W-2’s, 1040’s, and 1099’s are all in……..It’s Tax Time at The Cloister!


First an update on Asking For A Senior Discount. In a previous Post I had noted that when buying food at Wendy’s and asking for a Senior Discount Wendy’s would give a free coffee or soft drink. But I didn’t know if asking for a Senior Discount when buying only a beverage whether the beverage was free. Well I checked at both Bellevue and Green Hills Wendy’s and sure enough the beverages were free!

In earlier times I would go to a Certified Public Accountant at tax time. He became so familiar with me and was so busy that I would sit on one side of table with my box of documents and receipts while a clerk sat on the other side and filled in the blocks on a stack of forms.

The last year I used the CPA I noticed that the preprinted forms had the word Turbo-Tax printed on the bottom. It then occurred to me that I was paying the CPA to do for me what I could do for myself with tax preparation computer software. Now, instead of hundreds of dollars, my H&R Block tax preparation software costs $39.95 + tax. I even save the cost of a stamp since the software cost includes sending my tax return to the IRS electronically over the internet.

I don’t even need to know how to fill in the IRS Form 1040 and maze of other schedules. All I do is key in the answer to a series of questions covering all the areas from income to dependants to deductions to tax credits. The software does whatever it takes to fill the blanks in the IRS forms…..and then “Click”….. it checks everything out. It asks me additional questions to assure I have not missed any additional deductions or credits…..and then “Click”….off it goes to the IRS or I can Print the Return and send a hard copy by “Snail Mail”.  All I have to do is send in any payment due or just wait for our refund check. My first experience was stressful because I would worry that I might do something wrong. As long as I make sure to key in the correct numbers from my W-2’s and 1099’s the software will basically assure that I don’t screw things up or miss anything.

Bonney and I have reached the stage where our financial affairs are not complicated at all. Basic tax preparation software does an adequate job for us. There are more important issues that require our time and attention. They include:

  1. Avoiding bad advice about our savings and investing.
  2. Puting in place a Life Care Plan combining asset protection and care coordination.
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2 thoughts on “W-2’s, 1040’s, and 1099’s are all in……..It’s Tax Time at The Cloister!

  1. I have used TurboTax for several years. However, I still prepare manually so as to compare
    with what TurboTax comes up with. If I make an input mistake, it can be noted by the difference
    between the two. It makes me feel good to know that they and I agree!

  2. In the past, I too have prepared my own taxes but on occasion I have some uncertainties until I found that the AARP at the Bellevue Y will prepare seniors taxes for free. It is necessary, however, to make an appointment which they schedule on Mondays through tax season. Call early and schedule in order to get an appointment. They fill up fast.

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