Tax Returns are coming soon!

True. It is hard to tell through the interwebs. I would hope that the tables aren't the issue. Filling out tax forms by hand is asking for trouble, even CPAs don't do that any more.

 

I use turbotax for my filing software. Im just confused as to the huge change ya know. Everything is the same this year as it was last year, except we paid a little more into federal and state, and made just a bit more overall. But paying more into it, should have helped ease it some.

 

I use the same software for my taxes Has been good to me last 10 years

 

You guys should really search all the write offs...can't speak for everyone as cases are different but my cpa has tons of things in line. Mileage, union dues, tools, storage, phone, uniforms, work related expenditures (pens, paper, etc)....it all ads up

 

Union dyes, or union dues? I could do th union dues, lol

 

Yeah. I'm sure there is better software, but I've used H&R for the last 7 or 8 years as it's free through the military. What I like is it compares all catagories over that time frame to see an accurate picture of your finances over time. If there is any question like this, it becomes obvious pretty quick. It also helps me adjust my withholding and plan for charitable contributions to counter paying less interest on the mortgage each year and (hopefully) increase in pay.

 

Those are my write offs I use...good stuff I get back with the software.

 

Tax bracket change? The difference between 25 and 28% tax brackets regarding taxes due is freaking huge.
Sell some stocks in taxable account?
Additional capital gains distributions in taxable?
Additional dividend distributions in taxable?
Move last year and not this year?
As already mentioned-mistake last year?

etc, etc.

 

Two things you never do on TW, can never get past page 1 of these threads.

1. Post about a wreck that was your fault

You will be accused of things you never knew possible as to why you deserved it



2. Ask what to buy with a little extra money you may have/come into.

You will be given answers to financial questions you never asked.

 

Prudent. Why pay the bank interest longer than you need to?

Even in my earlier years I paid at least $50 to $100 extra per month on mine. Now I'm trying to pay $400 a month extra. Especially big at my age.

 

I got about $4700 coming back combined for federal and state. Big Daddy is looking
at some new rims and maybe a Fox lift from Head Strong 4x4.

 

Not seems like..is.

Married with a house, no kids is my story.

 

I need to replace the CD player in my truck. Finish up working on the bathroom in my house. The rest of my return will be savings.

I don't love the free loan to the govt, but my wife handles the money and she prefers to get a return. She's better with finances than I could ever be so I pick my battles.

That and if I have my way I'll be working on another tattoo...

 

I am a big believer in attaining financial freedom as they call it. I see owning your house as a huge step in that process since a mortgage is usually the largest expense in the household.

 

what's a tax return?

 

Exactly. Housing in any form is the single biggest expense one has in life be it mortgage, rent, or whatnot. If that can be reduced or eliminated, so much the better.

In my case I cannot keep my house on one income, even though we bought what we could afford and not what we wanted. Nor did we buy beyond our needs in terms of size, amenities and such.

But in addition to the universal reasons it's a smart idea to do it, my wife and I are older. I'd rather not have to sell the house down the road and go back to renting because we weren't wise enough to plan for the future in that regard.

 

You can make 4% on dividends pretty easily.

 

I hope you break even after paying your CPA. I do not like even paying for Turbo Tax. I use OLT and it is about $10 to file. Taxes are not that hard. My ex will pay like $150 for a 1040A. Some people are just scared of doing taxes.

 

Or pay off debt. If I had any real credit card debt or a large vehicle payment, my strategy would be to aggressively get rid of that.