Miscellaneous Tax Stuff
Posted on February 05, 2008 by Him and tagged income, student_loan, taxes
No cohesiveness in this post, just tax stuff that's been on my mind...
1. It's the beginning of February, and all of our W-2's, 1099's, and other weirdly numbered tax documents are in. Right now they're sitting in a pile with all of our other financial crap - I get the feeling that neither Her or I don't really feel like dealing with it. In years past, we usually run to the computer and do a quick run of our numbers (this and last year using TaxAct
2. While we are less enthusiastic, I ran the numbers for all of my paperwork only. It seems that when I filled out the w-2 calculator last year after I received a raise I may have goofed a little; preliminary calculations are projecting for me to receive about a $4,000 tax refund. Hey Uncle Sam, I'd like some interest on that! No?
3. Speaking of the IRS w-2 calculator, it seems that it has been unavailable for a little while now. I'd like to adjust my withholding so that I don't overpay my taxes. We also need to see if Her's withholding is sufficient as well. Since we'll be married this year, we have to figure out how that will affect our tax situation.
4. We need a tax guy. While I'm fairly confident that I ran the numbers correctly, things are starting to get a little more complicated that I'm comfortable with. Revenue from this website has forced us to turn this into a business operation; therefore we'd like to get the eligible tax deductions. Also, as stated above, we're getting married this year and will need to account for that in this year's tax planning. I've asked around, and surprisingly enough one guy's name did pop up more than once. I didn't expect that since there's a billion tax guys in the city.
5. After we get married, our income will be too high to collect the full student loan interest deduction. Heck, we may even go over the income amount to collect any of the deduction. That means we have a bigger incentive to pay that sucker off more quickly.
6. When the hell did tax planning becoming something I worried about? Must...continue...to...resist...getting...older...
What's been on your mind about taxes lately?
Comments/Trackbacks
Trackback URL: http://www.makelovenotdebt.com/MT/mlnd-trackbacks.cgi/1212
I claim exempt each year on my withholding. This will likely be the last year I can do that though as my wife has resumed working and even with three rental properties it is getting very hard to hide the taxable income.
I use TurboTax online and have for several years now. It has gotten me through some completely insane tax returns involving rental property depreciation tables, stock insanity, you name it. The best part is it remembers everything the next year and can often fetch the new numbers for you. It is a real time saver.
Well I hope you at least try to tinker with your taxes before outsourcing it to a tax pro...it's a good way to learn and be more updated about your nitty gritty finances.
Catherine | Feb 6, 2008
I've always had my taxes done by a professional, but this year I'm doing them myself and I have no idea what I'm doing. It's beautiful. :-P
I owe money. But all of my money this month is going to the celebration of my boyfriend's 30th birthday, so I got all freaked out about where the money would come from. And then, like a bolt from above, I realized: "I don't have to file this month! I can file on April 14th if I so choose!" It was brilliant. I don't know why I hadn't thought of procrastinating earlier.
Becky | Feb 5, 2008
My husband and I just got married in 2007, so this was our first tax return together. My husband likes to under-withhold (he hates giving the goverment a free loan), but he under-withheld a bit much with the change of being married. We have to decrease his exemptions for next year, for sure!
Reply to this comment