It’s TAX TIME!!Posted: February 7, 2012
I don’t know about you, but I’m unsure of my taxes. I do them myself (and no that is not what I’m unsure of) and don’t mind as I don’t have anything crazy going on. I actually use the free edition of Turbo Tax (not a sponsored post either—I just really like their product) and have for a few years. But this year is one of the first times where I have a decent job and am making decent money. I also got to claim the little bit of my student loan that I’ve been paying on.
What I’m actually unsure of is whether I need to change my deductions for next year. According to Turbo Tax, I should be getting around $300 back from my federal taxes. Which is good—it means I didn’t give the government my money over the year. BUT I’m wondering about next year and if I should change my deductions. I should be fine but I’m worried anyways. I’m going to have to use the calculator that I found the other day once I have my next paycheck and I’ll go from there. That way I can figure out if I need to change them or keep them the same. I really just want to make sure I don’t need to pay them next year–I’m fine with getting a little tax return and more money over the fiscal year or getting a bigger tax return and a little less money.
I’m especially concerned about my state taxes. I had the same deductions at my old job (of course I made a lot less) and when I plugged in both W2’s I almost ended up owing the state. As it stands, they now owe me a whopping $6—of which, I’m going to just use it to apply to next years. Without a bank account it would cost me half of that check to cash it. Not worth it—and yes, I could just wait until I have a bank account to file my taxes but I’d rather get them done now and not have to worry about it later. Which is why I made the decision to just put it towards next years (who knows, maybe I’ll get $12 next year!)
As for what I’m going to do with my federal tax return, well, it kind of depends on a few things. In a month or so I might have some great news—and yup, I’m going to make you wait. I have to wait so that means others have to suffer with me! But I won’t just be randomly splurging. I can’t go into any more detail without giving anything away so that’s all you get for now. 🙂
Is everyone else done? Or are you still waiting on forms or just procrastinating? Do you do your own or get them done professionally?