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The Tax Man…

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I’m facing my biggest foe this weekend… the IRS. This is the second year we have decided to prepare our taxes ourselves with free tax software. It’s a huge savings from the $200+ we were spending on our accountant but I’m always a little leery about dealing with the government on my own… and I work for the government.

That should tell you something.

We will still have to consult with a friend about some questions we have, but I’m hoping we’ll come out on top again. We got a huge chunk of cash back last year but we didn’t adjust our withholdings since our deductions were changing this year. I know Dave Ramsey yells at people who let the government withhold too much money, but since our deductions are far from predictable, we have to take a safe route.

I’ve cleared my schedule (and the living room floor), chilled a 6-pack of beer to keep hubby interested, and I think we’re ready.

Poll time!

Do you prepare your own taxes or pay an accountant?


Tax Write-Off Craziness…

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I’m in a tax write-off frenzy right now. My strong procrastination skills have resulted in a 6 month old neatly folded pile of clothing ready for donation to Goodwill. Leave it to me to give myself a measly 48 hour window to take care of everything.

Also included in the 48 hour countdown is our energy efficient spending. According to the Wall Street Journal, and the ever so helpful staff at Lowes, this is the last year of the 30% tax rebate for energy efficient insulation, water heaters, windows and doors. Bad news: Our house has zero insulation and we’ve been working on fixing that problem for two years. Despite all this work, we still need an additional $600 worth of insulation. Thanks to the removal of the tax credit, we’re forced to bite the bullet and buy the remaining insulation now. At least it’s on sale. Good news: I guess our water heater picked a good year to go kaput.

My husband is ripping apart our walls as we speak. Our thermometer is reading a crisp 56 degrees…in the living room. I’ve always fantasized about having a living room temperature above 65 during cold spells. I guess my wildest dreams are finally coming true.

It’s amazing what a 48 hour deadline will do.

Obviously, I’m not a tax person. Consult with a professional before investing or donating.


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