| View previous topic :: View next topic |
| Author |
Message |
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
 Posted: Wed Sep 05, 2007 7:51 pm Post subject: Americans, how did you learn how to do your taxes? |
 |
|
This is strange timing but I really do need to know. I've tried in the last 3 years to file my taxes but always end up hanging my head in defeat. I'm starting school in January and I have to fill out the FAFSA to get financial aid however, I haven't filed my taxes. I can use their worksheets to make a gestimate of my tax buden (or lack thereof) for 2006 but I can't make head or tails of the terminology or anything. Can anyone point me in the direction of a book or website that explains how to do taxes as if you are well...an idiot?
Sigh...Sometimes trying to do things yourself just makes you feel dumb 
Help! |
|
| Back to top |
|
 |
Boodleheimer
Joined: 10 Mar 2006
Location: working undercover for the Man
|
| Posted: Wed Sep 05, 2007 8:07 pm Post subject: |
|
|
| i still don't know. i've been piggy-backing on my dad's tax person. and hoping nothing goes wrong. |
|
| Back to top |
|
|
Smee
Joined: 24 Dec 2004
Location: Jeollanam-do
|
| Posted: Wed Sep 05, 2007 8:13 pm Post subject: |
|
|
| I took a business course in 9th grade that taught us how to fill out basic federal tax forms. All that went out the window since I came to Korea, though, and filing taxes now is basically guesswork. I don't get proper paystubs (they're just Microsoft Word documents), and my address changes each year. Thankfully the process is a bit of a joke (for now). Which reminds me, I have to get around to doing my 2007 paperwork. |
|
| Back to top |
|
|
SpicySteve
Joined: 04 Sep 2007
Location: Seoul
|
|
| Back to top |
|
|
Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
|
| Posted: Wed Sep 05, 2007 8:19 pm Post subject: Re: Americans, how did you learn how to do your taxes? |
|
|
| Alyallen wrote: |
This is strange timing but I really do need to know. I've tried in the last 3 years to file my taxes but always end up hanging my head in defeat. I'm starting school in January and I have to fill out the FAFSA to get financial aid however, I haven't filed my taxes. I can use their worksheets to make a gestimate of my tax buden (or lack thereof) for 2006 but I can't make head or tails of the terminology or anything. Can anyone point me in the direction of a book or website that explains how to do taxes as if you are well...an idiot?
Sigh...Sometimes trying to do things yourself just makes you feel dumb
Help! |
It might be best to hire an accountant to do it. It will probably only cost about $200 but you won't have to deal with it all.
There are free computer programs linked to the IRS website that will do it for you, which is useful if you don't have anything complicated. You can also use the free programs to check your work on the paper to see if the program comes up with the same result.
As far as the taxes go if you don't opt for the computer versions, you'll need to fill out Form 1040, and just follow the instructions in the instruction book. When you get to things in the instruction book you can search the IRS site. |
|
| Back to top |
|
|
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
| Posted: Wed Sep 05, 2007 8:20 pm Post subject: |
|
|
You are a kind soul....On this wet and unfun day, I shall attempt to complete these dreaded forms. I think I printed them out before but couldn't understand the terminology. Even the explanations made no sense. I will think positive and if I have some boneheaded question to ask, I will pester you or some people on the board 
Thanks very much,
Alyallen |
|
| Back to top |
|
|
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
| Posted: Wed Sep 05, 2007 8:24 pm Post subject: Re: Americans, how did you learn how to do your taxes? |
|
|
| Fresh Prince wrote: |
| Alyallen wrote: |
This is strange timing but I really do need to know. I've tried in the last 3 years to file my taxes but always end up hanging my head in defeat. I'm starting school in January and I have to fill out the FAFSA to get financial aid however, I haven't filed my taxes. I can use their worksheets to make a gestimate of my tax buden (or lack thereof) for 2006 but I can't make head or tails of the terminology or anything. Can anyone point me in the direction of a book or website that explains how to do taxes as if you are well...an idiot?
Sigh...Sometimes trying to do things yourself just makes you feel dumb
Help! |
It might be best to hire an accountant to do it. It will probably only cost about $200 but you won't have to deal with it all.
There are free computer programs linked to the IRS website that will do it for you, which is useful if you don't have anything complicated. You can also use the free programs to check your work on the paper to see if the program comes up with the same result.
As far as the taxes go if you don't opt for the computer versions, you'll need to fill out Form 1040, and just follow the instructions in the instruction book. When you get to things in the instruction book you can search the IRS site. |
How does one find an accountant? See...I am this unknowledgable in this subject.... |
|
| Back to top |
|
|
kat2
Joined: 25 Oct 2005
Location: Busan, South Korea
|
| Posted: Wed Sep 05, 2007 8:53 pm Post subject: |
|
|
Just contact the H and R block in your homestate. I have a great private CPA in MD if you need him. Send me a PM if you want his contact stuff. Its important to use one in your home state if you have earned any income there. If not, then you can use one anywhere, b/c you would only need to file federal income tax.
It's completely worth it to pay someone to fill out your taxes. It's a hundred bucks I'm totally happy to part with every year. My dad still uses TurboTax software and it takes him a couple of weekends to get it sorted. No thanks.
Also, as a former financial aid officer, you are goign to have to file those tax returns. The financial aid office will need to see them. On the FAFSA, you are allowed to guestimate, but before your award is completely valid, you have to prove that you weren't totally lying. Best to get started now. |
|
| Back to top |
|
|
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
| Posted: Wed Sep 05, 2007 8:57 pm Post subject: |
|
|
| kat2 wrote: |
Just contact the H and R block in your homestate. I have a great private CPA in MD if you need him. Send me a PM if you want his contact stuff. Its important to use one in your home state if you have earned any income there. If not, then you can use one anywhere, b/c you would only need to file federal income tax.
It's completely worth it to pay someone to fill out your taxes. It's a hundred bucks I'm totally happy to part with every year. My dad still uses TurboTax software and it takes him a couple of weekends to get it sorted. No thanks.
Also, as a former financial aid officer, you are goign to have to file those tax returns. The financial aid office will need to see them. On the FAFSA, you are allowed to guestimate, but before your award is completely valid, you have to prove that you weren't totally lying. Best to get started now. |
Thanks for the advance. I haven't made a cent of money since 2004, so I don't have to worry about that. I guess I can still get one in NY. The plan is to fill the FAFSA now but have tax forms completed by the end of the month....I probably won't get jackshite in fin. aid but it's worth a shot.... |
|
| Back to top |
|
|
pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
|
| Posted: Wed Sep 05, 2007 9:57 pm Post subject: |
|
|
My dad taught me how to do mine.
You can probably use "1040 ez". It depends on your situation. If not... well, go to the embassy. They can help you, I reckon...
About the FAFSA, its a bit complex and very time consuming and you do need to have filed your taxes for the preceding year to fill it out. I've done about 12 FAFSAs now... if you need help, send me a PM. |
|
| Back to top |
|
|
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
| Posted: Wed Sep 05, 2007 11:01 pm Post subject: |
|
|
| pest2 wrote: |
My dad taught me how to do mine.
You can probably use "1040 ez". It depends on your situation. If not... well, go to the embassy. They can help you, I reckon...
About the FAFSA, its a bit complex and very time consuming and you do need to have filed your taxes for the preceding year to fill it out. I've done about 12 FAFSAs now... if you need help, send me a PM. |
I can't go to the embassy. I'm 3+ hours away and have no way of making it there since I work from 9-5.
The online form of FAFSA says that you can fill it out and send it in even if you haven't filed yet. I just need to figure out all that tax related stuff in the meantime... |
|
| Back to top |
|
|
sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
|
| Posted: Thu Sep 06, 2007 4:15 am Post subject: |
|
|
I have been preparing my own taxes since I was 16 years old. It's even easier with software which I have been using in the past 3 or 4 years, but it appears filing foreign income will not require software, just filling out 2 forms.
If I were self employed, had many assets like securities, and various streams of income, I definitely would have an accountant so I wouldn't have to spend dozens of hours sorting it out when I have better things to do. It's really very easy if your financial situation is simple and straight forward for people working a job with only one income though software will take care of almost any kind of filing by simply entering information that it asks for. Tax prep is just time consuming, requires patience, and is boring to do it yourself, that's all. |
|
| Back to top |
|
|
Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
|
| Posted: Thu Sep 06, 2007 6:02 am Post subject: |
|
|
| Alyallen wrote: |
Thanks for the advance. I haven't made a cent of money since 2004, so I don't have to worry about that. I guess I can still get one in NY. The plan is to fill the FAFSA now but have tax forms completed by the end of the month....I probably won't get *beep* in fin. aid but it's worth a shot.... |
It sounds like the best option for you is to do the taxes yourself as it will be, like the other poster said, a matter of filling out two or three forms. If it was me, I would allocate a Saturday and do the taxes then do the FASFA together, that way there are no problems and it's done with. Here's a step by step way to get it done:
Step 1: Go www.irs.gov and download form 1040 and the 1040 instructions then save them to your computer.
Step 2: Fill out the 1040 and read the instructions for each line that you have questions on, you will probably leave almost every line blank. If you don't understand the tax vocabulary there are pretty good explanations in the instructions that you already downloaded, or you can call the IRS helpline. When you get to the part about foreign earned income, the instructions will tell you to fill out another form from the IRS website.
Step 3: Go back to the IRS website and find the form the instructions told you to fill out so you don't have to pay taxes on your foreign income and fill it out, then enter the final result in the corresponding box on the 1040.
Step 4: You'll get to the end of the form and it will tell you how much you owe, or don't owe, and how much money you will get back for a refund.
Step 5: Print out the forms and mail them in to wherever the instructions tell you to.
Step 6: Print out another copy of your finished 1040 and use it to fill out your FASFA.
Step 7: Kick back and enjoy a cold one while thinking about the $100-$200 you saved by doing your own taxes, and that you got your FASFA done too.  |
|
| Back to top |
|
|
dogshed
Joined: 28 Apr 2006
|
| Posted: Thu Sep 06, 2007 1:25 pm Post subject: |
|
|
The IRS has some partnership agreements with a number of companies.
The companies allow people with lower incomes to file using their special software. In exchange the companies get to try to sell you extra services
like electronic filing.
Go to the IRS website and follow the links to one of the companies.
Follow their online tax thing, but don't pay them to file it for you.
Instead print and mail. You can still use direct deposit even if you print
and mail, you just don't have to pay for e-file.
If you need to do a state return check to see if your state has an agreement so you don't have to pay for the state return. |
|
| Back to top |
|
|
dogshed
Joined: 28 Apr 2006
|
| Posted: Thu Sep 06, 2007 1:34 pm Post subject: |
|
|
I just reread your post. For past years the paper forms
might be easier. I suppose at a certain point paying
someone to do them for you might be a good idea.
I think it's a good idea to know something so you can
tell if they are doing the taxes correctly, particularly
when dealing with foreign income.
For the years with Korean income check out my tax post. You can print it and take it to your tax advisor.
See: http://forums.eslcafe.com/korea/viewtopic.php?t=87567&highlight=tax+exclusion |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
