FREE – EXPERT TAX FILING and PREP!!

It’s probably unpatriotic to skip griping about taxes.  It could also be considered a lame-duck decision to ignore the costs of filing taxes, since the snowball effect of these costs over a lifetime is actually quite large.  Every tax saving achieved through grit and determination could potentially be achieved by our fellow citizens, so it’s a win for everyone, so long as we let everyone into the fold…

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The average person spends $245 to have a tax specialist prepare their taxes.  That’s a tall order.  Surprisingly, the IRS actually DOESN’T WANT you to pay that money if you make less than $53,000 a year, or are elderly, or disabled, or don’t speak English well enough to get through it!  Saving $245 a year is actually a big deal, because it translates to saving $57,486 in a lifetime…

 

$245 per year = $2,450 / decade = $7,350 per 30 years
if that money was generating 6% Compound Interest over 30 years = $20,531
then engaging a 6% payout to you over the next 30 years = $1,231 a year = $36,955
so the grand total for pay someone to do your taxes every year for life = $57,486

$245 is what a minimum wage worker makes in 32 hours of work, which is almost a full time week: however, the average time to prepare taxes is 4 hours.  For some people, paying $245 doesn’t initially seem like a ludicrous or spirit-crushing ordeal because they make a ton of money – but paying 57.5 grand just to file taxes over a lifetime is brutal, no matter how much you make…

FREE TAX PREP / FILING:  irs.treasury.gov/freetaxprep
If that link ever changes, the search terms are VITA or TCS – IRS Free tax filing
Also, Here is the checklist of what to bring to this FREE tax filing session:
CHECKLIST for Free Tax Filing: THINGS TO BRING

GOING WITH TURBO TAX:
Like so many people, I do my own taxes with Turbo Tax: with success I’ve filed my own complex tax scenarios like multiple complex deductions, multiple streams of income, and also losses which count to incomes. After a couple years, it takes less than two hours to file my taxes.  It costs $50 to file the taxes through Turbo Tax, but you can claim and deduct that cost the next tax year, though if your deductions are maxed-out, it might not really help.  Either way let’s project the money being floated/spent or the deductions lost here:

$50 per year = $1,500 per 30 years
if that money was generating 6% Compound Interest over 30 years = $4,190
then engaging a 6% payout to you over the next 30 years = $251 a year = $7,542
PLUS the cost of filing taxes during the second 30 years = $1,500
so the grand total for paying this much every year = $13,232

BOTH of the Compound Interest scenarios in this article display a lot of money to pre-pay the IRS for a portal to extract more money from you!  Hey, we all know taxes build the infrastructure of nations, but if we don’t push against it and complain a little, taxes would be a lot higher now wouldn’t they!!!

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