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Thread: Taxes

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    Taxes

    So I recently got divorced and my Ex would do our taxes every year...I am looking to try it myself but asking for recommendations on do it yourself programs..i.e. HR Block,Turbo tax etc...My situation is pretty simple...2 kids(we decided we would each claim one) not self employed but I did just start working from home for my company so I have heard you can write some stuff off like utilities?....Thanks in advance for any tips and pointers!

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    I'm self employed and use my house as a office. A certain % of my utilities I can right off. Not sure on exact amount. I pay someone to do mine. I look at the 350$ it cost me to do my taxes as piece of mind.

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    I've used TurboTax for about the last 10 years. No complaints here, generally a pretty good walk through and description of every step.

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    If it isn’t super simple, pay a CPA for their service.

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    Quote Originally Posted by Bossman View Post
    So I recently got divorced and my Ex would do our taxes every year...I am looking to try it myself but asking for recommendations on do it yourself programs..i.e. HR Block,Turbo tax etc...My situation is pretty simple...2 kids(we decided we would each claim one) not self employed but I did just start working from home for my company so I have heard you can write some stuff off like utilities?....Thanks in advance for any tips and pointers!
    Since you are not self employed I don’t think you can itemize that. Did you fill out a 1099 or a W4? If you work for a company and don’t have a 1099 then you are probably better off taking the standard deduction than itemizing. The new tax law limits what can be itemized so it doesn’t work out for most people.

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    My wife and I have been employed for years, not self-employed. When the houses were paid off, the deductions for Income Tax went with it. It takes a lot of deductions to come up with an itemized list to surpass the standard deduction. We both had hospital insurance as a part of our pay, so medical wasn't enough. I think we are pretty generous with donations and that didn't make up the difference.

    Everyone is a little different but with today's standard deduction, without home loan interest or day-care, I would guess most won't itemize. Pays to look into it, but after several years of doing that I've even convinced my wife that I am no longer going to go to the work of looking through everything that we can itemize. Hasn't been worth the time.

    Warning: This most likely will not apply to younger families with day-care and home loans.

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