Today I’m going to talk a little bit about taxes. I’m going to talk about which method of preparing taxes I would chose, and why. I’m also going to talk about tax refund advances. I’m very new to this topic, and I’m sure I don’t understand everything fully, but I’m going to try my best.
I would probably choose to do taxes via a free online application. Because I’m thirteen, and the first time I have to file taxes is probably still a ways off, I won’t have a very complex income, so there won’t be any need to have anything more complicated. (Apparently) Using an online tax application is the easiest way to do it starting out.
Tax refund advances are when you let the IRS take a percentage of your tax refund early. This means that if you are supposed to get a $1000 tax refund, you can get a tax refund advance and the IRS will take a certain percentage (I don’t know what that percentage is) to let you have the money early. If this percentage is 20%, then, using a tax refund advance, you would get $800, but you would get it sooner. Personally, I don’t think I will use a tax refund advance unless I really, really need the money right away, and, if you can avoid it, it is probably not a smart move.
I don’t understand taxes much, but I’ve done my best to give a brief summary of how I (think I) would file taxes, and I also attempted to give a summary of tax refund advances.