April 30, 2011

taxes done right

The month of April was quite stressful for me because it is that time of the year when I have to file for my personal income tax return. For a regular employee, this is not a major issue because the company already takes care of it for their employees. But for a work-at-home mom like me, the process of computing and making sure that I file the correct amount and pay for it is quite a burden. It's a good thing that I have learned my lesson last year wherein I failed to pay my annual tax in time, and I had to ask for a tax return extension.

Even though there are different ways to pay taxes and no matter how much reminder the government extends to tax payers, it seems that tax procrastination is a national pastime wherein a lot of people still go through the rushed, stressful process. I think that one good reminder is just remind yourself how much penalty you will have to pay if you fail to file your annual tax return. Even for businesses, this is a process that their accountants have to be careful and be liable for in case they encounter a problem.

I've read somewhere that there is a tax preparation software available that can help in accurate calculations and even updates you on the latest tax laws so that you will be 100% sure that your taxes are done right. This is quite interesting and I will look into this, so that April will not be a stressful month for me ever.

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