The DU Lounge
Related: Culture Forums, Support ForumsI just finished our income tax returns.
Owed the state $214 and got $670 back on the federal- $456 net refund. I guess we're doing this right. If you keep your tax returns closer to zero you are paying the required amount while having the most money in your pocket available throughout the previous year.
We were also kind of poor last year. I was off work for a month and a half after losing my job. When I look back on it, it's pretty amazing that we are where we are right now financially. I filed for bankruptcy in 2015, but we've rebounded well. That's all settled now and we do very little on credit now days. I have one credit card with a $1000 limit. It will have a balance of zero later this month. I put a few things on it for Christmas. I was surprised to learn that I have a credit score of 700.
Warpy
(111,241 posts)They're monstrosities, so I generally don't get them until mid to late March, just in time to do my taxes on April Fool's Day.
Tobin S.
(10,418 posts)Her employer pays her like she's self employed, but she goes to his office every day and does customer service stuff. I used to be a true independent contractor. I've owned semi rigs in the past. I knew enough about taxes when my wife took that job to understand that she didn't have to make any estimated payments. Her income is low enough that she doesn't have much of a tax liability and my tax over-payment takes care of what she does owe, except for the state.
But back when I had those trucks those estimated tax payments were kind of a pain in the ass. I was always my own tax guy, but looking back on it I might have benefited from the counsel of an expert.
Warpy
(111,241 posts)that I paid the last year. It usually works out OK, just chicken feed that can go either way.
A HERETIC I AM
(24,365 posts)Tobin S.
(10,418 posts)mnhtnbb
(31,382 posts)Our taxes are fairly complex: my husband has a private practice (with his office in our home) AND we have a rental studio apartment
over our garage. Then my parents left some money to me in a trust when they died. I have to have two different software programs from
TurboTax to get our taxes done. We submit quarterly estimated payments because my husband is self-employed.
I find myself being really pissed at having to do taxes this year especially with the knowledge that what we pay will go to support that
cheeto a$$hole having vacations every weekend at his Palm Beach estate (while he probably pays nothing).
I also suspect I didn't withhold enough on the quarterly payments because I keep expecting my husband to fully retire--rather than being semi-retired--
and I'd rather owe something at the end of the year than have overpaid. Still, it hurts to have to have to pay the Feds/State more in April. And don't get me started on the Republicans in NC who changed the tax structure a couple of years ago to the point we have ended up owing a lot more in State taxes.
Which reminds me I'd better stop fooling around on DU and go work on the taxes.