15. Learn How to do My Own Taxes

Completed: 03/31/2013

 

The infamous Form 1040

I am a spoiled child. I was aware of this fact before completing this bucket list item, but actually going through the tedious process of completing my taxes was a strong reminder for how much my family does for me. The single page, double-sided 1040 form looks deceptively short, but to fill it out to the best of my abilities and take as many deductions as possible took many long hours to complete. It's like the SAT; the demographic information is the easiest part of the test and makes you feel good like you're making some progress, but when you get to the meat of it, it requires high levels of concentration and drains quite a bit of brainpower in order to stay focused for so long. So taxing (pun definitely intended).

For those who have straightforward income and expenses, then lucky you because the 1040 doesn't turn out to be such a headache. But to those who wish to maximize their dollars by taking the appropriate deductions, it's such a maze to complete the line items of the 1040. Language in the instructions is no fun to read (not that I expected it to be), you may be lead you to other publications for further instructions, or there's the potential to fill out entirely different forms in order to figure out the value to put on a single line. Most disheartening is when you go through the entire process only to find out that you don't qualify for such a deduction/credit/tax break in the end. But on the flip side, when the result is a sizable amount of money in your favor, it certainly brings a sense of satisfaction. It seems like all these obstacles to the deductions/credits are in place to discourage people from taking advantage of them and instead opt for the lazy way out of just paying the amount of taxes they owe. But for those who persevere and aren't daunted by all the math and reading, success is quite sweet. All right, might be a little exaggeration, but it certainly beats dishing out hundreds of dollars for someone else to do something I can do myself.

After completing federal taxes, I was not looking forward to moving onto the state forms. But as long as the N-11 is, the process seemed more straightforward than the 1040 (at least the worksheets were shorter than the supplemental forms that the 1040 sometimes required).

My sister and mom tell me that the first year is the hardest because that's when all the research and going through the instructions, publications, and forms are necessary. But after conquering this huge mountain, future tax years are much easier to complete since little changes occur from year to year on tax forms (and which are conveniently addressed in the beginning of the most updated instructions/publications). Also, my sister and mom are great in their method of record-keeping throughout the year in order to make the consolidation of expenses much easier during tax time since it's already done. Here's to getting over the huge hump and having a smoother ride the rest of the way. Thanks Stacy and Mom for helping me with these forms throughout all the years!