February 14, 2006

2005 Taxes In the Bag

I'm hoping that the only reason I'd ever seek out the help of a tax professional is that through some stroke of fortune, I'd become so wealthy that it'd take an army of accountants to keep my finances straight. Ever since I made enough money to have to file taxes, I've taken the easy way - using Tele-file while in college, and filing online the last 5 years or so, using TurboTax, initially via Yahoo! and now through the TurboTax site. Using TurboTax online is a snap, as each step guides you along, supposing you have your paperwork handy on the side, and it fills in your data and math as you go. A running total in the top left of the screen lets you know if you owe Uncle Sam a check, or if he owes you one.

Best of all, it imports all your previous year data if you've used the site before. That makes it simple - as you don't have to re-enter your contact and background information, and can mentally gauge how you did in contrast to the previous year, for income, deductions and taxes.

Yesterday, we wrapped up the 2005 filing, and all we have to do is store our records in the event of a future audit, or watch the bank account to be sure their direct deposit goes through. Very simple, and there's no reason I want Uncle Sam to hold onto my money for any longer than absolutely possible, so getting done in February is great.

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