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Income Tax Filing Deals, Credit Cards, and Monday Money Links

With the income tax filing deadline right around the corner (April 30 for personal returns), it’s time for DIYers to think about what tax software to use.

Although lately, we’ve been using our corporate accountant to file my personal return, I always use a tax software to get rough numbers on whether or not I owe, or will get a refund.  It also gives me an opportunity to compare my numbers to my accountant’s results.  Maybe I have trust issues…

SimpleTax

Anyways – last year, I used a free online service called SimpleTax.  I must say that I’m very impressed with their offering as it is extremely easy to use and comprehensive – perhaps the easiest that I have ever used.

It’s 100% free to use but when you file, you’ll have the option to contribute a nominal amount to the company.  You can choose $0, but you’ll likely want to pay more once you use their service.  Check out SimpleTax here.

TurboTax

Another popular option, perhaps the most popular option in Canada, is to go with TurboTax.  If you are a regular user of TurboTax (I know how convenient it is to pull up your information from previous years), here is a 20% off coupon for TurboTax.

StudioTax

Another free piece of software that is quite popular among deal hunters is StudioTax.  While StudioTax is great, it’s not quite as easy to use as SimpleTax above.  Feel free to check it out/download it here.

Monday Money Links

Credit Card Genius has added a new feature to its website where Canadians can add reviews to their favorite credit cards. Check out the current reviews and/or leave a quick review of your favorite credit card.

Have you ever heard of Warren Buffets Annual Letter?  Well, here is Robb Engen’s Annual Letter to Households that is more relatable.  Good job Robb!

Mark from My Own Advisor is a well-known dividend investor.  Here are some of his favorite dividend stocks (and mine as well)!

Gen Y Money writes about how she packed for a 12 day trip with a 6-month-old baby.. and get this… using only a carry-on!

 

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 9 comments… add one }
  • Jeremy Frank March 12, 2018, 1:21 pm

    Speaking of trust issues, trust will have an impact on what tax software you pick.
    Online software: You are trusting your personal financial numbers to the software vendor, trusting that they keep them secure and backed up.
    Offline software: You are trusting yourself to keep backups.
    (I personally trust myself more than others, so I have been using StudioTax for years so I am in control!)

  • GYM March 12, 2018, 2:12 pm

    Thank you so much for the mention FT! :)

    Last year was the first year I handed over my tax return to my sister in law who is an accountant (usually I do it myself). I had some trust issues initially but got over it eventually, haha :)

  • Melissa March 12, 2018, 2:34 pm

    Just wondering how your own numbers compare to your accountant? I’ve done my taxes myself every year but with a couple rentals they’re starting to get complicated. I’m wondering if it’s better to use a CPA but I’m not sure if the tradeoff and higher fees is worth it?

    • FT FT March 12, 2018, 2:44 pm

      Good question! Over the years, I’ve found that the numbers are fairly close. There is a convenience factor, and also the convenience in the case that I’m audited. One big value add of having an accountant is providing advice, especially if you have a corp that is facing a bunch of changes in the taxation of passive income and income splitting.

      • Melissa March 14, 2018, 7:34 pm

        Ok thanks, definitely something to consider as my taxes get harder. Sometimes I’m not sure what to do so the advice of a CPA would be handy.

  • Leo Ly @ isaved5K.com March 14, 2018, 6:31 pm

    I have been using UFile for the last ten years to file my taxes. For the price of $27.99 I can file 12 returns. It’s pretty straightforward.

  • David Schmidt March 18, 2018, 10:55 am

    I also use turbo tax. It seems pretty straight forward and the results come out to what I’ve calculated myself.

  • Karl Schrader April 26, 2018, 10:29 am

    Studio Tax is not free anymore, they now want $ 170.- for it.

    • Jeremy Frank April 26, 2018, 11:35 am

      Where did you see this? According to their official website, it is still free for personal use. Perhaps you were looking at their “enterprise” offering for professional tax preparers?

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