13 Mar 2017   /   0 comments

How to Do Your Tax Return by Yourself

Paul

coins-currency-investment-insuranceWe are smack dab in the middle of tax season and with a tighter budget than last year, you may be wondering how to do your tax return by yourself. It seems too much to gather the funds to hire an accountant while it seems too daunting to take on the feat yourself. We would like to offer you a helping hand by walking you through the process so you don’t feel as uncertain.

As the oldest title loan lender in California, we, at TFC Title Loans, have gained extensive experience in finance including an in-depth knowledge of the process of filing tax returns. Over the 25 years that we have been in the lending business, we have come to the conclusion that it can be extremely beneficial to file your taxes on your own. So, we want to give you some tips on how to your tax return by yourself.

Even though we are a title loan lender and not an accounting firm, we strongly believe in consumer education and customer support. This is why we have begun to include informative resource articles on our website, so that we might assist all of our amazingly loyal customers with every aspect of their financial lives.

Not as Scary as You Think

Doing your taxes on your own is not quite as intimidating as you might think it will be. People tend to be very afraid of making mistakes, thinking that they might get audited or in some other form of trouble if they make any mistakes at all. But that is simply not the case. If you do make a small, honest mistake- there will be no audit, we assure you. If you are not purposefully providing false information, then the most that will happen is the IRS will let you know what you did wrong and either give you a bigger refund or ask for a little more money.

If you do your tax return by yourself, you can gain a lot of knowledge that you did not have before. It can help you to better understand what you are paying in taxes and why you need to do so. It is also significantly cheaper to file your tax return on your own. There are tons of free and very inexpensive software options out there that will make it easier for you and help you out along the way. Using tax-prep software can significantly reduce your chances of making minor errors and there are completely free options for taxpayers who have a lower annual income.

If you get stuck on something that you don’t know how to do, most tax-prep software will provide you with awesome step by step how-to instructions but if you can’t find the information you need there, you can always get your answer straight from the IRS by either going to www.irs.gov or by giving them a call.

General Tips

  • Avoidance and evasion are two completely different things. Evasion is illegal but avoidance by trying to minimize how much you need to pay in taxes is completely legal and smart. So, make sure that you get all the deductions, benefits, reductions, and credits that you might be eligible for.
  • Be sure to save and keep track of all the documentation and forms that come from your tax return. If you don’t have a printer home, still save all the electronic documentation in PDF files that you can print out at a later date.
  • Additionally, keep the CD or the link to the tax-prep software that you used to do your taxes each year so you can go back and consult a certain year in the future if you need to.
  • Don’t forget that this year’s deadline in Tuesday, April 18th – 2017

By deciding to do your own taxes, you can save a bunch of money on professional help and feel significantly more in control of your money than you did before.

Refund Anticipation Loan

Are you anticipating that you will receive a major refund this year? If you are, that is excellent news and we are thrilled for you. However, we are aware that, in many circumstances, people need their refund money sooner than it comes. If you are crunched for time and need that tax refund money now to pay bills, then you ought to consider an auto title loan. A title loan could be the perfect way to hold you off until you receive that refund check in the mail.

Through TFC Title Loans, you could get a large chunk of cash very quickly based on the current equity value of your car. These loans from TFC are absolutely perfect as a refund anticipation loan because we charge absolutely no prepayment penalties, meaning you can pay back the loan anytime that you wish. You can pay it all off the moment you receive your refund check in the mail so you pay nearly no interest.

If this option interests you, then fill out our online application located on our homepage today!

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