So in the spirit of the season, we also challenged our readers to tell us their own favorite filing tips—and how much money they saved. We enjoyed reading each of the responses; thank you to everyone who shared!
We’d like to congratulate the winner of our March Call to Action, who will receive $100 to put toward her financial goals: Sheila Wallis, 40, an inventory analyst in the Kansas City, Missouri area.
Below, check out how Sheila aces her taxes:
“I do a few different things. Because I worked a couple of contract jobs last year, had some unemployment, paid student loan interest, rolled over a 401(k) and had income from more than one state, I knew my taxes weren’t going to be pretty! With that in mind, I went so far as to fill them out once on TurboTax and once on H&R Block’s website. Comparing the final numbers on both websites—and seeing where mistakes had been made—helped me save about $500.
“This year I also made a point to finish my taxes by early February. I knew I’d owe taxes due to my unemployment, so filing early allowed me to budget in those tax payments over the next few months until the April 15 deadline.
“Finally, I used the calculator on the IRS website to determine how my current deductions have me set up for next year. In the past, that calculator has showed me that if I have an additional $5 to $10 taken out per paycheck, I’ll come closer to breaking even.”
Thanks for sharing, Sheila!