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why I love tax time...; AKA why having kids and owning a home...
Topic Started: Mar 10 2008, 04:02 PM (342 Views)
MayaTy02
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is sooo great! Just finally got my taxes done - pulling teeth from H&R Block to actually GET it done but I can't be too mad because we're getting back almost $3500 between state and federal! Wahoooo add to that the $1800 Bushy rebate and we're pysched. It's like bonus time all over :)

Honestly people, kids and houses are the way to go!

(sorry just had to share my happiness :P )
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Trialbyfire
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Well....I'd say you're withholding too much. Letting the government invest your money all year long! :soapbox: :P

We always owe. But that's how we set it up. Our goal is to break even but we usually owe a little.

Of course I've washed my hands of the whole income tax process long ago, since my dh started his own business. It's just way too complicated for us to separate our money, the firm's money, that "other money" he gets from those "other clients" who can't pay him through the firm...... :huh: So we pay someone to do it for us and I will say it was the best marriage counseling we ever got. :) No more listening to him swear at the computer and put it off to the last minute. :brickwall:

I do recall fondly the years we tried to deduct expenses related to showing our dog under the pretense that we'd eventually breed him as a home business. It took about 50 hours to save $25. <_< Ah, tax season. :)
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Black Tack
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Ha, Trial, yup we have finally got someone helping as well. Now it's a much shorter couple of days while dh gets everything organized to hand over to the accountant. A bit of :pissed: and there's some of :brickwall: followed by a touch of :argh: And it all leaves our home. But I really think it's worth it. :clap:

He even does my measly bit as well. I can usually write off about 1/80th of the expenses against my bit of teaching. :duh: Better than nothing I guess. I just try not to add up all of the expenses on any one sheet. That would be WAY TOO MUCH INFORMATION :censored:
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Fenway
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I have neither of those things. I'm on the wrong track. :angry:
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MayaTy02
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Trialbyfire
Mar 10 2008, 03:11 PM
Well....I'd say you're withholding too much. Letting the government invest your money all year long! :soapbox: :P

We always owe. But that's how we set it up. Our goal is to break even but we usually owe a little.

Of course I've washed my hands of the whole income tax process long ago, since my dh started his own business. It's just way too complicated for us to separate our money, the firm's money, that "other money" he gets from those "other clients" who can't pay him through the firm...... :huh: So we pay someone to do it for us and I will say it was the best marriage counseling we ever got. :) No more listening to him swear at the computer and put it off to the last minute. :brickwall:

I do recall fondly the years we tried to deduct expenses related to showing our dog under the pretense that we'd eventually breed him as a home business. It took about 50 hours to save $25. <_< Ah, tax season. :)

and i so knew you were gonna say that! actually we thought we'd come out even or maybe get $500-1000 back but this was my first full year as an employee (as opposed to a 1099 contractor) so we didn't really know what to expect. Now we know we can make a change or two to our withholdings.

Oh believe me, i used to try to do it myself with Turbo Tax but last year we used an accountant for the first time and it was amazing, we got sooooo much money back even on the past year that he relooked at for us for free! It cost me about $200 to do it through H&R Block this year which is more than I spent last year but it's money well spent regardless.
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Fish Cheeks
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MayaTy02
Mar 10 2008, 03:02 PM


Honestly people, kids and houses are the way to go!

(sorry just had to share my happiness :P )

Congratulations on your return. :clap:

Nothing on Tom's green earth could convince me to have kids, though! :shoot:

(and even though I don't have them, I still manage to get money back so I must be doing something okay... :one: )
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Sannois
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MayaTy02
Mar 10 2008, 07:02 PM
is sooo great! Just finally got my taxes done - pulling teeth from H&R Block to actually GET it done but I can't be too mad because we're getting back almost $3500 between state and federal! Wahoooo add to that the $1800 Bushy rebate and we're pysched. It's like bonus time all over :)

Honestly people, kids and houses are the way to go!

(sorry just had to share my happiness :P )

Why dont people get it, How can one get all excited about the governments no interest loan with YOUR money!
REMEMBER its was always your money to begin with!! :brickwall:
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MayaTy02
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Sannois
Mar 11 2008, 03:15 AM
MayaTy02
Mar 10 2008, 07:02 PM
is sooo great!  Just finally got my taxes done - pulling teeth from H&R Block to actually GET it done but I can't be too mad because we're getting back almost $3500 between state and federal! Wahoooo add to that the $1800 Bushy rebate and we're pysched. It's like bonus time all over :)

Honestly people, kids and houses are the way to go!

(sorry just had to share my happiness  :P )

Why dont people get it, How can one get all excited about the governments no interest loan with YOUR money!
REMEMBER its was always your money to begin with!! :brickwall:

oh I get it - see my second post. We didn't know what our taxes would look like in 2007 so we were conservative but this year we'll withhold more. I agree, it's an interest free loan to the Govt, which believe me I don't want to do...however I also didn't want to have to dig up cash that I didn't have to pay if we owed, so believe me this is the best news for us!
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DairyQueen2049
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DRAGON BREATH. DRAGGIN' BUTT
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Fish Cheeks
Mar 10 2008, 06:48 PM
MayaTy02
Mar 10 2008, 03:02 PM


Honestly people, kids and houses are the way to go!

(sorry just had to share my happiness  :P )

Congratulations on your return. :clap:

Nothing on Tom's green earth could convince me to have kids, though! :shoot:

(and even though I don't have them, I still manage to get money back so I must be doing something okay... :one: )

*waves at Fishy*

Mr DQ and I are firmly in the no kiddos boat. House yes, Kiddos no. We are beyond the age and desire of parenthood. They are fun to play with, but equally fun when they go to thier own home at night. :cloud9:
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Trialbyfire
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MayaTy02
Mar 10 2008, 07:02 PM
Trialbyfire
Mar 10 2008, 03:11 PM
Well....I'd say you're withholding too much.  Letting the government invest your money all year long!  :soapbox:    :P

We always owe.  But that's how we set it up.  Our goal is to break even but we usually owe a little. 

Of course I've washed my hands of the whole income tax process long ago, since my dh started his own business.  It's just way too complicated for us to separate our money, the firm's money, that "other money" he gets from those "other clients" who can't pay him through the firm...... :huh:  So we pay someone to do it for us and I will say it was the best marriage counseling we ever got.  :)  No more listening to him swear at the computer and put it off to the last minute.    :brickwall:

I do recall fondly the years we tried to deduct expenses related to showing our dog under the pretense that we'd eventually breed him as a home business.  It took about 50 hours to save $25.  <_<  Ah, tax season.  :)

and i so knew you were gonna say that! actually we thought we'd come out even or maybe get $500-1000 back but this was my first full year as an employee (as opposed to a 1099 contractor) so we didn't really know what to expect. Now we know we can make a change or two to our withholdings.

Oh believe me, i used to try to do it myself with Turbo Tax but last year we used an accountant for the first time and it was amazing, we got sooooo much money back even on the past year that he relooked at for us for free! It cost me about $200 to do it through H&R Block this year which is more than I spent last year but it's money well spent regardless.

Makes perfect sense. We've been through that, too. And my sister, who's dh was a 1099 contractor for a year after they left CT....for some reason he got bad tax advice and didn't put money away properly ( :brickwall: ) and they owed something like $8,000 at the end of the year. Better to be conservative then have to sell your car or something!

Thankfully we have good accountants, and I don't even care what it costs, seriously. This is the third "job" my dh has had in 3 years after his boss died - so he went from employee to partner/owner, to employee (while retaining a couple of clients as a partner/owner), and now back to partner/owner + partner/owner. :psycho: I just want it done right because the cost of it being done wrong is likely to be worse than the upfront cost.
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