Tuesday, March 1, 2016

it's Tax time!

It is the most wonderful time of the year….. 

Once the new year comes around companies will send out tax receipts and then once they are all collected we can then run into the tax office and walk out with our taxes, BUT if you go to a place like H&R block they charge ya a high amount to file your taxes. 

There are more options for filing your taxes now then there were when I was a kid that’s for sure, now you can file online thru different avenues, one of those being efile.com.  It is simple and can be done from the comfort of your own home in your comfy pjs if you prefer. 

There are several different packages that you can take advantage of:

Free: recommended for simple returns
Includes: 
  • Free federal tax prep and e-file
  • Automatically import W-2 
  • Import data from prior returns
  • IRS email Confirmation
  • Free email support 
Basic: Recommended for basic returns with deductions  $19.99 
Includes: 
  • Everything in free pkg plus
  • Earned Income Credit with no dependents 
  • Student Loan interest deduction
  • IRA deduction for qualified contributions
  • Credit for elderly or disabled 
  • Interest income below $1,500
Deluxe: Recommended for homeowners and parents  $34.99 
Includes:
  • Everything in basic plus
  • Itemized Reductions
  • Earned income credit
  • Mortgage interest credit
  • Health coverage exemptions
  • Education Tax credits

Premium: Recommended for business owners and investors  $49.99
  • Business expenses and deductions
  • Self employment income
  • Home office deduction
  • Rental Property income
  • Investment credits
Guaranteed a maximum tax refund and much less then other companies charge to give you the same thing. 

What do you spend your tax refund on? 
For the past few years we spend ours on some debt that we are trying to get paid down, to me it is important to spend it wisely, it isn’t for everyone and some people are happy with just going out and blowing it all away, then a week later they have nothing to show for it, that is completely your choice but I chose to spend mine wisely. 


How do you file your taxes?

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