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Thread: First time on my own doing taxes...

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    SarahElizabeth's Avatar
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    #1

    First time on my own doing taxes...

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    And I'm nervous!

    I live in NC although my permanent address is MA (living in NC is only temporary). I worked in NC only last year, never in MA.

    What would you recommend for first timers doing their taxes? Going to H & R Block or doing them on my own? It's just me - I'm not married, no kids, only have 1 job.

    TIA!
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    I use H & R Block's website to file my Federal and do my state on my own, but I'd recommend doing your State online too, since it's your 1st time
  3. SNK
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    Hey missy! I really don't have anything to add to your thread except...

    I miss you!
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    Sarah elizabeth: your siggy is adoreableeeeee !!!!
  5. Amy
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    I did it on my own, it was really, really easy. You shouldn't have a problem with it- the online tax filing programs give you step by step instructions, basically. I used taxslayer. But I also went onto turbotax.com and made sure that the refund amount was the same, then only filed the taxes through taxslayer and never saved the turbotax one. It was a little bit more of a hassle, but then I knew if I was doing it right.
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    There are many choices of how to file your taxes. Can I do it myself? Do I need software? Or do I need to offload this responsibility to someone else like a CPA or other tax service? The basic answers to these questions will lead you in the right direction. First check out the free services offered by our very own Internal Revenue Service (IRS) at www.irs.gov. The home page of the IRS website offers online services on the left sidebar such as freefile and e-file. Start there. If it makes sense, then you can do this yourself and may not need to purchase software or pay a CPA or accountant. If the on-your-own approach seems intimidating, many software packages already mentioned in this thread are quite helpful. If you have some complicated things going on like investment sales, inheritances, large cash windfalls, or large charitable contributions then working with a CPA is likely a good idea.

    The bottom line is that you are very capable of researching the various options to file your taxes. You are also very capable of determining which option may be best for you. Just take the time to look into the free options and education yourself prior to forking over money to someone to do something that you could do yourself.

    Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

    Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
    Need some money advice? USAA’s Rich Lunsford is here to help. Whether its investment advice, mortgages, college finances or deployments, he’s your money coach for any question you may have so just “Ask Rich!” Click here to submit your question to CERTIFIED FINANCIAL PLANNER™ Rich Lunsford or participate in the discussion.
  7. Fact: bears eat beets.
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    #7
    Quote Originally Posted by SNK View Post
    Hey missy! I really don't have anything to add to your thread except...

    I miss you!
    I miss you too.

    Quote Originally Posted by UsMC GaL View Post
    Sarah elizabeth: your siggy is adoreableeeeee !!!!
    Thank you!

    Quote Originally Posted by Amy View Post
    I did it on my own, it was really, really easy. You shouldn't have a problem with it- the online tax filing programs give you step by step instructions, basically. I used taxslayer. But I also went onto turbotax.com and made sure that the refund amount was the same, then only filed the taxes through taxslayer and never saved the turbotax one. It was a little bit more of a hassle, but then I knew if I was doing it right.
    Thanks for the tip!

    Quote Originally Posted by Rich Lunsford View Post
    There are many choices of how to file your taxes. Can I do it myself? Do I need software? Or do I need to offload this responsibility to someone else like a CPA or other tax service? The basic answers to these questions will lead you in the right direction. First check out the free services offered by our very own Internal Revenue Service (IRS) at www.irs.gov. The home page of the IRS website offers online services on the left sidebar such as freefile and e-file. Start there. If it makes sense, then you can do this yourself and may not need to purchase software or pay a CPA or accountant. If the on-your-own approach seems intimidating, many software packages already mentioned in this thread are quite helpful. If you have some complicated things going on like investment sales, inheritances, large cash windfalls, or large charitable contributions then working with a CPA is likely a good idea.

    The bottom line is that you are very capable of researching the various options to file your taxes. You are also very capable of determining which option may be best for you. Just take the time to look into the free options and education yourself prior to forking over money to someone to do something that you could do yourself.

    Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

    Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
    Thank you, Rich, this is very helpful.

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