Filing Your 2008 Taxes
So I broke down and filed my 2008 Federal & State Taxes last night! I’m am SO GLAD to have it behind me. It was a great tax year for me in 2008. I had instituted significant tax planning at the beginning of the year that paid off big time. No one has paid me to say this (nor is it an affiliate link) but TURBO TAX is an easy and amazing way to do easy or complex tax returns for about $75 bucks. I’ve been using them since 2001 and have had nothing but great experiences. And the software gets more user friendly every year. I highly suggest that you check it out.
In 2001 I took my return to someone at H&R Block here in Michigan. That individual was nice, but I knew right away that I knew WAY MORE about tax filing than she did. I actually got behind her computer at one point and was inputting some stock trading transaction data for her…(she didn’t understand the concept of cost basis). Anyways. I ended up paying her like $190 bucks and never even sent in the returns that she printed off for me when I left her office. I went home and got online and messed with Turbo Tax for a few hours. When I was done, I had an ACCURATE return that was putting $800 more into my refund. I’ve been hooked on Turbo Tax every since.
So good luck with your tax filing. GO FOR IT! DO IT YOURSELF. You can always e-mail your CPA friend if you run into any questions!
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March 29th, 2009 at 7:30 pm
I haven’t done mine yet. But I always do them myself. I use online programs that are fairly cheap – for Canada I use Ufile.ca – it’s great. I like to see how the numbers work together to give me my return. And then you get the refund back fairly quickly through direct deposit. Congrats… I hope you get a good return of your money from it!
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Almost Millionaire Reply:
March 30th, 2009 at 12:21 pm
Thanks, I did get a good return. When do you have to file by in Canada? Is is April 15 like down here?
Almost Millionaires last blog post..Filing Your 2008 Taxes
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March 29th, 2009 at 8:49 pm
I used Turbo Tax for a few years, then realized I didn’t have the time, nor the inclination anymore, to do it. So that’s when I went with an accountant, and I’ve never looked back. Still, I know many people who love Turbo Tax, and I guess you’re another one. lol
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Almost Millionaire Reply:
March 30th, 2009 at 1:11 pm
You’re right brother, it can be time consuming. The first time I did it, it took 8 hours. This year it only took 2. They save your data and pre-populate it, it’s pretty cool!
Almost Millionaires last blog post..Filing Your 2008 Taxes
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March 29th, 2009 at 10:01 pm
This is the first year I’ve done my own taxes. I have 2 K-1’s, 2 Schedules C’s, and some rental information on my Schedule E (in addition thats where the K-1 flows). I learned so much about taxes by doing my own return this year, that I’ve started helping other out as well!
I really enjoy it and strongly suggest to anyone that they take the time to actually learn how the numbers work. It’s well worth it!
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Almost Millionaire Reply:
March 30th, 2009 at 1:12 pm
Congrats on taking the plunge. You will kind that there is really no big mystery with the tax software. Just answer the questions they ask, taxes magically get done!
Almost Millionaires last blog post..Filing Your 2008 Taxes
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March 30th, 2009 at 12:28 pm
I did my taxes for a couple of years myself, but opted to find someone to take care of it for me… just not knowledgeable enough in that field haha.. and having a side business I want to make sure e/thing is covered!
But anyway… already did my taxes and got it over with in February!
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March 30th, 2009 at 12:40 pm
I don’t think it will work in my situation, partly from being and Aussie and partly because the way everything is set up, damn accountants, it’s so complicated now that I wouldn’t know where to start.
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Almost Millionaire Reply:
March 30th, 2009 at 1:13 pm
I have heard that Australia has a budrensome tax system
Ouch!
Almost Millionaires last blog post..Filing Your 2008 Taxes
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Sire Reply:
April 6th, 2009 at 11:26 am
I certainly find it that way, although I reckon that if you’re just working for someone then filling out a tax form isn’t all that hard.
Sires last blog post..Happy Easter To All My Blogging Mates And Getting Original Articles
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March 30th, 2009 at 12:48 pm
Hey cheers for the comment come back anytime mate! Feel free to use the picture I can’t remember where I found it! Cheers
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March 30th, 2009 at 1:13 pm
Thanks David, I’m going to think of my inspirational poster and use it in a post! Much appreciated!
Almost Millionaires last blog post..Filing Your 2008 Taxes
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March 30th, 2009 at 1:42 pm
Almost Millionaire,
Back in 2000, I was doing tax returns in Australia for a professional accounting firm, and my friend, who had been to H&R Block the year before, asked me for help in doing his return.
I could not believe the lack of competence with which H&R Block had demonstrated in processing his prior year’s tax return. My friend was an IT professional, and it quickly became apparent that H&R Block had not even thought to ask him about any computer related expenses which he had incurred during the year. These expenses could have been offset against his income to reduce the amount of tax which he would have had to pay.
Anyhow, I walked into his house, and in addition to his computer (upon which he could claim a depreciation expense to reduce his tax), I saw that his bedroom was literally stacked with computer programs, manuals, trade journals and other equipment, much of which related to his work and the costs of which he was able to offset against his income to reduce his tax.
All up, the tax deductions which H&R Block had missed the previous year would have saved him about four hundred Australian Dollars (about three hundred and fifty American dollars) in tax!
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March 30th, 2009 at 9:29 pm
It’s true! I really need to just get in and learn it. I’ve taken plenty of accounting in college and know what I can and cannot write-off from my business. I’m truly a creature of habit and keep taking my taxes to an accountant for $250 each year.
Trevor @ Financial Nuts last blog post..Economic Crisis: Tough Times In The UK Equal Personal Insolvency
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April 1st, 2009 at 5:55 pm
I used turbo tax last year, and I remember it being an easy process but I don’t remember ever getting a check…I just forgot about it. I know I wasn’t going to get much anyway, but..it’s still money, you know?
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Brandon Reply:
April 2nd, 2009 at 1:50 am
Melody,
You can still get that money. Get info at irs.gov
Good luck with that, I would never let the gov’t keep any money I didn’t owe them.
Brandons last blog post..Should I buy a franchise?
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April 2nd, 2009 at 5:50 pm
Thanks for the recommendation. I’m going to use them when I help my fiancée file; her stuff is pretty straightforward so we shouldn’t get in over our heads. We should probably do that soon
Now I just have to brush up on corporate taxation come September. Fun!
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Almost Millionaire Reply:
April 2nd, 2009 at 9:05 pm
You won’t be disappointed Mark! Thanks for the comment and for stopping by the site!
Blessings!
Brandon
Almost Millionaires last blog post..Should I buy a franchise?
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April 3rd, 2009 at 12:32 am
I’ll be using Turbo Tax this weekend, looking forward to getting it done and behind me.
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May 24th, 2010 at 2:54 pm
I like the way you put out things. It would be nice to read more posts from you. Bookmarked.
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