Get your taxes done NOW, before Trump takes your refund!

True story. Years ago, I received some very prescient advice. That advice came from my tax preparer.

Instead of going to a service like H&R Block or one of those other companies, my then-wife and I used one of her friends to prepare our state and federal taxes. After my divorce in 2010, I continued to rely on him to prepare my tax returns.

And trust me. He was thorough. He didn’t use a computer or a software program. He used ballpoint pens and Liquid Paper (in case he ever made a mistake with the ballpoint pens).

One year, after he calculated that I owed money on both my federal and state taxes, he suggested that going forward, I should withhold an extra $10 / week out of my paycheck, so that when tax time comes around next year, that extra money could cover any funds I owed Uncle Sam and Uncle Spitzer.

Of course, I immediately did that. But instead of asking my payroll person at my day job to withhold $10/week, I figured I would ask to have $40/week withheld. Yeah, it might make for a bit of a pinch on the paycheck, but that next year, I received a nice sweet refund on both my federal and state returns. Aces.

Fast forward to 2020. We’re in the early stages of the COVID-19 pandemic, and I’m also rehabbing a surgically repaired ankle. That, and my tax preparer person just underwent bypass surgery, so I didn’t really want to inconvenience him.

So I looked online. And in doing so, I discovered that New York State offers its residents an opportunity to e-file simple tax returns at free or minimal cost. Woah. And there’s also an option to file federal taxes for free as well. Double woah. Here’s a website with more information on that.

So last night, after checking over all my W-2 and 1099 forms … I spent a good sixty minutes calculating my taxes. Among the many companies that offer free or discounted tax preparation online is OLT.com, where you can file your federal tax for free and state tax for $8 (or go for the premium level with technical support for an additional $8). Your mileage may vary, so it’s a good idea to look into all your options.

Also, keep an eye out for free tax preparation services at your local library or community center. Many organizations will help walk you through your tax filings either for free or for a community donation. Essentially, it’s your money, try to keep as much of it as you can.

Oh, and one other thing. And you probably noticed it in the headline.

Get your taxes done now. If you’re due a refund, file it as quickly as possible so that you get it before Donald Trump tries to poach it with his greasy, tiny fingers. You earned that refund, make sure you get it. The way he’s playing with the government right now, I wouldn’t be surprised if he doubles all our taxes because we’re not either President Musk or Vice-President Zuckerberg. Just sayin’ is all.

And if, God forbid, you owe Uncle Sam and Aunt Hochul some cash, take a moment and consider what my former tax preparer suggested. Have your paymaster withhold a few dollars each paycheck, so that if you do owe next year, the bite won’t be so deep.

Now I’m sure some of you are SCREAMING at your screen, “Chuck, why in the world should I let the government hold my money for a year?”

Fine. Don’t have the government hold your money. Maybe if you’re able, have that money set aside in a separate bank account on pay day. Similar to the old “Christmas Club” accounts that banks once operated. Or place a few dollars in a Certificate of Deposit, so that it can earn some interest while it stays safely away from burning a hole in your wallet.

Your money is your money. Yeah, you pay your fair share when it’s tax time. And by the same token, you’re due your fair share when tax time comes around.

No matter what that orange goblin in the White House says.