Having you been considered filing your own taxes for a while now, but you can’t figure out the best way to go about it? You’re definitely not alone in that sentiment. More and more people are exploring the other options out there for them when it comes to filing taxes and upwards of 27 million citizens decided to file their taxes on their own from the comfort of home last year. Those numbers will only continue to increase as time passes. Programs like TurboTax continue to show the consumer how simple it can be to take their taxes into their own hands. You want to know as much as you can about taxes before filing your own taxes. Before you take a seat at your work desk to get down to the business of filing your taxes, there are some questions that you should be asking.
Can I Qualify For Free Filing?
The federal government has created FreeFile: a system that gives you access to free tax tools that will help you get the job done with less hassle. Before filing your own taxes, you want to have all the pertinent information. If you only been employed in one place and you’re planning to take the base deduction, a program like FreeFile would be most ideal for you to go with. If you made less than $60,000 last year, you could reap the benefits of free tax preparation software from some of the biggest names in the entire industry. FreeFile isn’t set up using the most comprehensive technology, so beyond the basic math calculations and assistance, you will have to do a little legwork yourself. Unfortunately, this software can’t be used to file your state taxes.
How Much Will More Comprehensive Tax Programs Cost Me If I Can’t Qualify For Freefile?
FreeFile is a good option, but it’s not the only one out there. If you can’t qualify for the FreeFile service, you can still manage to save a little something while you spend on tax preparation services. Before filing your own taxes, you want to make sure you’ve weighed all of your options. If you go with TurboTax, you could spend less than $100 on your tax filing as a sole proprietor and if nothing else, it’s important to note that that’s much less than what you would spend to hire a professional tax specialist to do your taxes for you. Search your local area: there’s bound to be a tax professional that’s willing to work with you in your unique situation. When tax season is in full swing, there’s all kinds of tax accountants that are trying to capitalize on whatever money they can make. Keep your eyes open and you might find a good deal that you weren’t expecting.
How Quickly Can I Get Things Done?
Once the tax season starts it seems as though the days speed by and before you know it, the deadline is upon you. If you own your own business, make any kind of income on the side or you’ve got your taxes itemized, you’re going to need to report all of that and it will take time to leaf through all of your documentation. Before filing your own taxes, you need to have all your ducks in a row. If you’re an organized person that makes it a priority to keep every receipt and statement stored away in a place you can always go to, this isn’t much of an issue. Most of us just can’t be that organized due to a number of different factors and you’ll have to get all of your paperwork together before you can start the filing process. As long as your situation isn’t too complicated, you might be able to get all of your tax filing done in an afternoon. Filing your taxes on your own can be a tedious process if you’re not familiar with how it all works, but doing them yourself could save you a lot of time and money if you check yourself throughout the process. Before filing your taxes, you’ve got to weigh the pros and cons to find out what’s worth your effort. One afternoon of mind-numbing number crunching could definitely be worth it for the right people.
How Many Deductions And Tax Credits Are Out There For Me To Gain From?
The simpler your tax situation, the easier it will be for you to file. A reliable tax software program from one of the bigger names in the industry should be able to enlighten you on the deductions and credits that will affect your taxes, but there’s still that chance that you could miss money on deductions and credits that you didn’t realize applied to you. If you don’t use good software as a guide when filing your taxes, you might be cheating yourself out of dollars you could be getting back in your pocket.