Let’s all be honest with eachother….taxes can be boring
I have a degree in accounting and I still don’t like doing my taxes. The funny thing is, I don’t know why I dread it so much, when it’s actually really simple to file your taxes online.
How To File Your Taxes Online
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Create Free Account
EFile – Efile has a free tax bracket calculator, which I think is great for those who don’t really understand how their taxes are calculated. However, the software will calculate everything for you behind the scenes, so if understanding the math isn’t your thing, then that’s ok too! It’s free to sign up and get started, regardless of your pricing option, you will not be charged until you file.
Choose Your Pricing Option
Basic FREE – This is for those of you who complete a 1040EZ (no children, no mortgage, etc.)
Deluxe $19.95 – Form 1040 A, recommended for those with simple deduction (children, mortgage, retirement income), who do not need to itemize.
Premium $29.95 – Form 1040. Recommended for those with itemized deductions or are self employed. This version includes all forms and schedules that may be needed. In addition to our full time jobs, we own a business and itemize deductions so this is the version we go with.
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Don’t worry about choosing the wrong option. If you get started and realize you should have picked a different option, Efile will always select the least expensive option that you qualify for!
File Taxes Online
Efile really does walk you through filing your taxes step by step in an easy to understand question/answer format. They’ll walk you through both Federal and State returns. If you come across a spot that you need to do more research on, you can always save and come back later. I put together a few examples of items you may want to consider prior to sitting down to file your taxes:
- Student Loan Interest
- Mortgage Insurance
- Vehicle Registration
- Childcare Spending
- Additional Income/Interest Earned
- Home depreciation (for businesses)
If you are unsure what deductions you might qualify for, you should consider meeting with a tax professional first.
Pay Taxes/Receive Refund
How much you pay in taxes with depend greatly on how much you paid throughout the year. In fact, the average tax refund is $3k!
If you withheld too much in taxes throughout the year (which 8 out of 10 people do), you will most likely qualify for a refund. Yay! I encourage you to have your refund direct deposited into your bank account. You’ll receive it faster, avoid any fees, and you won’t have to worry about depositing it later on.
For more information on how to spend your tax refund wisely, I recommend you check out this great post!
Your Next Steps: Create a free account with EFile and get your taxes crossed off your list!
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