Tax Season!

03/24/2010

Ok, I know I’m a bit late jumping on the bandwagon, I’m sure that most of the Personal Financer keeners out there have already finished.

It’s not that I didn’t want to get them done earlier, I was going through all my e-mails and PDF-ing all my charitable tax receipts in January!  Of course, life happens and I got carried away with working, taking my course, training for my half marathon, volunteering and doing only non-work when I get the chance.  But, I was able to set aside a few hours today, and complete my taxes.

Hooray!  High five!  Happy dance!  cha-cha-cha!

I know it’s super old school, but I prefer to do my taxes by hand.  Even though it’s faster online, and I get my refund back earlier.  I like doing them by hand, first.  I like laying out the pink forms (Provincial) and the blue forms (Federal) and going through them, and double checking them.  I like having the forms around me, it just makes me feel safer.

I did attempt to use UFile today.  I got a little scared away by the many tabs.

How do I know if I filled out all the right forms?  Are they sure they didn’t miss anything?  Hmmm…

So I went out and got my Income Tax Package and started filling them out by hand.  I don’t have a very complicated tax procedure – just my income and my RRSP contributions.

(Note: I may or may not complete them online as well and compare the results with my by-hand taxes just to get the refund faster.)

I have been doing my taxes since I was old enough to work (of course, my dad always checked it over), so I’ve done it for when I was in university, as well.  When I was little, one of the reasons I couldn’t go out on a weekend was because I had to do my taxes!  LOL!

One of the things I miss most about being in school is the lack of taxes that needs to be paid!  Even though I was poor, and All-You-Can-Eat Sushi was considered dining well, as least, I could write off my text books and not pay taxes on the money I earned during my internships! 😉

Yes, I know, I am a working woman now, and officially a “grown up” but I still feel so sad when I see 25% of my paycheck deducted each time for taxes.  I paid more than $8,000 in taxes last year!  Isn’t that crazy?!  I know there are a lot of people who pay a lot more than me, and I feel their pain.

According to my first draft at filing my return, I should be getting a pretty hefty refund – thanks to my RRSP contributions and my federal tuition claim that was carried over from last year (wow, I can still enjoy the benefits of my student life even after 2 years of being out of school!).  Now, I just need to double check my provincial tuition carry-over from last year.  Maybe that will score me a netbook …  I  mean, a few hundred bucks 😉

How are your taxes coming along?  Have you finished filing them?  Do you file them online or via paper?  Or do you prefer to have an accountant do them for you?

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8 Responses to “Tax Season!”

  1. Revanche Says:

    Mmmm … netbook ….. oh wait, what? Taxes? Oh yes.

    All done, but very late by my standards. Because I always needed to file for student federal aid, and the earlier you file the better your chances of getting some grant money, my habit has always been to file in the first two weeks of February. Well, I started to harass my parents about theirs at the end of January and then did my own in Feb.

    I tend to do mine on paper as a dry run, but because my family’s money gets tangled up with my own, I tend to give up in exasperation and have the accountant file them online after dealing with my parents’ situation. Their income (if any) varies from year to year so it screws with my tax planning.


    • Netbooks are so cute, aren’t they?! 😉

      Yea, I need to work on getting them done earlier! This year, I had some more RRSP contributions in the first 60 days of 2010, so I waited (and hence procrastinated).

      My taxes are pretty easy, so I don’t have any exucses 😛


  2. Congratulations on finishing filing!!

    We finished ours earlier this month and already received the refund via auto deposit. =)


  3. Taxes have been done. I try to get them done as soon as I have my W-2 or else I will forget. Then April 15th will roll around and I’ll be a sad person. I’ve only done them twice and I filled them out online both times. I like getting my refund immediately. I’ve already received my federal, but I’m still waiting on my state.

    My BF likes to have an accountant do his, but he has the hook up and his return, which should be about $200 is only $50. He’s mentioned that in the future, if we file joint, it will have to be done by an accountant. I’m just saying, we’ll cross that bridge when we get there!


  4. @Jersey Mom:
    That’s great! I hope to be getting my soon 🙂

    @Investing Newbie:
    My dad is kinda like an accountant. He does the taxes for my family and extended family, too 🙂

  5. fern Says:

    I started out doing my own taxes when I was much younger, but over time, after buying and selling mutual funds and muni bonds, buying a home and incurring other taxable events, I started paying an accountant to do my taxes.

    But then I noticed the accountant still required me to follow along with his own form, collecting copies of various statements. He would rapidly complete the tax form during my meeting with him, using the form I’d consolidated for him, so over time i began questioning why I was paying him $225 for work I’d basically already done myself?

    Since my situation is more or less stable and I have the same deductions or tax events each year, I began doing my own taxes again about 5 years ago. I prefer doing them by hand, following along with the IRS booklet, even though I get a free copy of Turbo Tax each year, courtesy of my brokerage.

    I’m confident a paid professional couldn’t get me a bigger refund than I do myself.

    Although I’ve told myself it would be a good idea to do my taxes by hand as usual,THEN do them again using Turbo Tax just as a doublecheck, I’m usually too exhausted by both federal and state tax returns to take that final step.

    Maybe next year!


    • My taxes are pretty simple right now, but I, too, am confident that a paid professional can’t get me a bigger refund.

      I’ve filled out every form (even if it was unlikely that I would get any deductions), just to make sure there isn’t something that I am missing. I also realize there are items which I may consolidate over a number of years before claiming to get more money back, i.e., gift donations.

      I don’t get any tax software for free, but I think I am pretty happy with how I take care of my taxes so far. I just have to work on those little math errors…. 😛

  6. Toby Says:

    We have done our taxes ourselves and then taken them to an accountant who has always found more money than his fee. Even if the extra money was the same, the lack of worry is great for our mental health is worth it. People train for years for their professions and have a great deal of expertise. The tax laws change every year and I have more faith in an accountant to keep up with the changes than myself. This also gives me a professional who knows our situation and can give us investment advice. For us the accountant is worth the money.


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