Passionate Pursuit of Purpose

Doing your taxes is as easy as managing your fantasy football team?

Posted by on Jan 23, 2014 in Perfect questions, Personal Finance | 4 comments

1040One of the DIY tax programs describes doing your own taxes “as easy as managing your Fantasy football team.”  This may or may not be true depending on 3 factors:

1.    How good of a Fantasy Manager are you?

2.    How complicated your Tax situation is?

3.    How much time you plan on investing in your tax education?

How good are you?

I play in 3 fantasy leagues and I am a mediocre manager.  I spend probably 1 to 2 hours per week during the season reading news.  Then I listen to sports radio and watch 3 to 5 games each week.

During the 15 week season, I spend about 12 hours each week on football related education.  Not including listening to sports radio while driving.  I suspect the better managers spend even more time.  And the worst, ignore their teams, have guys on byes in the starting roster and finish last, and probably spend almost no time.

It is probably not a linear relationship and there is a lot of luck.  However, the more time you spend the greater your chances of winning your league.

How Complex are your taxes?

If you have no kids, don’t own your home, and your only income is from a w-2 job… File your own.  Your difficulty level does compare to “installing a light bulb, or being a bad fantasy manager.”  Easy peazy!

It is amazing how often smart people miss things deductions on their tax return.  Or deduct things that could get them in hot water with the IRS.   Just because you are smart at your specialty, doesn’t mean you will prepare your taxes correctly.  It seems our government enjoys changing the tax rules and adding lots of new ones.

How much time are you going to spend learning about taxes?

I spend about 180 hours per year on my football education.  Thanks to that I am a mediocre fantasy manager.  I spend around 1500 hours each year learning and preparing taxes.  I am a very good preparer, and constantly getting better.  Let a professional’s experience work for you.

Yes I know this article may seem self-serving, and it is because I want to serve you.  I want your taxes done correctly.  I want to see you become wealthier each year.

Last year over 55% of my clients paid less than $95 to have a professional prepare their taxes.  Let me help you file your return with confidence.   Learn more about my tax preparation services here!

Facebooktwittergoogle_plusredditpinterestlinkedinmail
  • Guest

    Ha! Somehow I think your time is significantly more valuable than that! I’ll remember this lesson and apply it quite liberally in the future. Thanks!

  • Robyn Smith

    This is a very thought-provoking article, JB! It makes me wonder how many other mistaken beliefs I’ve bought into. (How much do we really save changing our own oil, for example?)

    Your questioning technique to discover the underlying truth confirms a recent article I read by Isabel Hogue: http://weeklysalesbuilder.com/2014/01/20/asking-questions-reveals-hidden-treasure/. I’m going to be asking myself these questions – and hiring out – more often. Thanks!

    • I figured out I was saving about $5 to $7 doing my own oil change vs having Bartlett Ford do it. Which meant I was paying myself about $2.50 to $3.50/hr to change my own oil.

      • Robyn Smith

        Ha! Somehow I believe your time is significantly more valuable than that. I will remember and apply this lesson liberally in the future. Thanks, JB!