This time of year I always hear a lot of whining about how complicated taxes can be to prepare. I won’t argue with that sentiment but I think a lot of people miss a key point: many of the complicating factors actually save you money. If simplicity is your priority, and you are a typical working person, fill out the EZ form. You’ll be missing out on all kinds of deductions but, hey, it’s easy.
Even if you own your own business, many of the complicating factors involve deductions. Sure, if your operation has lots of tentacles, (you own two stores, have rental property and play the market) your taxes are going to be complex in a generally negative direction (i.e. lots of paperwork that doesn’t necessarily involve deductions) but then your overall financial situation is complicated too.
And if you really want to get the best of both worlds –ease of use while minimizing your tax bill- do what I did, marry someone who will brilliantly do your taxes for you.