We’re in the final stages of preparing our taxes for last year.  We prepare our own taxes and have used Turbo Tax for years now.  Usually this is about a week long process from start to finish, as we take small steps daily towards getting it finished.  Being organized makes the process go quickly.  We have a folder where all tax information has been kept and collected as it has been received.  It is organized by the order which these items will be entered into Turbo Tax, which is first the W-2,  followed by interest statements, 1099s, mortgage interest statements, and receipts for charitable giving.  This makes it really easy to enter the info into Turbo Tax because we don’t have to hunt around for the forms/info.  My husband purchased Turbo Tax one week ago (at Sam’s Club which had the best price for it).   Here is a step-by-step process of how we have prepared our taxes. 

1.  Purchased Turbo Tax and installed it on computer. 

2.  Transferred information from last year’s Turbo Tax progam through the import feature. 

3.  Entered 2006 information including W-2, interest income, dividend income, and 1099 income. 

4.  Developed a spreadsheet for the itemized expenses.  After this was completed, deductions (mortage interest, property taxes, sales taxes, charitable giving,) were entered into Turbo Tax. 

5.  Tax credits were entered according to Turbo Tax.

6.  Final review through Turbo Tax (this is an entirely automated process). 

We choose E-File for submitting our return.  However, we print a copy of the return out and then I review it.  I check all the numbers for accuracy and ensure we have the required backup documentation.  After we have verified the return, we then utilize the Turbo Tax program to make the E-File. 

We will be receiving a tax refund this year and are utilizing the direct deposit feature.  Our file containing all the supporting documentation will be stored for future use. 

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