Today is the day!
At least if you run an LLC, an S Corporation, or a partnership. Your taxes are due today, the ides of March. I spoke about these entities last week.
The rest of you- for your personal tax returns, C corporations, trusts- you will have another 30 days… until the 15th of April. Unless you live in Texas, for which the IRS has extended the deadline due to the energy crisis that state government neglect created.
I will provide suggestions for those of you who want to essay doing your own personal taxes. As long as you have simple tax returns. If you rent out a home- or part of a home, received stock options, have a gig position, or are self-employed… you should be using someone like us. (OK, I will be honest. There is no one like us. There are those who provide tax services, but we are the cream of the crop. Honestly.)
If you are only a W-2 employee, then doing your own taxes should be a breeze, as long as numbers don’t confound you and you are adept with computer systems. And if your gross income doesn’t exceed $72,000 (this used to be the $ 64,000 question), you can file free by going to the IRS and choosing one of the vendors participating in the free file program. (Note: Many vendors do not include free state filing in their wares. So, choose carefully.)
If your income exceeds the free file restriction, you should consider credit karma tax. (Note that Intuit owns Credit Karma AND Turbotax- among other entities.) Actually, if you lived in one state, are a W2 employee, have interest and dividends (not capital gains or stock transactions), and student loan interest, this is a good choice, no matter what your income. Multiple states? Part-year? Stock transactions? Jump forward to the next paragraph.
If you’ve gotten this far, then you know that you have more complicated needs. You’re not just a W2 employee, but you own a home (so you will try to see if you can itemize your deductions), have an HSA (health savings account), and/or part-year or multiple state filings, then TurboTax Deluxe should be your best choice.
Once you progress beyond these needs, it’s time to find a tax professional.
I’ll explain why tomorrow.
