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Posts tagged with: Taxes

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.


There Is a Delay in Processing Your Tax Return

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Our state tax return arrived via direct deposit a little bit ago. I’ve been anxiously awaiting our federal refund because we would break below the $13,000 mark with that money. Unfortunately, our tax refund has been delayed and I don’t know why.

I’m on hold with the IRS right now and my wait time is estimated at 20 minutes. At least they have classical music playing, although it’s a bit too loud. You also have those moments where something sounds different and you think you are being transferred to a representative but it’s only that voice that comes on to let you know that everyone is still busy.

I’ve searched the internet for the code that they gave me to try to find more information as to why our return is delayed. After quite a few misses (mostly from Yahoo answers), I found a great resource that hopefully none of you will need. The IRS has a page that lists all of the reference codes for internet filers. My code is listed, but the status description is greek to me so that’s why I’m on hold right now.

I learned about our refund being delayed this weekend. It put a bit of a damper on things since I did already “spend” the refund in my mind to go towards our debt. I can be impatient at times when it comes to paying off our debt.

This reminds me of another year where our refund was delayed. We were all set to move to where we are now and the move depended on our tax return to be able to pay for somewhere to rent once we got here. Well, the tax return didn’t arrive and it was delayed. There was no way we were delaying our move, so we headed to the bank and practically begged for a $1,000 loan. We did get the loan and ended up moving on time. A few weeks later, we finally received our tax return and turned around and paid the loan.

Comparing that situation makes this delay seem pretty trivial. We are not relying on this money for anything other than an extra payment towards our debt. Instead of being bummed, I should be thankful. I feel better about this already. We may not hit below the $13,000 mark in March, but we’ll hit it in April 🙂