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Filing Taxes

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zaphod:

--- Quote from: ChadTower on January 28, 2008, 07:33:29 pm ---
$40 program, plus $15-20 filing fee, plus state app $20-25 if you need more than one state (I do), plus state filing fee of $15-20... it's not all that much cheaper anymore.

--- End quote ---

Go with the basic $15 Taxcut Federal and that saves you $25 right off.  Still have the $20 electronic fee (you could always mail instead and pay the 8 week penalty).  Fortunately Illinois has a very nice online form on the gov site that takes me maybe five minutes to complete, using the Fed 1040's numbers.  I imagine other states are similar.  5-7 days for state refund to hit the account and 8-14 for federal.

As far as 'larger' returns, you could always adjust your withholding for the year so you get the extra money in each paycheck, rather than lump sum.  Have that money automatically moved to an separate interest-bearing account.  Just a thought.  I like to limit the money I lend to the government interest-free.

ChadTower:

--- Quote from: boykster on January 28, 2008, 11:03:52 pm ---I have used turbotax web edition for the past few years and it's teh awesome!   :cheers:

And oh yes...nothin better than being able to deduct mortgage interest and property taxes...

--- End quote ---


I used to use the web edition when it first came out in the mid 90s.  It was definitely a major leap ahead back then.

The homeowner deductions really do help in places like mine and yours... when you're paying more in interest over a year than people in other parts of the country  pay for their whole mortgage payment over two years, every bit helps.

Jdurg:

--- Quote from: zaphod on January 29, 2008, 08:22:01 am ---
--- Quote from: ChadTower on January 28, 2008, 07:33:29 pm ---
$40 program, plus $15-20 filing fee, plus state app $20-25 if you need more than one state (I do), plus state filing fee of $15-20... it's not all that much cheaper anymore.

--- End quote ---

Go with the basic $15 Taxcut Federal and that saves you $25 right off.  Still have the $20 electronic fee (you could always mail instead and pay the 8 week penalty).  Fortunately Illinois has a very nice online form on the gov site that takes me maybe five minutes to complete, using the Fed 1040's numbers.  I imagine other states are similar.  5-7 days for state refund to hit the account and 8-14 for federal.

As far as 'larger' returns, you could always adjust your withholding for the year so you get the extra money in each paycheck, rather than lump sum.  Have that money automatically moved to an separate interest-bearing account.  Just a thought.  I like to limit the money I lend to the government interest-free.

--- End quote ---

Yeah, I went with the basic edition for only $20 or so, then the $20 to file electronically.  I thought it was worth it.  I was still able to print out a copy of my return and used the numbers off of that to fill out my state form.  The State of CT has a free online filing system so I went and used that. 

I've thought about changing how much gets taken out of my paycheck each time, but with salary increases, bonuses, raises, etc. I find that I may be walking a tight line based upon where my salary is and what my tax level is.  I absolutely do NOT want to ever pay money when filing my taxes.  I'd rather get a refund then owe.  Granted, I could just save that extra money each paycheck, but chances are I'd whittle it away and blow it on stuff that I didn't need to. 

At least with the refund I get it gives me plenty of money to purchase things I want but don't really need.   ;D  (I think I've found a pretty good laptop I want to buy, and I'll still have money leftover to get a few new power tools too.  ;D )

ChadTower:

I tend to take that refund and use it to blow away other debts all at once.  A couple of years ago it was the balance on my car, last year it was the end of my student loans, this year it will probably go to some medical bills and the mortgage principal.  Next year it will probably end the payments on my wife's car a year and a half early.  I find that clearing up those payment type debts frees up money each month the following year and that is what I use to drop into savings and earn some interest.  It's not 100% optimal but it works well for me and is definitely better than running out and buying toys with it.

zaphod:

--- Quote from: ChadTower on January 29, 2008, 09:59:20 am ---
I tend to take that refund and use it to blow away other debts all at once.  A couple of years ago it was the balance on my car, last year it was the end of my student loans, this year it will probably go to some medical bills and the mortgage principal.  Next year it will probably end the payments on my wife's car a year and a half early.  I find that clearing up those payment type debts frees up money each month the following year and that is what I use to drop into savings and earn some interest.  It's not 100% optimal but it works well for me and is definitely better than running out and buying toys with it.

--- End quote ---

Using it to pay down/off debts is a fantastic use for it.  Our token amount will finish up a semester of pre-paid college for the 5 month-old (never too early to start), and remainder will hit the auto fund to eventually replace my 12yo car.  Last year it bolstered the home maintenance fund.

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