Doing Taxes

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Saving Money One Product at a Time

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Doing Taxes

Posted By: The Shopping Nazi on February 5, 2010 in Business, Finance, Home - Comments: 14 Comments »

Remember the old saying, about death and taxes. This is the time of the year where some people talk like it is a near death experience. Maybe that is why some people wait until the very last minute and mail out their income tax filing just before midnight on April 15th.

Over the years I have struggled with doing my yearly obligation. I have set down with a W2 form, a couple of 1099′s, a calculator, and a pile of tax forms. One year, I took a box full of receipts and invoices into my accountant and set it on his desk. A week later I went back with my checkbook in hand. There I wrote him a heft check, along with a small one to the federal government and a modest one to the state government.

Since then I have learn a lot. Thanks to technology and the desktop computer doing my taxes has become less stressful as well as less expensive to get done. That is why most years I do it my self. Years where there has been major changes in my financial situation, I go into the local H&R Block office.

The signal person or newly married couple that just needs to file a basic income tax return can to the the IRS website. The website will walk you through the whole process. It is fairly simple, straight forward, and FREE!

Now for the family where the husband and wife works. They may have a couple of children. Their financial situation has not changed much for last year. Then they can get something like H&R Block’s At Home. It will walk you through the whole process in a fairly simple straight forward manner.

When it comes to families that run their own business. They may use a spare room in their house it is time to get an accountant, at least for the first couple years. They can help you figure out what you need to pay Uncle Sam. The complexity of tax laws for any business requires a professional.

From a family who owns a small home based business, I recommend you be using something as simple as Quicken Home & Business, at the very least. If the business is more complex and independent of the home, something like Quickbooks is needed. Then when tax time comes around, it is easier to gather the all right information for preparing your annual income tax report.

Just so you would know, this year I used the H&R Block At Home, it took me less than one hour for prepare, efile both state and federal taxes for just under $70. Thanks to President Obama we are getting a nice check from the federal government.

Tags: Federal Income Tax, Income Tax, State Income Tax, Taxes

14 Responses

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SuperSonic says:

February 6, 2010 at 4:40 pm

Hi,
Interesting, did you plan to continue this article?
Thanks
SuperSonic
- The Shopping Nazi says:
  
  February 7, 2010 at 8:05 am
  
  We have not active plan. I am sure before April 15th there will be more.
  Do you have any idea?
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- The Shopping Nazi says:
  
  February 25, 2010 at 6:32 pm
  
  Right now we only use two sources for updates of The Shopping Nazi. At the bottom of each post is a share. On the top middle column is four ways you can get The Shopping Nazi.
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