated then it is fairly simple to figure them out. If you are someone that does a lot of investing or are self employed then it can get complicated.

 

This year I am using Turbo Tax to do my taxes, it makes things very simple.

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This is what I was thinking too. The only info I need to know is how much I've earned, and how much I've paid in taxes. I don't have any kids, property, or anything of the sort. I've downloaded TaxAct for free.

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I love tax time, I use turbo tax. I love getting my refund. If you only have income, dividends (stock purchases/sells) and interest from investments it's really easy. Always try to find ways to add to your deductions, IE. school, interest paid on loans etc., they can be really beneficial.

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The only info I need to know is how much I've earned, and how much I've paid in taxes.

 

Your employer is required by law to have mailed out a W-2 form to you with all that information by January 31. If you have not recieved it yet then contact them and they will send it to you.

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:D

 

I don't think the Tax softwares do a very good job.

We used tax softwares for two years, and the return would be around $200 or so. Then last year we did it through a professional, which incurred an $80 service charge, but the return was around $1200. So it was worth it, Alhamdulillah.

 

:D

 

:D

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