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How Doing Your Own Taxes Makes You Smarter about Your Finances

How Doing Your Own Taxes Makes You Smarter about Your Finances - TaxACT Blog

As part of the TaxACT #DIYtaxes blog tour, personal finance bloggers and experts from around the web share stories and tips about doing your own taxes and how it makes you smarter about the overall health of your finances.

Check out the stops made on the tour.

What I Learned From Doing My Own Taxes

For the past approximately five years I’ve done my taxes myself. I haven’t paid a tax adviser or even looked into their services. After all, I feel like taxes should be easy enough for the average person to do it, let alone a personal finance blogger.

One issue with my taxes the past few years is that they have become increasingly complicated. I got married. My wife has, at times, held multiple jobs. We bought a house. We rent out part of our house. I made money from freelance writing and blog advertising.

Regardless of how complicated taxes get, however, I will always do them myself.

The lessons I’ve learned through doing my own taxes were extremely valuable. Tweet this

Continue reading at Young Adult Money.

3 Reasons to Prepare Your Own Taxes + DIY Tax Filing Tips

I’ve always done my own taxes. Even now that I have a slightly more complex situation I still prefer to do my own taxes. You can learn a lot and become more aware of your own finances as a whole.

Online tax software makes filing taxes extremely simple. I’ve talked about this before but TaxACT is honest to goodness my favorite tax software. I’ve tried them ALL and it’s what I prefer to use.

Having your taxes prepared by someone else isn’t cheap – at all! I am in shock at the hundred plus dollars people pay to have a simple tax return prepared.

Now that you know some of the biggest benefits of doing your own taxes here are some tips for filing day:

Continue reading at Single Moms Income.

Using Tax Time as a Financial Checkup

If you aren’t doing any part of your own taxes, you could be missing an opportune time to evaluate your overall financial health.

Going through finances during tax season can be a good way to really evaluate where you are financially as a whole. Tweet this

While reviewing your documentation annually for tax purposes, think about looking at those same forms with an eye towards your overall financial situation.

Continue reading at The Dollar Stretcher.

How Doing Your Own Taxes Makes You Smarter about Your Finances - TaxACT Blog

The Hidden Bonus of Getting My Finances in Order

As an actress turned freelance writer, I’ve spent the entirety of my professional career working gig to gig.

In addition to covering my own healthcare and taking full responsibility for my own retirement planning, the inconsistent and vastly varied nature of my income means that tax time has always been a bit of a challenge.

Nothing has been more helpful in filing my taxes each year than the systems I put in place to maintain accurate records of my income, expenses, and receipts year round. Tweet this

Here’s my step by step strategy—take it or leave it—but whatever you do, find some way of maintaining financial order that works for you.

Continue reading at The Broke and Beautiful Life.

What I Learned Doing My Own Tax Return

I have been doing my own tax return since I got my first job at the age of 16. That means I have been doing my own tax return for (dare I admit it?) more than 20 years. With one exception, I did not do my own tax return the year when we bought our first home.

I’ll admit it, I was scared, too much new stuff that I did not know. But after paying several hundred dollars to have someone else prepare my tax return that year I was determined to figure out the whole mortgage piece of it and continue doing my own tax return.

I have learned a few things over the years.

Continue reading at Real Advice Girl.

 5 Quick Tips for Doing Your Own Taxes

April 15th is looming on the calendar, and I need to get our taxes done, but I am not worried because I have been doing my own taxes since I had my first job.

Yes, even as a work-from-home business owner, I crunch the numbers every year, and since surviving an audit with nothing owed, I think I have a pretty firm grasp on how to do my own taxes.

The really interesting thing… by doing my own taxes, I am more aware of our spending throughout the year. Tweet this

I can track taxable income and deductions because I know what applies to our tax situation.

If you are considering doing your own taxes this year, here are some of my best tips:

Continue reading at Meet Penny.

 What I Learned Doing My Own Taxes

Some people love doing their own taxes because it gives them a sense of control and ownership in their financial realm.  Yes, it’s easier to pass everything off to our CPA but for some of us we’d rather take a hands on approach.

The experience we get going through the various tax forms, checking our deductions and credits to see how they affect your final liability – it can be exciting!  It also makes you more knowledgeable throughout the year as you can make decisions that will ultimately reduce your tax liability.

I learned that being mindful about every financial decision throughout the year makes the tax filing process easier. Tweet this

This includes retirement contributions, receipts for business related expenses, charitable donations, deductions and credits.  It helps to keep a monthly log of the issues that will need to be reconciled throughout the year.

Continue reading at Girls Just Wanna Have Funds.

Tax Tips: Helpful Hints for DIY Taxes!

Before you sit down to use the tax program, sort your information: W-2 forms, 1099s, charitable giving, other deductions, etc. Be sure you have all other pertinent information like Social Security numbers (it’s so important to get those correct!), addresses, etc.

Once you’re ready to go, fire up the tax program and answer the questions.

Continue reading at Sisters Shopping on a Shoestring.

TaxAct makes preparing and filing your taxes quick, easy and affordable so you get your maximum refund. It’s the best deal in tax. Start free now or sign into your TaxAct Account.

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