Author Topic: Another benefit of mustachianism? Free tax filing...  (Read 1258 times)

DadJokes

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Another benefit of mustachianism? Free tax filing...
« on: March 16, 2020, 01:10:29 PM »
I've been filing my own taxes my whole life and my in-laws' taxes for a few years now. We make approximately the same amount of money (~$100k household). However, due to heavy investing, our AGI falls below the income threshold for free tax software, while my in-laws have to pay for the software or use the fillable forms, which is a lot more work for me...

I should also note: we got our personal refund down to $3 this year.
« Last Edit: March 16, 2020, 01:44:35 PM by DadJokes »

kpd905

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #1 on: March 19, 2020, 02:28:15 AM »
The alternative is FreeTaxUSA, which is free federal filing for anyone and $12 state filing.

gkerrhome

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #2 on: March 24, 2020, 07:46:29 AM »
creditkarma.com/tax also has no limit to income and free state.

billy

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #3 on: April 06, 2020, 10:51:04 PM »
I used credit karma as well, unfortunately they were just acquired by intuit/turbo tax, so ya.

Bloop Bloop

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #4 on: April 15, 2020, 08:22:00 PM »
I pay $2.9k a year to my accountant to do my quarterly business statements, GST reconciliation, yearly personal tax return including vehicle schedule, and yearly rental property schedules x2.

I think it's worth it just for peace of mind. The $2.9k is wholly deductible so it's about $1500 in after-tax money lost to me for not having to worry about my taxes or even logging deductions/expenses (it all gets automatically logged in various bank accounts connected to Xero).

BikeFanatic

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #5 on: April 18, 2020, 07:45:06 AM »
Do you feel theses free programs work for calculating gains and tax loss harvesting?

LWYRUP

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #6 on: April 18, 2020, 07:49:35 AM »
The alternative is FreeTaxUSA, which is free federal filing for anyone and $12 state filing.

Yep, and my state (MD) lets you submit directly on the state website, so thanks to mustachian advice steering me to FreeTaxUSA and a slight application of effort, I filed for free this year!  Thanks MMM friends. 

LWYRUP

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Re: Another benefit of mustachianism? Free tax filing...
« Reply #7 on: April 18, 2020, 01:21:13 PM »
Do you feel theses free programs work for calculating gains and tax loss harvesting?

They work just fine for standard stock investments.