And my 2023 taxes are done! Because I’m a simpleton with only a W2 and a 1099-INT (from a savings account), filing taxes is always an under 30 minutes procedure. I’m obviously not a target customer for H&R Block. I can appreciate paying for convenience - in having a guy or gal do your taxes - but 30 minutes out of a weekend is not so detrimental.
What is detrimental is last year’s interest income. Because of historically high interest rates, the return from my savings account in 2023 was very healthy. That means I have to pay capital gains tax on that return, of which I am happy to do so, of course. It’s truly a first world problem if you’re complaining about having to pay a lot in capital gains tax. Though I do feel kind of icky about having to pay taxes on income derived from money I already paid taxes on.
The problem with having high interest income is that I no longer qualify for free filing with TurboTax. Apparently: interest income over $1,500 requires a schedule B form (which if you’re using a tax-filing software you shouldn’t have to care what that entails). Because of this one single extra form, TurboTax automatically asked me to upgrade to the paid Deluxe version. I went from free-filing for both Federal and State, to needing to pay over $110. Absolute vultures.
I’m not paying that in this economy. My friends turned me on to FreeTaxUSA, an online tax-filing service of the same ilk as TurboTax. The main difference here is that FreeTaxUSA doesn’t give its customers the bone. Federal tax filing is always free under (I am assuming) most circumstances, and it’s only $14 to file State taxes (compared to $59 for TurboTax). This is what friends are for: saving you $100.
Somewhat tangentially: I am honestly sick of seeing corporations raising prices because of “inflation” and “war in Ukraine”, then three months down the line say they’ve got a record profitable quarter. I endeavor to do as little business with such businesses as possible.
Death and taxes.