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Posts tagged with: tax software

It’s Tax Time!

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We are crossing our fingers (and counting on) a nice return this year. We didn’t make any adjustments to our withholdings last year because we weren’t sure about what would change this year and we wanted to finish out the tax year to get an idea of how much we should adjust for 2012.

My office distributed our tax forms on Friday and I opened mine to get a cursory look over the numbers. I started walking back to the payroll department to question them about my low income numbers before I remembered, I didn’t work for 5 months of the year.

Hmm. Maybe I need more sleep.

We are waiting to file until after the first of February since we usually have a tax form or two mailed late.

Are we seeing a tax guy this year? Nope! This will be year three of filing ourselves and – don’t tell hubby but… I kinda enjoy it.

Some of you shared some great software you use to prepare your taxes. Would you share again? I’d like to save all of us as much money as possible!


A Surprising Change to our Debt…

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I am nearly finished with our taxes. We are waiting on two more forms to arrive in the mail before we can finalize the forms.

I spent about an hour compiling information and completing forms in the tax software. It was far easier than I expected and I am a bit perturbed at how difficult our accountant made us think it was and more importantly… how much he charged us to do it.

It’s upsetting to me how many hundreds of dollars we have wasted in the past for something so terribly simple.

Don’t tell my husband but… I actually enjoyed doing it. The chronic organizer/obsessive compulsive in me loved the structure and numbers. My husband offered to do the dishes for a week if I took care of the taxes. If he finds out I actually enjoyed it, I’m on KP duty again so… shhh!

So far, the results are going to make a change to our debt. We can’t finalize anything until mid-week but as it stands now, it’s a far different number than we were expecting.

More? Less? Are we going to have to pull out our credit card to pay the tax due or are we getting some cash back?

I guess you’ll have to wait and see…



Income Tax Preparation…

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My husband and I have always had fairly complicated taxes. Between a home purchase, car taxes, and lifetime learning credits for school, we have been unable to prepare our own since we married.

This year, our taxes have simplified a bit and I think we may be able to prepare them using tax software. I’ve never done this before and I’m a bit concerned about my abilities. Heck, I hardly trust myself to calculate the proper tip at a restaurant – and miscalculations of tips don’t generally result in jail time or huge fines.

But I’m motivated by one thing…

$6.65

Doesn’t seem like much… until I realized that is how much we pay our accountant per MINUTE to prepare our taxes. It adds up very quickly.

Suddenly, TurboTax for $53 on Amazon or $49 at Costco seems like a steal.

How do you prepare your taxes? Have you somehow managed to prepare them yourself without a Masters in Accounting?

What do we generally report? Mortgage/taxes, student loan interest, student books and fees, car registration, etc.