What It’s Like To Do Your Own Taxes For The Very First Time

What It’s Like To Do Your Own Taxes For The Very First Time


– For some of you, this
might be your first time doing your taxes which I
know adds a certain element of stress or confusion to the process. But you’re not alone. Two Business Insider Journalists
just filed their taxes on their own for the first time ever. And we caught up with
them to see how it went. Tanza tell me a little
bit about why you decided to do them yourself. – I decided to do my taxes
through H&R Block this year. My parent’s accountant
has been doing my taxes the past few years and I decided
to cut the cord on my own. Take charge of my taxes
for the first time. – That’s scary, right? Were you nervous? – Really scary, yeah. But I read a lot about H&R
Block and I kind of liked their marketing for some reason. I was drawn to them. So I decided to just take the plunge. It was really easy. I got my W2 directly from Business Insider and it was a PDF file. Had all the numbers on
there highlighted for me. And H&R Block makes it really easy to go through the process
and tells you which boxes it’s pulling from. You can also have the option
to just upload the PDF file and it pulls everything for you. – That’s cool. – And then you answer some
questions about yourself which is always easy. They put like one question on each page so you’re going through really quickly. – But then you get into the
part where you’re actually putting in your income and anything that you’ve already paid. Were you worried that you
were gonna get it wrong? – I was worried at times, yeah. But H&R Block’s really helpful
in that they have explainers. Anything that they’re asking
you to give numbers on they’ll have an explainer next to it like why do I need this number. Which was really helpful and kind of teaches you about taxes a little bit. – So what was the most
surprising thing as you went through the process
of filing your taxes? – I think how quick it was. It took me exactly an hour to the minute to create an account and to
click the button to submit to file my taxes. – So an hour, that’s amazing. It sounds like a really
seamless easy process. – It was. It seemed great and everything was great. I left the office after I filed my taxes and went to happy hour. And then I got a text
message from H&R block saying they rejected my federal return. – Oh my God. That’s so stressful. – So I checked this morning
and I had put in the wrong number for my adjusted gross income. Which I took from my W2 from last year. Actually, you’re supposed
to take that number from your return from the previous year. So I entered that number and I refiled. So hopefully, everything’s
going to go smoothly from here. – So do you feel empowered. – I do feel empowered. – Cool. – Yeah, well I’ll feel extra
empowered once I get the money in my bank account. – I’m here with Sarah and
you’re not an accountant. But you decided to do your taxes. Why would you do that to yourself? – Well first of all,
I’m in my late twenties. I’m 29. I’ve never filed my own taxes. I’ve never filed anybody else’s taxes. I just felt like it was
something I needed to learn. – Like a bucket list kind of goal. – Yeah, exactly. To like be a fully realized
adult, I should do this. – Yes. – I do feel like if you hadn’t
been sitting next to me, it would have taken me so much more time. I relied on you a lot in order to be like, what should I do. I’m not sure about this part. What exactly are they asking? Turbo Tax uses really
clear language and and yet somehow I still had questions. Why is that, I don’t know. – What were the things
that kind of were hurdles that you had a hard time getting pat? – The jargon. Some of the jargon I just
totally did not understand. I had to file a 1099-DIV. Which, ewh, like I have but
I don’t know a lot about. But I knew that I needed to file it. – And so a lot of people
who are filing their taxes for the first time can file for free, but you had to shell out. So what was that like? – Oh yeah, okay. Yeah, that was a little confusing actually because Turbo Tax, I
signed up to use the one that might cost $130. But I started with the free trial. So, I wasn’t sure during
the process when I was gonna have to pay and that actually was a little bit confusing. And because I have a freelance business, I had to end up paying
$138 to file my taxes. – Worth it? – Worth it, yes. Because it was a little bit
less than what I normally pay somebody to do this at H&R Block. And I’ve sat through a bunch
of H&R Block appointments and it kind of starts to feel like, okay, you’re just typing
information that I’m telling you that I feel like I could
probably be typing in myself. So yes, it was worth it. Even though towards the tail
end I was very much like, okay, I just like wanna get
on with my day and my life and have this money. (playful string music)

23 Comments

  1. Hoàng Kim Việt says:

    The fact: The rich don't like the taxes :0

  2. none says:

    I am still waiting for Trump's tax reveal he promised. He lied again.

  3. Plumdum says:

    Why don't they teach this in high school?

  4. Ridebmx Orlando says:

    Sponsored by H&R Block and TurboTax

  5. Tanner Heaps says:

    Why do we have to file taxes if they already know how much money we make?

  6. Flame Studios says:

    **PLOT TWIST**: This is actually an H&R Block ad

  7. Franco Solis says:

    Why are these people having a hard time? I would have thought that they would be like, intelligent. I do my taxes in 30 minutes. I learned through YouTube

  8. Brandon Le Tran says:

    Although I'm still claimed as a dependent, I filed my taxes on my own for a W-2, 1099MISC, 1099-B. Skipping 1098-T

  9. Dhhsncnd says:

    When I read the title I thought they gonna do it on paper like the first time I did 10 yrs back 😲

  10. Syed Abdul Wasay says:

    Newsflash : turbo tax and H&R block constantly lobbys the government to not do accounting for your tax (which would be for free) so that you guys can pay them ……. Ahhhh Money just the thing that buys everything

  11. Carl Rei Saito says:

    Why is it so hard to do taxes in the US? I've lived in 5 countries, and doing taxes has never taken more than one or two hours (without any third party software (wtf, you need to buy a software in the US to do your taxes????))

  12. Blu-TSX says:

    but how do you add your youtube money

  13. Ali says:

    “Doing your taxes”…? Wait, It’s America 😒 any normal 1st world country simplifies this and does it for you straight from your pay without the need for forms and making mistakes …

  14. Daniel says:

    Turbo tax and H&R block are the reasons the government doesn't just automatically do our taxes for everyone for free…

  15. JoeAceJR says:

    Just pretend the money you get is a gift…

  16. The Comrade says:

    Here's a fact: the IRS is shitty at their job

  17. jtlbz says:

    Trump for prison 2018 time to take our country back

  18. upgrader99 says:

    I got my first tax return from McD's, when I was 16 or so.. It was about 300 bucks, or so. I asked my parents what to do, they told me to go to the post office to get a 1040ez form, and then I filled it out.

    I DO NOT understand why people are so afraid of taxes… Especially with TurboTax. You plug in your employer's ID and it fills everything in for you. It's work a 5th grader should be able to do.

  19. Ruben says:

    Took DECA in high school its like a business and marketing elective. We spent 1 day learning to do taxes because it was that easy. I took CS in college yet i don't need to be an accountant to do my taxes is a few minutes. Plus is it that hard to google something if you don't know?

  20. Tyler Johnston says:

    It’s an ad

  21. jasmine says:

    Lol stay away from h&r 🙄 scams

  22. Brendan Benedict says:

    What a misleading title. Using those tax services does not count as doing your own taxes

  23. yginnab says:

    i looked up "how to do my own taxes" to learn how to do my own goddamn taxes. not to see an H&R block ad.

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