Lesson 90 of personal finance

This week of personal finance I learned all about taxes and how to file them in America. There are three ways to file taxes:

  1. By hand
  2. Online service
  3. Have a professional do it for you 

For myself I feel that a tax preparer would be the best option. Especially after seeing what tax forms look like. When I comes for me to do taxes I will most likely be clueless. Having someone who knows what they are doing and are good at what there are doing would be the best option for me. Being a young adult at that time I feel it would be better to put my trust in someone else who knows what to do and how to do it the best it can be done. Maybe as I become older I will have more trust in myself to do it myself. I do feel it would be more safe and secure to do it by myself but for at least in the beginning I will be most likely using a professional. In America, unlike other countries tax comes out of everyone’s paycheck. Those with the lowest income are the most vulnerable and effected when it comes to this mandatory tax withholding. These are the people who receive a refund for there being too much tax withheld from their paycheck. When they go and pledge their tax refund to the company that did their taxes or a pawn broker they receive this cash but it tends to be very high in interest. I would personally stay away from tax advances

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s