Dog Community

Posted : 2/3/2007 8:11:26 AM

ORIGINAL: jones

I owe... plenty. I'm self-employed. I will be filing on April 14th! I can't afford it right now.

I feel like I said this here last year, but Melody Hobson (a financial advisor who speaks on NPR and TV sometimes) has said that no one should ever get a tax refund. If you do, you're overpaying, and basically using Uncle Sam as a poor man's savings account. You would be better off paying the right amount and sticking that extra money in a savings account that actually bears interest.

So if no one is supposed to get a refund, what happens to the credits? That is what our refund is are the EIC, child tax credit and one other child tax credit.

BTW, I heard that exact same thing too in 2005 on MSN. I believe that the article was written by who are referring to.

--Sara

probe1957

Posted : 2/3/2007 10:27:39 AM

Nicole, I have no doubt you can do your taxes yourself, even with the move. TurboTax, et al, will walk you through it quite nicely.

NicoleS

Posted : 2/3/2007 10:40:38 AM

Thanks Billy. I've been debating on buying software, but for like $20-$30 it's not a bad investment, and would help make sure I didn't forget something stupid. Thank goodness DH only worked in NY but has no income in PA so it only makes it more difficult for me. PA also has stupid "local" taxes that I'm not familiar with, but it's one form so how hard can that be?

Sigh. I hate tax time, even though I get a refund.

glenmar

Posted : 2/3/2007 10:44:59 AM

Crap. I efiled the State since I have a tidy refund coming there. More than enough to cover what I owe the feds. That one will go snail mail with the check on April 16th......

houndlove

Posted : 2/3/2007 10:48:30 AM

Little-known fact!

If your gross adjusted income is less than $50,000 (maybe 52, I can't remember) you can e-file using any number of online methods FOR FREE. You have to go through the IRS portal first, so go to irs.gov and look up e-filing for free for lower income folk, and then select your program on the page that comes up and go from there. That's what I did last year. This year we're $2000 "too rich" to use it, but because I used it last year, H&R Block sent me a CD-ROM of TaxCut Basic in the mail, totally free.

lovemydogsinsc

Posted : 2/3/2007 10:53:35 AM

ORIGINAL: houndlove

Little-known fact!

If your gross adjusted income is less than $50,000 (maybe 52, I can't remember) you can e-file using any number of online methods FOR FREE. You have to go through the IRS portal first, so go to irs.gov and look up e-filing for free for lower income folk, and then select your program on the page that comes up and go from there. That's what I did last year. This year we're $2000 "too rich" to use it, but because I used it last year, H&R Block sent me a CD-ROM of TaxCut Basic in the mail, totally free.

This is true and the cheapest way to go about it. All of these are user friendly. But if you go thru the IRS site you still have to pay the filing fees. So it is not free completely; But definately cheaper than turbotax, or taxact. On the other hand both Turbotax and Taxact give you one free state filing.

probe1957

Posted : 2/3/2007 10:57:27 AM

Glenda, in 1980, I bought my first house. You're one of the few of us here who are old enough to remember what interest rates were like in 1980. Believe it or not, there was bond money available, to first time owners, that got the interest rate all the way down to 12.5%.

The realtor I went through was all over telling me about how much I would save in taxes. Well, the house payment was such a stretch for me that I decided to change my exemptions to 9. I was entitled to 3. At the end of the year, when I did my taxes, I owed $4,000. In those days, I just as well have owed $400,000. I didn't have $4,000. LOL.

Not sure why I thought of that story and not sure why I thought anyone would care. Kind of funny now.

probe1957

Posted : 2/3/2007 11:04:35 AM

On the other hand both Turbotax and Taxact give you one free state filing.

Not this year. Not TurboTax anyway, at least, not the version they sent me. You can still download a state program free but e-filing costs. Instead of one free e-file, TurboTax gave me one of their BS programs called, if I remember, It's Deductible. Like I will ever use that. Grrrrrrr.

ottoluv

Posted : 2/3/2007 11:05:47 AM

Not this year. Not TurboTax anyway, at least, not the version they sent me. You can still download a state program free but e-filing costs. Instead of one free e-file, TurboTax gave me one of their BS programs called, if I remember, It's Deductible. Like I will ever use that. Grrrrrrr.

If you have an american express card and pay with that for turbo tax, you get a big discount this year

probe1957

Posted : 2/3/2007 11:12:32 AM

ORIGINAL: ottoluv
If you have an american express card and pay with that for turbo tax, you get a big discount this year

Gawd I have to start reading the details. I totally missed that. At any rate, my ex pays for the software since I do the taxes, but still...

ottoluv

Posted : 2/3/2007 11:16:58 AM

Here ya go Billy

https://www124.americanexpress.com/cards/cda/dynamic.jsp?name=YearEndSummary_ALLCCSG_SharedDetails&type=intBenefitDetail

25% off woo hoo

NicoleS

Posted : 2/3/2007 5:22:55 PM

So I did our federal returns on paper..... wasn't *as* bad as it could have been in dealing with it. Was gonna go use the Free file thingy since we don't make $50,000 or whatever..... and boy was it confusing!! Not to mention having to type in all the boxes from your W2. I have to say I had a handle on it until I went to do that, and then it all went to hell. Eventually I got both refund amounts to be within $1 but I didn't trust the e-file numbers enough to send them to the IRS. So, we are sending in paper once again this year.

So, federal done - nice refund. Got all but $1 back [

]
Now..... those pesky state returns are going to wait for a bit since I don't want to think about it.

miranadobe

Posted : 2/3/2007 5:42:18 PM

Heck, I did Turbo Tax for $14.95 on Thursday, IRS accepted overnight, and I'm expecting the return next Friday! Couldn't have been easier, the way they walk you thru everything. My taxes are pretty straight forward, but I had an IRA distribution that I thought might be a pain. Nope! Now, to plan the spending/bill-paying...

Anyone done their taxes yet?