How soon do you start preparing your taxes?

[Katrina]

How soon do you start preparing your taxes? My husband usually starts in January but then has to wait for all the financial information to be sent but he puts estimates in until he gets them so we have an idea of how much we owe or will get returned.

 

[Deleted member 49125]

My husband does them as well. He starts doing them pretty much as soon as we get all the papers. Sooner we get them done, sooner we can get some money back. If applicable lol

 

[MrDawn]

I get mine done at H&R Block as soon as I get my W-2's from my place of employment.

 

[Varlot]

As in most European countries I think, the tax authorities just do it for you. So it's nothing I have to spend any time thinking about.

 

[Deleted member 4320]

As in most European countries I think, the tax authorities just do it for you. So it's nothing I have to spend any time thinking about.

This is what perplexes me about America. In literally every other country, the tax office does it for you and will tell you if you need to do anything.

The US have the weirdest system.

 

[Varlot]

This is what perplexes me about America. In literally every other country, the tax office does it for you and will tell you if you need to do anything.

The US have the weirdest system.

Yeah right? I'd think a country of the stature of the US would have this figured out already

 

[Deleted member 49125]

As in most European countries I think, the tax authorities just do it for you. So it's nothing I have to spend any time thinking about.

This is what perplexes me about America. In literally every other country, the tax office does it for you and will tell you if you need to do anything.

The US have the weirdest system.

I'm in the US & did not know that other countries did it differently. Learn something new every day 🙂

 

[Deleted member 31696]

As soon as I receive my W-2s from my employer and have all the relevant information and documents.

 

[Demon_skeith]

Soon as I get the last paper I'm at my tax place the next day.

 

[Uncrowned Guard]

Generally mid-February. Then I just drop them off at the accountant and wait for things to happen.

 

[Deleted member 17779]

My hubby and I usually do ours about mid-February. We have to wait for our W-2's to come in from our places of employment first and those usually come in at the last minute anyway. So, we usually wait a little bit because we know that the people that are expecting to get money back on their taxes are going to be flocking to the tax place to get their taxes filed as soon as possible. And the people that expect to owe money are going to wait till the last minute. So we don't go too early and we don't want to wait too long.

 

[Gohen N. Balzdiep]

I haven't paid taxes for over a decade.

 

[ForumSam]

Luckily all tax comes out of my salary so I don't need to touch it. One of the good things about PAYE as I'd probably be in prison for forgetting to submit it!

 

[Debashis]

I believe the preparation begins at the start of the year, not at the end. I do my tax planning right at the beginning of the financial year. In India, it's April of the current year to March of next year. So, in April itself I plan how I'll be investing my money so that I am able to save as much tax as possible. There are many government schemes where we can invest and save some tax.

We get time till the end of July to file income tax returns for the past year so, sometime in June I start filling it up in the portal taking help from some tax planner / CA (chartered accountant).

 

[zappaDPJ]

I don't know the US tax system but I find it alarming how many US citizens seem to end up in the legal system because of it. In the UK the tax office (HMRC) generally takes what's owed from an employed or pensioned individual before they get paid so it couldn't be simpler.

As a self-employed person I have to calculate and submit my own tax returns which is still easy for me because I have an accountant do it for me. Ironically what he saves me in paying taxes more than covers his fees so it's all good.

 

[Katrina]

I don't know the US tax system but I find it alarming how many US citizens seem to end up in the legal system because of it. In the UK the tax office (HMRC) generally takes what's owed from an employed or pensioned individual before they get paid so it couldn't be simpler.

As a self-employed person I have to calculate and submit my own tax returns which is still easy for me because I have an accountant do it for me. Ironically what he saves me in paying taxes more than covers his fees so it's all good.

In the US, we're sort of taxed to death...we pay federal taxes, state taxes (for the states that do tax, some don't), then you have property taxes, school system taxes, maybe a county tax, and a township tax. If you are gifted something over $15,000, you pay a tax on that. Then there's an inheritance tax too for states that demand it. It's insane, so no wonder there are people who get caught not paying, it's way too complicated.

When we moved to where we live now, we didn't know about the township tax and didn't pay it, so we got hit with a fine after we filed our taxes in April. The township doesn't send stuff out to collect it if you don't work in that state where you live, so that's the problem.

60% of the US didn't pay income taxes in 2022.

 

[zappaDPJ]

It's insane, so no wonder there are people who get caught not paying, it's way too complicated.

That sounds ridiculously complex, almost as if it's designed to catch you out 🙁

 

[Katrina]

That sounds ridiculously complex, almost as if it's designed to catch you out 🙁

Everyone has their hands in our pockets over here.

 

[Mike30]

This is what perplexes me about America. In literally every other country, the tax office does it for you and will tell you if you need to do anything.

The US have the weirdest system.

I think the US system helps to create an open market.
Accountants and other business that offer services related benefits from that market.
And the clients benefit for having a competitive market with prices and quality of service.

As a client, I rather to have the option to choose with whom I do my taxes or I can do it myself. 🙂

 

[Felly]

I do mine myself once I get my W-2. I get it started, and then I have to go back in and add my 1099 once I get that. I can usually access both online before I receive them in the mail (and usually the W-2 comes first), so I just pull the information that way rather than waiting for it in the mail. I'm usually done by mid-February at the latest.