Taxes! What do I do?

[brejay]

I am terrified of filing taxes this year. Anybody have any good resources? I have the blog post from December 6 bookmarked but nothing else.

Breana

[Guest capitalquality]

Why are you terrified of filing taxes?

[twistedweb123]

Hey Breana

Which country will you be paying taxes in? I can possibly recommend some resources but depends on where you live, as all countries (even individual states) vary

[djgodknows]

Hey Breana

Which country will you be paying taxes in? I can possibly recommend some resources but depends on where you live, as all countries (even individual states) vary

Which country will you be paying taxes in?

She’s from the U.S, but currently residing in the Caribbeans.

[writer99025]

Hi, don’t attempt to file taxes by yourself. Hire an accountant or a CPA for this.

[djgodknows]

Hi, don’t attempt to file taxes by yourself. Hire an accountant or a CPA for this.

Hire an accountant

No need, if being filed in USA.

Only the first time I filed using H&R Block. Then I realized I don’t need them, or need to pay additional expenses for something I could do by myself.

In US, you have to file tax using e-file, so that makes everything much easier.

I used to use TurboTax, and was able to claim my deductions, rebates, everything with a mouse click. And the return was quicker.

[fonthaunt]

Hire an accountant

No need, if being filed in USA.

Only the first time I filed using H&R Block. Then I realized I don’t need them, or need to pay additional expenses for something I could do by myself.

In US, you have to file tax using e-file, so that makes everything much easier.

I used to use TurboTax, and was able to claim my deductions, rebates, everything with a mouse click. And the return was quicker.

@djgodknows, @writer99025 and @brejay

In my opinion, taxes are easily self-filed in the USA if yours are simple. When you work at only one regular job and/or have less than 5K annual self-employment income, your outcome will probably be the same or better if you just use income tax software. I have a family member who owns multiple businesses that all make in excess of 50K per year each, require accounting for expenses and deductions like home office and equipment, and is married to someone who earns more than 100k and rents an office. For someone with those complexities and no accounting or tax experience, I would still suggest an accountant. I think this would apply to some Fiverr sellers, but many will only earn enough to be considered hobby income.

I can’t speak about taxes in any other countries, so I have no opinion on that. 🙂

[misscrystal]

One word: Turbotax

Use the self employed option.
You should be able to do it with the basic edition of Turbotax unless you made over several thousand dollars.

If you get to where you are making a lot you can find an accountant or even get recommendations for tax preparation specialists who will do it for you in your area from the IRS if you call them.

[eclectictllc]

Which country will you be paying taxes in?

She’s from the U.S, but currently residing in the Caribbeans.

She’s from the U.S, but currently residing in the Caribbeans.

This can be a challenging tax situation if you’re not in a US Territory. If you’re an expat you still owe US Taxes, and not reporting while overseas can get you in a lot of trouble when you try to come back. If you completely renounce your US Citizenship, you still have to make a final filing and straighten everything out with the US before you can renounce your citizenship.

This would be a situation I doubt Turbo Tax or H&R Block would handle. Professional help may be necessary for an expat.

[brejay]

She’s from the U.S, but currently residing in the Caribbeans.

This can be a challenging tax situation if you’re not in a US Territory. If you’re an expat you still owe US Taxes, and not reporting while overseas can get you in a lot of trouble when you try to come back. If you completely renounce your US Citizenship, you still have to make a final filing and straighten everything out with the US before you can renounce your citizenship.

This would be a situation I doubt Turbo Tax or H&R Block would handle. Professional help may be necessary for an expat.

I’m moving back to the US a week after tax day :rolling_eyes: You know, because the more complicated life can be, the better. I think I’m going to try Turbo Tax again this year. I don’t see why it would be any different from filing it in the States, since it’s all online. Is there anything I should be worried about? I’m still a registered Arizona resident.

[misscrystal]

I’m moving back to the US a week after tax day :rolling_eyes: You know, because the more complicated life can be, the better. I think I’m going to try Turbo Tax again this year. I don’t see why it would be any different from filing it in the States, since it’s all online. Is there anything I should be worried about? I’m still a registered Arizona resident.

I now use an accountant for taxes since I have Obamacare, which can be slightly tricky when you file taxes. My accountant also had some helpful advice about how much you can claim as a business expense for a home office. But in general Turbotax is excellent.

I’m not sure what you mean by registered Arizona resident. Did you live part of the year in Arizona? Own a house there?

[brejay]

I now use an accountant for taxes since I have Obamacare, which can be slightly tricky when you file taxes. My accountant also had some helpful advice about how much you can claim as a business expense for a home office. But in general Turbotax is excellent.

I’m not sure what you mean by registered Arizona resident. Did you live part of the year in Arizona? Own a house there?

That’s good to know. My healthcare is a private international plan, so that shouldn’t be too hard.

By Arizona resident, I mean that my listed home address is in Arizona and I’m registered to vote in Arizona. I couldn’t get a residency permit in the country where I live (even though my husband has a student residency permit), so I have to leave every six months to get a passport stamp and renew my visa. I grew up in AZ and my parents’ address is on my driver’s license and official paperwork.

[misscrystal]

That’s good to know. My healthcare is a private international plan, so that shouldn’t be too hard.

By Arizona resident, I mean that my listed home address is in Arizona and I’m registered to vote in Arizona. I couldn’t get a residency permit in the country where I live (even though my husband has a student residency permit), so I have to leave every six months to get a passport stamp and renew my visa. I grew up in AZ and my parents’ address is on my driver’s license and official paperwork.

So I guess you have to pay AZ state tax.