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) to see if we will owe or receive a refund. With all of the extra paperwork, we’re a less enthusiastic.
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?