Comments on: Taxed

By: becky @ misspriss

becky @ misspriss — Sat, 17 Apr 2010 01:24:19 +0000

I do mine every year with Turbo Tax. Have for almost 10 years, ever since I got more back for hubby than the acct he was using did. He was a mechanic & she didn't have him write off his tools, which were expensive & essential to his job. Have had pretty good luck w/turbo tax. May miss a couple of little things here & there, but I'm happy enough with it.

We got an ok refund this year, thanks to our medical expenses last year. COBRA, anyone? But I turned right around and spent every penny of it on more medical expenses: dental surgery. So much fun. *sigh*

By: Caroline G. Keyser

Caroline G. Keyser — Fri, 16 Apr 2010 22:22:42 +0000

My father-in-law is a CPA, so he does ours for us every year. Which is great except that he tends to be a little too obsessive about getting every last i dotted....and kinda drives us all nuts. Maybe next year we'll go to H&R Block.

Hubby and I are getting the biggest refund either of us have ever gotten this year. Have no idea why, except that it could have something to do with this being the first year we're filing married.

By: Valerie

Valerie — Fri, 16 Apr 2010 16:55:30 +0000

Did mine myself, though next year I'm going to hire someone. She is a whiz with accounting and tax stuff and I feel confident she can work better mojo than I can with my finances.

My goal this year is to save. I've always been a spender, not a saver, but I'm determined to have a moderate foot in both camps. I've heard too many horror stories lately from people who didn't have safety nets.

By: Paula

Paula — Fri, 16 Apr 2010 15:54:13 +0000

Well, Lori, let's put my refund in context: It was only $198 and I had it applied to my 2010 taxes. And the only reason I got it was because my income took a big hit last year when one of my biggest clients cut their pay rates - across the board, not just mine.

But it was the first time since 1997 I haven't had to write Uncle Sam a huge check this time of year! (That year it was because my siblings & I inherited and divided a $10K mutual fund after our dad died, and withholdings were taken out before we each got our small slivers.)

We have state taxes, too, but those aren't too bad. Locally, we have one of the highest property tax rates in the nation - luckily (?)the real estate values are in the toilet. And it's been flushed.

By: Diane

Diane — Fri, 16 Apr 2010 13:16:18 +0000

I do it myself. And people pay me to do it for them too.

By: Lori

Lori — Fri, 16 Apr 2010 12:41:45 +0000

Krista, it's close. Mine was closer to $10K ($41K in earnings roughly). That includes our equivalent to the pension plan - Social Security. We have to pay the full amount always (full-timers, is that so?).

Devon, I like that idea. I think the IRS appreciates and understands that we have questions. It's better to ask than to just let it go.

My quarterlies were more than my annual from last year, but at least I had it to pay it. Amen.

By: Eileen

Eileen — Fri, 16 Apr 2010 12:39:25 +0000

I'll be darned if I can figure out the IRS. In 07 and 08, we owed a whopping amount. For 09, we just got a huge refund. I guess I was overcompensating for earlier years. No matter how careful I am, even touching base with my tax CPA a couple times a year, I can't accurately predict what we'll owe. Part of that is that hubby has both W2 and 1099 income, and I have 1099 income. Hubby isn't so good at doing the quarterly estimated thing, even though I try to keep him straight.

Here's what sticks in my craw: I pay estimated taxes based on what I've actually made that quarter. And even though in 09 I paid in way more than I needed to, I still get dinged with a $9 penalty because my payments are even or some such baloney.

By: Devon Ellington

Devon Ellington — Fri, 16 Apr 2010 12:32:34 +0000

I'm sure the IRS will tell us if they disagree.

I wrote a three page cover letter full of questions and why I put certain things in certain lines. They'll tell me if I need to do something else.

It's done, it's gone, I paid, and I paid my quarterlies for this year.

At least I tried.

By: Krista

Krista — Fri, 16 Apr 2010 11:53:17 +0000

I'm not sure how our tax system compares in Canada, but I do know the taxes I pay seem very high. Our deadline for payments is April 30. This year, I paid over $8,000. I only earned $36,000.

The big killer here is the Canada Pension Plan (contributions). If you work for someone else, they pay 50% of these contributions. If you're self employed, you pay the full shot.

I put away 30% of my income in a separate account so what I have left over is kind of like a refund :)

I did them myself this year with the H&R Block software because they screwed up our taxes last year and charge quite a bit.