April 4, 2008
Taxes
Written by Shana in Jaunty PostYou knew it was coming, right? The inevitable blog about taxes. Have you done yours yet?
USF and I had them ready in January, but we’ve had to wait until this week to get one last form. We knew we were going to owe. Even though we itemized and took every deduction, we still owed.
Not because we make a lot of money. No way. We just make a lot of untaxed money. I do contract work and he sold some property and then there’s my writing income.
You know I really should pay estimated taxes, but I just never know how to predict if and how much money I’ll make. Royalty checks for all your favorite authors are showing up in mailboxes around the country this week. As far as my total, your guess is as good as mine. $10? $100? $1,000? $10,000? Who knows? I’m hoping for the last one, though. 
So we got the last form in last night, did the final calculations, and wrote the check. Actually, no one writes a check anymore. We had it debited from our back account. When we realized we were going to have to pay, we started saving, so we had it covered. It was even a little less than we thought.
And now, of course, we’ll be getting money back from the government. Not so sure this whole economic stimulus thing is going to work. My refund will go right back into savings.
So what about you? Do you owe, have a refund coming? What are you going to do with your economic stimulus refund?
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Laura Says:
I got my refund last week. As for the economic stimulus refund, it will go into savings - possibly to be immediately withdrawn for something fun and irresponsible…but initially into savings.
AndreaW Says:
I did our taxes the last week of January and got our refund the first week of February. Our economic stimulus refund is going into savings, too.
Margo maguire Says:
I tried TurboTax for the first time, and the results were that we owed MEGA bucks. I decided not to trust it, and went to the accountant who always does our taxes. Same result. So … TurboTax is probably pretty accurate!
Robyn DeHart Says:
I’ve been using Turbo Tax for years. Although this year I was wishing for an accountant, we had some issues that were tricky to do and I’m still not sure I’ve done them right. I’m waiting on one more paper before finalizing and I think we’re getting a teeny-tiny refund. Thank goodness The Professor has a job that pulls out taxes otherwise I’m sure we’d owe a ton. I know we will next year. As for our stimulus refund - that’s going towards paying for RWA’s conference this year b/c The Professor is going with me and it ain’t cheap! But we’re so excited.
Rebekah Says:
I already got my tax refund and it went to paying off bills. The stimulus refund will either pay off another bill and get us even closer to being debt free or go into saving. I’m not sure what my husband wants to do with it and I like to leave money up to him.
Dorothy Says:
Haven’t done my taxes yet. Yes, I know….I’m late. But I did get the TurboTax so all I have to do is sit down and do them. Not sure if I’ll have to pay or will be getting a refund. I think it wil be close this year. And I’ll believe the stimulus check when I see it my hot little hand and not before. Pessimistic, aren’t I?
brownone Says:
Well, seeing as I have my three “tax deductions” (children), I got a pretty good refund that will be going towards a new fence in the backyard (or a new well since ours is on the fritz). As for the stimulus..new glasses! Really nice ones! With all the bells and whistles (transition lenses, anti-glare, etc.)!
brownone Says:
Oh, and you KNOW you’re getting old when you get excited about getting glasses!
Margo maguire Says:
Ha! I really need a need a new pair of glasses, too, brownone. But I’m not due for an eye exam until June 1. THEN I’ll get my glasses. Until then, I’ll be wearing my contacts if I want a scratch-free view.
Virginia H. Says:
We already have got our refund, and we will have use it for homeowner insure, property taxes and also new glasses. My hubby, son, and me are due in this year for glasses. There is alway something you need that refund for.
Shana Says:
I’m glad not too many people owe. Owing is no fun. Right, Margo?
limecello Says:
I’ve had my taxes done for a while - but it wasn’t that hard. I gave my parents all my stuff and had them take it to their accountant :X. I don’t make much - not even enough to get the refund, which is rather pathetic… but I wasn’t allowed to work for 9 months last year as a first year law student, and took an unpaid 6 wk internship over the summer
Fedora Says:
I’m not sure we’re getting too much back this year (which is good, right? Don’t need to loan the government all this money interest free! ;)) but what we’ve got coming is going right back to a foundation supporting our son’s (PUBLIC) school, which is slated for huge cuts this coming year, including their librarian. Uh, hello? Who ever heard of a school without a library??? Grrr…
Anyway, new glasses are always good!
Kate Diamond Says:
Oh, lord. I really have to get my taxes done. Make that a task for Monday. Yuck.
But I should get a refund. And I plan to spend it on either (a) my student loans or (b) my honeymoon.
You know, I think I’ll go with the honeymoon. It will just FEEL better to invest in my brand new marriage!
Michelle Says:
Lucky me! I married an accountant!
We did ours way back when and now since we are going to be celebrating our 10th anniversary, are going to SPEND our stimulus check on our summer vacation. (With our three kids - but hey, those 10 years had to be good ones to get those little ones aye;)