First Time with Taxes

[donald&daisy]

So this is my first year that I am really filing taxes. My mom used to do mine while I was in college but this is my first year of being employed full time. I am single with no dependents, do you think I should go visit a tax professional since this is my first go around or would I be okay to use something like Turbo Tax? I have some student loans, and made a few charitible donations that I kept receipts for throughout the year. I don't really know what else I would be claiming. TIA!

 

[Disneychix]

There is probably no reason you need to go to a professional unless you make a huge salary or had HUGE donations, chances are you'll just file the standard deduction and be done. No need to spend the extra money!

 

[bridget]

I have had the same system for 15 years I've always done it myself. I have been using Turbo Tax online for the last few years.

Every year I get a really durable folder and keep all of the tax forms I get in the mail in that folder. Everything is in one place when I go to figure out the taxes. I have a rubbermade tub that has all the tax returns I've done in one place.

Do you own your house or are you renting?
DO you have savings accounts or interest checking?
Do you have any investments? Last year I was able to download all my investment information right into Turbo Tax Online. I double checked everything and it matched the paper copy exactly.

I believe the standard deduction is $5700. It will be very easy if you take the standard deduction.

*I always start the new year with a new checkbook register. I also put the years checkbook registers in my tax folder.

 

[MrsPete]

No, if you're single and your taxes are simple, you should just do the EZ form yourself. No need to pay anyone or to spend on Turbo Tax at this point in your life. 30 minutes with a calculator will do the job.

 

[bettymae1121]

Turbo Tax has a free online version, that should do nicely for you. you can e-file federal for free and then either pay them to file your state, or do what I do and just file your state with your state directly (also for free, at least in my state).

 

[crisi]

Did you do anything unusual for a recent college grad? Buy a house? Buy and sell stock? Have self employment income?

If you just took a salary and lived in an apartment, taxes will be really easy. If you bought a house, it would be a little harder, but its really only figuring out what part of closing costs you can deduct - and the bank will send you a statement. Self employment is a little harder - not much. Selling stock can get to be a big deal - especially if you are lazy like I am and don't keep good records through the year and then need to reconstruct everything. But you'll end up reconstructing everything sitting next to a tax pro anyway.

 

[Figment1990]

I recommend Turbo Tax unless you have REALLY complicated financial things or if you are just not comfortable with computers or taxes at all, then I'd ask for help.

I did mine by hand every year for 10 years and then switched to Turbo Tax and I love it. Which reminds me... I gotta get that folder started that PP mentioned. Want to have everything ready to go as soon as we return from our WDW trip.

 

[sam_gordon]

I've used TurboTax for years and been happy with the program and the results. I have NOT been happy with the price. I just checked... 'Basic' (for those who itemize) TurboTax is $27.95... not bad, but add a state return (which most will) and that's an additional $37! That's $65!

'Free' (for those who don't itemize) is free for Federal, but $28 for state returns.

I don't remember where I read it, but I'm going to try taxslayer.com this year. Federal is $9.95 and state is $4.95. That's unless I'm missing some hidden fees somewhere.