Tax time. Those very words instill fear and anxiety into the average American Joe. Which form do we use? Are you single or married, filing jointly ? Any dependents? How many exemptions? Oh then comes the W-2’s! Did we make too much or not enough? Interest, dividends, IRA distributions …bring it all down to Line 15 and record total income. Out of pocket expenses for classroom supplies. Student loan interest deduction…tuition and fees. Breathe and calculate the AGI.
Sound familiar? Many will simply pay a professional to do their taxes and then… there are those of us who tackle them ourselves. I am one of those people. I have an accounting background and have been doing my taxes my whole life. Granted there have been those rare occasions when I needed an accountant to handle those few oddities along the way like purchasing/selling a house or getting an inheritance.
So today before I could slice, I had to do my federal taxes. I really miss having the tax pamphlet sent to my house with all the explanations and forms included. I am a visual person and like being able to see everything in front of me. But no! Now everything is electronic filing. I use an online tax program that asks a million questions along the way to see if you can itemize or not. It’s frustrating because it doesn’t tell you that’s the reason why it’s asking those million questions. In the end, it acts like it is doing you an enormous favor. It tells you that you can only take the standard deduction. Really? I knew that before I even started. Ugh! so the long and short of it is that I am wishing for the old way of doing my taxes. Papers spread out in front of me in a way that makes sense. For those we still need to do their taxes, peace out and may the force be with you.