2018 Tax Season

The Internal Revenue Service (IRS) announced the nation’s deadline to file taxes is April 17, 2018.  The fastest way to receive a tax refund is through e-file and direct deposit.  [IRS information]  The IRS offers Free File Fillable Forms for those who have the time to put the effort into filling it out.  To avoid common mistakes, the IRS does provide a User’s Guide (PDF) to help users file their taxes using the Free File Fillable Forms.

You may also be interested to know TurboTax does offer an AbsoluteZero tax filing service for no money.  To use this, you need to meet the following criteria:

  • Made less than $100,000
  • Don’t own a home or rental property
  • Didn’t sell investments
  • Don’t own a business or have 1099-MISC income
  • Don’t have any major medical expenses

H&R Block also has a zero federal and state filing service.  Similar to TurboTax, H&R Block will charge you money depending on your situation.

  • Have children
  • Own a home
  • Have an HSA
  • Freelance / contractor
  • Have investments
  • Own rental property
  • Self employed
  • Own a business

So, I guess you can say nothing is really free unless you have a simplistic situation.  For my current situation, I require an accountant because I own a home, have an HSA, do freelance / contractor work, have investments, am self-employed, and own businesses.  I feel more confident working face to face with an accountant to make sure everything is captured.  You can try saving a few dollars, but if your taxes are not done correctly, it can end up costing you more in the long run.

Tax season is not always necessarily fun, but required by the state and federal government.  Make sure to ask your accountant each year what you need to do to benefit the most.  What situation do you need to be in to gain the maximum tax benefits?  This question needs to be asked each year because tax laws are constantly changing.  This year may not be the same as the next year, so there may be different tactics you can work on to get better tax breaks.

 

One Comment on “2018 Tax Season

  1. Pingback: C.A. progress thus far – Civil Accomplishment

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