Comments on: 3 Things I Learned From Doing My Own Taxes

By: Saturday Roundup - May 3rd, 2008 - Son's Birthday edition - Credit Withdrawal

Saturday Roundup - May 3rd, 2008 - Son's Birthday edition - Credit Withdrawal — Sat, 03 May 2008 13:14:01 +0000

[...] Prime Time Money – 3 Things I Learned From Doing My Own Taxes [...]

By: Ben

Ben — Thu, 01 May 2008 07:59:55 +0000

Thanks ffor sharing that. I have my own mortgage brokerage, and I am starting to do my own taxes, so this will help.

By: Michael

Michael — Wed, 30 Apr 2008 20:10:58 +0000

Even though I might not be the best at my taxes (very simply this year, and had some help) I figured it was a great learning experience.

By: PT

PT — Tue, 29 Apr 2008 15:35:35 +0000

@Shanti – yeah, i didn’t break into the itemized deduction club yet either. next year we’re sure to though with all the property tax we’ll have paid.

@courtney – i agree. the security that comes with having a CPA do it is well worth the price. next year I’m *probably* going to turn it back over to my Dad.

By: courtney

courtney — Tue, 29 Apr 2008 13:39:36 +0000

I admire anyone that can prepare their own taxes, CPA or not. We pay someone to prepare ours and we probably always will; however, as far as I’m concerned it’s money well spent for us.

By: Shanti @ Antishay

Shanti @ Antishay — Tue, 29 Apr 2008 12:01:10 +0000

Oh my goodness, I learned so much this year. This was the first year that the majority of my income came from working at home, and so I had to file a lot of 1099s and fill out schedule Cs. The number one thing I learned this year is that I need to track my mileage (non-reimbursed) for working at home – something that I didn’t do this year. I tried to estimate, but it became too much of a headache. Apparently this can be deducted if it’s enough, and this year it will be. I also didn’t get to use my car donation as a deduction because my standard deduction was higher. That’s something for people in the lower income brackets to learn!