Happy Saturday everyone! Well I previously posted how I like my part-time job of doing taxes but don't necessarily care for the franchise owners. Well instead of writing a post complaining, I'm here to praise what I have learned to far. Back in the fall I decided to take a local tax class which was free except the books which cost $37. I figured even if I didn't end up getting the part-time job, at least I would learn more about taxes.
Well I did get the job and let me tell you this been a humbling experience. Going into this I have been doing my own taxes for years because I'm pretty good with numbers. Well while at work this week, I was working on my own taxes(free perk of the job), the computer asked me about depreciating my rental property that I own in S.C. I don't every remember the online software of TurboTax or H&R Block asking me this but then again maybe it did and I just said no to the answers, who knows. To make a long story short, I asked my coworker who has worked there for over 10 years and he said I most definitely should be taking the depreciation expense. After running the numbers this increased my refund by $500!!! If that wasn't sweet enough, he also recommended that I amend my prior year returns(another free perk of the job). After completing an amendment for 2010-2012(u can only go back 3 years) the IRS owes me an additional $2000!!!! Amendments have to be filed via paper so I will not mail them in until I get my refund back for this year.
I share all of this with you to say make sure you truly understand taxes and take all of the deductions that are due to you!!! This year I will surprisingly be getting a refund of $3700 mainly because of my school expenses. Looks like I will definitely have to up my 2014 snowflake goal and all refunds will be thrown at the mortgage!!
Tax Class Pays Off Big Time!!
February 22nd, 2014 at 06:52 pm
February 22nd, 2014 at 07:58 pm 1393099111