Weekend Assignment #365: Tax Time

What is your strategy for doing your taxes? Do you get them done as soon as you can get hold of the paperwork, put them off to the last minute, or something in between? Do you hire someone, do the work yourself, get your spouse to do it, or share the load? Do you mail forms or e-file?

Extra Credit: Have you ever had to revisit a tax return after filing, due to an audit or other circumstances?

Once upon a time (read as: up until this year), I pulled my paperwork together as soon as humanly possible and loaded up the Turbo Tax.  The faster one files, the faster one receives the refund.  Assuming that one is entitled to a refund.
I always found it fun – Turbo Tax is good stuff.  While I am not the most organized person in the world, I can generally keep my tax information in one place.
This year, for the first time, I used an accountant.  My finances became a bit more complicated and I figured it was time.  Here is how it worked:
First, the accountant reviewed my last two returns.  He asked a couple of follow up questions, to be sure that I had claimed all of the deductions possible.  I might have missed something for an energy efficient improvement to my home.   But otherwise, I seem to have nailed ’em.  Ha.
The next thing was to pull together my 2010 information and complete the questionnaire.  At the time, it felt like..If I am going to complete this thing, I might as well do my taxes myself!  Then I mailed it to the guy and waited.  I required no in-person appointment, or even follow up phone calls.  Just a couple of e-mails.
A few weeks later, I received the return and the instructions for filing.  Well before the 15th, thank you. And once I read the thing, I realized that I made the right decision.   

One Comment on “Weekend Assignment #365: Tax Time

  1. Interesting. So basically, there's a level of complexity at which it's worth bringing in a professional instead of a software package. Makes sense to me, as long as the professional knows his or her stuff! I briefly had a job as a tax preparer, with no experience in the field beyond TurboTax for myself and John. I was paid to do tutorials on a FREE online tax preparation site. I certainly would not have been a better choice than TurboTax, had I actually had any clients!

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