Taxes

[mondhasen]

Done! I've been waiting for my program I use to maybe drop in price, and it did on Saturday. I almost bought it for $29 Friday night, but it dropped down to $20 the next day :o)

And heavens, do we owe Federal tax! I knew last March that we'd have a bigger burden this year but failed to take action and have more money deducted each week. The good side is that I didn't line the government pockets with extra dollars of mine all year, and the penalty for underestimating was only $18. I definitely have to change my W4 withholding amounts this year!



At least the State is giving a refund. On the other paw, I may not buy my yearly plush reward now.

This entry was originally posted at http://moonhare.dreamwidth.org/39385.html.

Comments

[c-eagle.livejournal.com]

Your tax program, or your fuzzy tv program...? :>

Sorry to hear about the financial hit.... owwww........ *wing hug*

[mondhasen.livejournal.com]

That is a pretty poor pic, but it was the closest I could find to Bushel Britches grabbing Skippy's farthing. Too lazy to screenshot it myself ;o)

I expected a hit but this was more of a smackdown.I can cover it, but ow!

[moxie_man]

Started working on ours yesterday now that I have all but wife's checking/savings interest. It's like pulling teeth to get those last two figures, regardless of how minuscule they are.

We're a one income household as she's been a full-time grad student. The negative side of that is the one income. The positive side is the tuition "lifetime learning credit" which applies directly to the taxes you the Feds. The last two years, it meant a 100% refund of everything I paid the Feds. Not quite that good this year as she dropped to part-time because her two year internship takes up most of her time and she's only got one normal course to go for her degree and it wasn't offered this year (of course). Still, it reduced our tax burden by 54% and I'll be getting back 75% of what the Feds took from me.

I still need to do the state taxes. If like past years, despite how well the Fed taxes come out, it's usually a wash or a tiny refund from the state.

I don't dare adjust my W4 to reduce what is withheld 'cause she started doing some per diem work this year, which never gets taxed by the employer AND barely enough is taken out for the state as it is. Personally, I'd rather be owed a refund than owe the government a nickle. With interest rates as low as they are, it doesn't bother me that they get a short-term "interest-free" loan from me.

What we do get back goes into the join house expense account for the mortgage, utility bills and fuel.

[mondhasen.livejournal.com]

When the children young, and as they went to college, I had a host of deductions. We always got everything back, which is why I never adjusted my W4. It has all caught up now, though, as my last 'dependent' as moved out of the house (I still have the hold outs I can't deduct) and the only college credit is loan interest capped at $2500.

Our cash back generally becomes absorbed by the everyday bills. My annual plush reward was incentive to myself to get taxes done early (when we needed the numbers for student loans and all).

[xolo.livejournal.com]

As much of a tea-partier as I am, for some reason I'm okay with letting the government borrow my money, so I always end up getting rather a lot back. This is incomprehensible to my mom, who calculates to the last penny what's cheapest, and is willing to fill out a billion forms in the service of that goal.

[mondhasen.livejournal.com]

I have no qualms with paying taxes to maintain 'quality of life' infrastructures and national security. That they would get my money early had never been an issue because it really wasn't all that much to begin with when they did. This setback is due to my laziness, and thankfully I have the funds to pay it off by the 15th.