Ran my taxes this weekend

iVillage Member
Registered: 01-25-2006
Ran my taxes this weekend
8
Mon, 12-22-2008 - 1:05pm

Well, decided I'd better run a preview of my taxes this weekend to make sure there wasn't anything I needed to do before the end of the year. Looks like I'm going to be pretty close to even. I think I might change my deductions for next year because I won't have as much to deduct w/o the points on the mortgage I closed in March. I'm hoping I'll be able to make a small IRA contribution that will knock down the bill a couple hundred dollars but no big tax return for me. In many ways, that's good news but I still was a bit disappointed to see it.

Anyone else making a quick pass to see where they stand?

Peg

iVillage Member
Registered: 03-27-2005
Mon, 12-22-2008 - 1:18pm

Dh is planning on running our numbers this week.

iVillage Member
Registered: 04-10-2003
Mon, 12-22-2008 - 1:59pm

Mine are going to be a mess this year because of the rental income. I can deduct a whole wackload of stuff, I just have to sit down and figure out what. I have more deductions then income, but I am only going to deduct enough to break even (i.e. not owe the government but not have to pay over what is deducted from my paychecks!) If I deduct it all and report a loss the return could be flagged (even though its completely legitimate . . . I just don't want to deal with an audit!).


I'm hoping for a return of a few hundred this year!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Mon, 12-22-2008 - 2:41pm

I'm technically self-employed, which means I have to set aside my own tax money and pay it to the IRS quarterly. I always follow our accountant's advice to the letter, and I have a separate ING account just for tax money - I don't want to be able to touch it because I just KNOW I'll get in trouble if I do - so I keep it in its own account, earning 2.75% until such time as I need to pay it. Today I got the happy news that I probably have about $6500 too much in there, so I'll be able to withdraw that and use it to buy my daughter her long-promised bedroom furniture!

Kelly

Community Leader
Registered: 07-26-1999
Mon, 12-22-2008 - 3:52pm

Peg, how does that work with points on a mortgage?

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iVillage Member
Registered: 10-01-2008
Mon, 12-22-2008 - 4:22pm

I think we'll be OK this year.

Norma


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


iVillage Member
Registered: 04-12-2007
Mon, 12-22-2008 - 6:39pm

I ran mine last weekend and it looks like we'll owe a couple of hundred.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 12-23-2008 - 11:03am
Ugh.

All my best,
Danni

iVillage Member
Registered: 06-25-2006
Tue, 12-23-2008 - 11:33am

I too am hiding out from my taxes this year until January. We bought a house this year and so everthing is going to have an extra level of complexity to it - hopefully to our benefit. Last year I decided to have an extra $20 a week deducted from my paycheck to to toward any taxes we might owe - if we don't owe then we get it back. I would much rather be safe than sorry!


About 5 years back we made an unknown error on our taxes and ended up in a mess - not audited but still a mess - that took over a year to sort out and pay off - ever since then we pay the $200 to have H&R block do our taxes it is worth the peace of mind to me.


Good luck to everyone may all of our tax returns generate a lot of snowflakes for us all.