Don’t Overpay for Your Taxes

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 17 February 2017

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Free Tax Filing…Say What? More than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional or a national tax preparation company last year even though they may have qualified for free tax software filing, a new NerdWallet survey shows. Perhaps they paid for help because Americans lack […] Read more... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, I'm Shauna Compton Game. This is Millennium Money. And today we're talking about not overpaying for your taxes.
0:07.7	My friends at NerdWallet recently came out with a survey, a tax study that they do every year. And it found that one and three Americans were overpaying for their taxes.
0:19.2	And many of you might not know that there are actually free filing methods that you can use
0:24.8	and, you know, avoid the cost of paying a CPA or an account,
0:29.7	especially if you have a W-2 salary, meaning just a generic corporate job,
0:35.8	you have not a lot of deductions, there's not anything fancy going on,
0:40.4	there's really no reason why you shouldn't use one of these free filing services, especially if
0:45.8	your income is under $60,000. So Liz Weston from NerdWallet is going to chat with us all
0:51.6	about their tax study and some of the interesting findings
0:55.7	that came as a result of this study. Some of them even shocked me.
1:19.2	Music Millennial Money with Shawna Compton Game.
1:23.2	It will expand your brain. All right, Liz, it's so great to have you on the podcast today and to talk about everyone's favorite subject, right? Tax time.
1:38.4	You have a very weird life. Yeah, I do, I do. Admittedly so, right? So I know my audience, you know, there's thousands and thousands that listen every month, primarily in the millennial demographic. And, you know, there's still, even though, you know, maybe they filed taxes for, you know, many years before, there's always this confusion that comes about
2:03.0	around this time, around tax time. And, you know, I thought the survey that you guys did at
2:09.6	NerdWallet about the key findings around tax time. And in particular, that, you know,
2:15.0	there are a lot of Americans really missing out on free tax
2:18.6	software. And more than that, they just don't even know kind of key basic, you know, tax facts.
2:25.2	I wonder if you could just tell me a little bit about the survey and maybe just kind of lead
2:29.2	into some of the key findings that you found. Yeah, absolutely. We looked at, we surveyed about 1,800
2:35.9	taxpayers and we found some really interesting stuff. One of them was that one out of three people
2:43.9	who are making less than $50,000 a year. So in other words, they can file for free, no question.
2:49.8	They're paying somebody.
	...

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