Thursday, 28 April 2016

I Just Filed My First Tax Return

I'll tell you now that this post is written well in advance. It's currently 02:53 AM on Wednesday as I write this. I'd still class it as Tuesday night but it is technically Wednesday morning. I just wanted to write this while the memory was still fresh in my mind. So I thought I'd do some writing before bed. As you can no doubt tell from the title of this post I just filed my first ever tax return.
You can feel the evil
I'm going to level with you; it was a LOT easier than I thought it would be. I've heard horror stories about filling in taxes. Stories of how you need every receipt you've ever received ever at hand. In the end I didn't need to provide details of a single purchase. I just needed to provide totals. No need tor any receipts. How about that? I wonder if things are done differently here than in the states.

It was all online which was pretty nice. All I did was load up the website that I use to do all my accounting (Wave Accounting if you're interested) and the online tax form and went from there. The only problem I had was with personal expenses. It took me about 5 minutes to figure out how to switch to my personal account to get the totals for that. The interest on my savings was a pain in the butt too but there were no real problems.

I suppose there is always the chance that I messed up and did it all wrong. It'll take a few days for them to process the return and tell me if I've done it right and how much I owe. Then I just pay it and I'm done.

If I've done everything right then I don't get all the fear about doing taxes. If I've done it wrong then yeah, I'm going to understand that and just go to an accountant.
I wonder what IRS is up to. I bet he could help with taxes
The best part is that one of the questions was asking me if I've taken part in any tax avoidance schemes. Yeah, cos I'm going to admit to that. I wonder if they've ever caught anyone out with that question.

For the record I've never taken part in any kind of tax evasion scheme.

7 comments:

  1. It definitely helps that a lot of governments are investing in automating the "fill all this junk in" part of the process. That may be why you're less likely to need to supply every single receipt ever. I'm no expert though, but I do know there's some pretty hefty computer systems crunching data behind it all.

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  2. You said you've never taken part in tax evasion (which is illegal) but you didn't say if you'd participated in tax avoidance. Clever wording?

    Personally I've never filled out a tax return. Always been PAYE.

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  3. Congrats Mark, this is a very adult thing to do. In Canada if you file electronically you save your receipts in case you are audited later, that's it. We have some great tax software such as turbo tax (formerly Quicktax) that makes the process fairly effortless as long as you have all your receipts ready.

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  4. I remember when I sent in my first tax return. All I did was sign my W-2 Form (I'm sure you don't know; it's a statement of my wages for the past year) and sent it to the Internal Revenue Service. Your American followers will understand just how stupid that was. Needless to say, didn't get a refund that year.

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  5. I remember when I sent in my first tax return. All I did was sign my W-2 Form (I'm sure you don't know; it's a statement of my wages for the past year) and sent it to the Internal Revenue Service. Your American followers will understand just how stupid that was. Needless to say, didn't get a refund that year.

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  6. I guess that's the main problem with being your own self made man Mark, you have to do your own taxes too, it's encouraging that it wasn't as hard as you feared though, for me that's comforting. I imagine it's a lot easier now than it was say, 20 years ago however.

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