It's tax season and what have you done? Are you in better shape, tax-wise, than you were last year? Do you have the records you need? Will you take every deduction due you? Have you arranged affairs so that some of your savings are not taxable now? How about your income? Will you pay straight income tax on all of it?
If you're not sure, it's time to spend some time at the IRS web site. An afternoon there could save you a week's wages or more. Is that worth your time?
I learned last year I did not take a certain deduction.The IRS wrote to me to let me know. I fixed it and got an extra 250.00 approximately. That was kind of them to point that out to me. :)
ReplyDeleteThat was very kind! But don't count on them to point out every deduction you miss.
ReplyDeleteThis year will be great for us! I am doing the happy dance! I became a stay-at-home mom, so down to one income. We had another child, so another deduction. DH was deployed most of the year, and wages earned during a deployment are not taxable. We tithe 10% to our church, so that's another deduction. We expect that we will be eligible for EIC, but we are not sure yet. Hopefully all this will get us free lunches next year for DD at school, and Pell Grants/financial aid for DH at college. Whatever refund we have will pay off our car loan which is our only debt. All the rest will go into savings. (Not every year has been good like this, so that's why I am so happy this time around!)
ReplyDeleteSounds like you'll really have a good year, tax-wise! Good going. :)
ReplyDeleteI've done my best to keep better records and prepare for taxes in 2010. We'll see how that turns out. You should wait another couple of months and ask again.
ReplyDeleteCheck back in here in a couple of months and let us know, Lawrence. :)
ReplyDeleteWell remember that Obama money some got last year as sort of a gift? Well I got the bill in the mail the other day. Seems it's time to pay back the gift (never had to do that before!) I would have preferred not getting that kind of gift at all!
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