Friday, February 15, 2013

Tax Season

This is my sixth year using TurboTax to prepare our income tax returns.

I always start by putting my data into an Excel spreadsheet to determine what I think my tax situation will be. (The first year I used the spreadsheet, I took great pains to build the calculations properly. So now I just need to copy it from year to year.)

After completing my spreadsheet, I then input the data into TurboTax.

If the TurboTax result matches my spreadsheet, I scream "Hooray" and do a cartwheel. (Okay, so I only do the screaming part.)

If it doesn't match, then I figure out why. Usually I need to make some adjustment to my spreadsheet.

You may wonder why I input the data twice -- once into Excel, and once into TurboTax -- instead of just trusting TurboTax.

My initial answer: It helps me understand the tax calculation. (I also prepare my parents' return and Matt & Emily's return, and I like to be able to explain why things come out the way they do.)

The most truthful answer: Obsessive-compulsive disorder. (I am the poster child!)

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