Tis the Season - Tax Time

iVillage Member
Registered: 10-28-2009
Tis the Season - Tax Time
27
Thu, 01-19-2012 - 10:08pm

One of the certainties in life - taxes.

So, have you filed yet? If so, are you expecting a refund? what do you have planned for the money? Some people can wipe out all their debt with a tax refund!

Do you owe the government? If so, did you expect this? And did you set aside money for it? Or is this an emergency for you?

personally, last year, I adjusted my taxes so I would get more money on a weekly basis and no refund. I thought I had it figured just right. Well, I didn't, but fortunately, I don't owe. I am getting a refund of $1600. I will post again when I have some real plans for it.

Let us know what Uncle Sam has in store for you!

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Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Thu, 01-19-2012 - 11:06pm

I'm expecting the tax refund to make up for some of the income lost due to illness. I don't get paid in the summer months, so I need to save up some money to get through, and because I had to take a medical leave, I won't have enough without the tax refund.

Some tax forms haven't arrived, otherwise I would have filed and be waiting for the check already.

iVillage Member
Registered: 05-09-2002
Thu, 01-19-2012 - 11:11pm

I don't file before at least the first week of February since legally forms don't have to be send out to you until 1/31. I just got one of my documents today and I don't have my W2 yet so.....filing in the middle of February I think! We expect about 7k or 8k and will put it to debt after 1k in efund. (My husband and I keep separate cards, so we will most likely pay one of my smaller ones and put the rest toward his larger card.) I cannot wait for the relief of that refund, though we never count on it.

iVillage Member
Registered: 11-14-2008
Fri, 01-20-2012 - 10:28am

We will file at the deadline. Hubby has to wait on business forms and such.

iVillage Member
Registered: 12-31-2010
Fri, 01-20-2012 - 2:48pm
No idea what it looks like yet, as we have not gotten our W2s yet, and have not balanced the business books with our accountant.
I am hoping that with tuition from both kids we get the $5k tax credit, but if our income is over a certain threshold we loose part of that, that is why I put so much in 401k.
We paid well over $35k in Federal taxes, so I hope we get SOMETHING back.
If so, we will pay off some nagging medical bills and put the rest on DH's business credit card we are attacking this year.
-Marie
#Marie
iVillage Member
Registered: 04-10-2003
Fri, 01-20-2012 - 3:05pm
No Idea what to expect. I'm in no hurry because I may end up owing. Besides, forms don't have to be sent out before the end of Feb in Canada so I often won't get things until March. Gives me time to clear out my files though :)

Bex -

iVillage Member
Registered: 10-01-2008
Fri, 01-20-2012 - 4:06pm

I'm waiting on my DH's W-2 form, so I'm in a holding pattern.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-24-2007
Fri, 01-20-2012 - 5:50pm
I strive to break even as well and hopefully my calculations this year were accurate. I increased my income by $12K this year, with overtime and acting assignments. I'm hoping not to be dinged too hard at tax time.

Kate


empty purse

Community Leader
Registered: 08-25-2006
Fri, 01-20-2012 - 6:34pm

Submitted mine on-line Wednesday and they were accepted late that night.

Serenity
iVillage Member
Registered: 05-09-2002
Sat, 01-21-2012 - 12:49am
I used to try to break even too! I think it is a good idea for sure. But we got married in 2010, and bought a two family in 2009 (we live in half of it), so to be honest, I have a hard time figuring it out - if we do work on the house, we can write off a certain amount. Same thing with salt for the walkway, leaf bags from home depot, etc., because it is not just our living area but we are doing it for the tenants as well. So I just listen to our accountant, keep good records. I would rather have the money through the year and not give a loan to the gov't during the year, but so far since 2009 that hasn't happened. Hmmm.....someday!
iVillage Member
Registered: 10-01-2009
Sat, 01-21-2012 - 2:40am

I am always so pleasantly shocked when I hear about how much back some Americans get back from Uncle Sam.

I don't see that here in Canada...we are so highly taxed here it seems...

I have not yet filed for last year's taxes...I seem to be chronically behind but I always get a small amount back so they dont seem to mind holding on to it lol

I expect $1400 for last year and a bit less for this year.

Duke

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