[khaski]

I actually wanted to make this a 'poll' about did you file yet, will you wait until the last minute, that kind of thing, but I'll be darned if I can figure out how it's done! So it's a post instead...

Excited for your return? Anxious about what you owe? Did you file yet?

We're filing next weekend. We use a CPA, since hubby has a day job, a part time business, and I'm self-employed part time as of late '12. We always get a BIG refund, which has to due with various deductions hubby's business cannot take each quarter but once a year instead (machine depreciation, that kind of thing).

Part of me looks forward to our return this year, and actually finding out exactly how much it will be, and part of me is very BLAH about it. Why blah? Because out of our return, we set aside things like heating costs for next winter (oil/firewood), money to pay the machine shop's insurance due this summer, finish maxing out our Roths for '13...all important things that need doing, but nothing 'fun'.

I'm usually okay with doing without expensive 'fun' stuff, but lately I've been craving it. Probably the winter blahs. Maybe I'll find a little to shove into our languishing vacation account. I was hoping to do Disney for the kids next year, but it always seem there are more pressing matters to attend to, and we haven't saved nearly as much in the last year for it as I was hoping to. Ah, but 2014 is a new year...

 

[CookieLee]

We try to not get a refund. I would rather have the money during the year and not rely on the givernment's decision to send me all of my refund when they decide. Most years this works well but in 2013 we liquidated some investments. We did pay taxes out of the proceeds but it is possible we haven't paid them all so we might owe. I have held back money to pay taxes if needed, but I don't know yet how much that will be. I got the last of the tax info that I need so I might do a "first pass" this evening to get an idea where we're at.

 

[hotprincesscm]

I have already filed. I file every year! I am a single mom to two children. I am very fortunate that I get a very large refund every year. I use that money to pay off debts, get my self ahead on some things. And buy things I haven't been able to during the year. This year, I will be paying off, my sons braces, all credit cards, and working on having extra money for car payments and mortgage. I will also be getting myself some new work clothes and shoes, since mine are a few years old.

 

[CPA-Kim]

As a CPA, I always advise my clients to do careful tax planning so their refunds/payments are as close to zero as possible. Why give the government an interest free loan? Stick that extra money in Ally bank throughout the year and you'll get at least 3/4 of a percent or higher if you're used to a refund.

I have self employment income, royalty income and W-2 income. The easiest way for me to pay throughout the year is to have them take a little more out of my semi-monthly check at the college to cover my self employment and royalties. The tiny amount of interest income I have hardly matters and everything else is tax deferred within a 403b. My return is pretty simple because it stays the same year after year. I do my taxes the first week in January and, if I'm getting money back, I'll file right away. If I'm paying, I'll wait until close to the deadline. I always e-file since it is easier.

I usually dread tax season because people at work, and even students, hound me with questions. I don't ask lawyers for free advice or doctors to write me a free prescription without paying for an office visit, and I expect the same professional courtesy in return. I do have a lawyer friend I do estate work for and we trade services (questions and research here and there.) When I was on campus 4 days a week teaching, I had to put a sign on my door "Please do not ask me for tax advice, I no longer carry liability insurance."

This year, I'm getting a small refund so I filed early. Just got an e-mail Friday that IRS accepted my return, so I expect the refund to hit my account within 10 days......and I'm applying it directly to the principal on my mortgage....thanks to my accountability friends here.

 

[imagine]

We are still watiting on some papers so we can prepare the return. Seems Hubby nomrally does them in March.

 

[pinetree]

We have to wait until we can get the new quick books set up, the accountant should have it done around the 20th of feb. Then we have to enter everything, from last year, this should be fun, hopefully we will be done around the 1st of Mar.

 

[dcompton]

I filed yesterday. I'm getting a little more back than usual, probably because in November/December I was able to put extra money in my IRA.

I always owe a little on state income tax, because the sales tax due for online purchases is always more than my small refund there. I think I'm going to owe them about $60 this year.

I may set aside around $50 of the refund for mid winter fun, but basically the rest is earmarked for a CC I put some large expenses on. With this boost I can wipe that out by April or May. it's interest free until August, but I just don't like having that on the books and want it gone.

 

[zakity]

I dropped them off to the tax lady on Friday. I have no clue what we will get this year. One child just turned 18 a few days ago and I don't know if we will get the child tax credit on him or not for 2013. And, I don't know if we will get any sort of a tax credit for my being in college. I just haven't had time to research either of those things yet.

And, my "lovely" husband didn't fix his w-4 numbers, so I am sure we will owe state again. **big sigh**

I am crossing my fingers and hoping for something back (at least enough to cover what we will have to pay for state), but I am not really expecting anything.

 

[hiraeth]

Have not done our taxes yet. Pretty sure we will receive a refund but I am a little nervous. Hope we do not owe!

 

[melodys]

I have started my return in TurboTax. I usually get a modest refund, but I think I will owe about 1k this year since my son took a break from college I lost the deduction and head of household filing status. I have the money in savings so I am not stressed or upset. Taxes are part of the cost of living in a civilized society.

 

[SDMom]

Made our appointment a few weeks ago and the first available slot was March 5.

Have no idea what to expect. We are in a different tax bracket than the previous years.

 

[l8eebugg]

ZAkity--you should be able to deduct him as long as he was in household for the year. College expenses also.

I filed on Friday..check today and they were recieved. First year not to itemize, they figure it both ways and I got more taking standard deduction. I will be working on ways to up those deductions this year. Refund is a few hundred less than normal. Money to pay on home equity loan. If I am lucky, I will be able to pay it off before goal date.

 

[Sophiasmama]

Just waiting on RRSPs contribution receipts...we are getting back 4000.00 ish...cause we did 36,000 in RRSPs and $4700 in charitable giving.

 

[Sophiasmama]

And it's goin' onto the mortgage lol.

 

[zakity]

Thank you!!! He isn't even out of high school yet. That is way cool! We will get him for another year then.

 

[kate0558]

I have ours figured out but i havent finalized it yet. It looks like we are getting 1k back. I know its going to debt - i just don't know whether we should put it to the Car that has a 12k balance because it has the highest payment and we kind of need that monthly money.... or one of my small peskey student loans just because its got a 4500 balance and we could pay it off sooner. But the monthly payment on it is pretty small so its not going to make much of a dent in our budget. Decisions decisions.

 

[mndtrp]

I'm still waiting on documents. I need to see what all I got last year, that way I know when I've received them all. We'll more than likely get something back, as we always have. Whatever we get will go towards the mortgage.

 

[frugalwarrior2]

We are sadly saying goodbye to many deductions this yr.
-Ds moved out July 31 so this is the last yr.
-both mortgages paid off now so no interest next yr.
-DD has a part time job but seeks FT so we'll see
-Charity less than before
-last yr. for education credits too
other than investments little to deal w/
I hope for a refund this year but prob. wont itemize next yr. Need to get after Dh to move deductions to 2.

 

[bonnotsm9]

We're losing 2 dependent deductions over last year. I haven't filed yet, but think the last of the required paperwork came in the mail today, so I may do that this weekend.

 

[LynnLC]

We are sadly saying goodbye to many deductions this yr.
-Ds moved out July 31 so this is the last yr.

I'm surprised you can claim him at all with him being in the Army. My son said this week they were helping soldiers file their own taxes.