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  #1  
Old 01-20-2011, 09:55 AM
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cillybean83 cillybean83 is offline
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Default Filing My Taxes Today!

I love when I'm smarter than my hubby...he did our taxes and I told him "let me have a crack at it, just to make sure you didn't miss anything"

of course he thinks there is NO WAY I could find something he didn't see (because it isn't like I know numbers or anything...I only have a degree in economics!)

So of course by the time I'm finished we're getting $2,000 MORE than what he calculated.

Score one for me!
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Old 01-20-2011, 10:29 AM
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Zoe Zoe is offline
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Men are funny! It's entertaining sometimes to show them up like that. Good for you!
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Old 01-20-2011, 10:39 AM
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AnythingsPossible AnythingsPossible is online now
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I must be doing something severly wrong. We rarely get a refund, usually end up owing a little bit. If we do get money back, it usually less then a hundred dollars. I wonder what in the world I am missing to deduct?????
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Old 01-20-2011, 10:43 AM
kitkat kitkat is offline
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Originally Posted by AnythingsPossible View Post
I must be doing something severly wrong. We rarely get a refund, usually end up owing a little bit. If we do get money back, it usually less then a hundred dollars. I wonder what in the world I am missing to deduct?????
Keep in mind there are so many variables when you file taxes: DH's income, other income, differences in expenses for daycare, number of kids you have, etc.
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Old 01-20-2011, 10:54 AM
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AnythingsPossible AnythingsPossible is online now
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Originally Posted by kitkat View Post
Keep in mind there are so many variables when you file taxes: DH's income, other income, differences in expenses for daycare, number of kids you have, etc.
Oh, I know. It just seems most of the providers I talk to in daycare gets fairly large refunds every year. With that being said, when I first started doing daycare, we were renters and didn't want to deduct my whole income down, so we didn't deduct as much as we probably could of. Now I'm scared to deduct more because I'm afraid the IRS will look at it as a red flag. I do think I am missing something though, so I think I will order Tom's book and see if I'm catching everything i can!!
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Old 01-20-2011, 11:10 AM
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cillybean83 cillybean83 is offline
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I took a $500 loss since 2010 was my first year doing daycare, I had to get all set up, do some repairs, buy girl toys since I have 2 boys, buy outdoor play equipment since I have an 8 year old who has outgrown all the little tykes stuff and my baby just turned 1...so next year I hope to turn a profit, and my refund won't be that awesome, but making money over losing money would be awesome!! lol

if you have kids make sure you're getting your child tax credit, is $1000 per child, make sure you get you "making work pay" credit, it's $400 for you and $400 for your hubby, if you are in school make sure you TRY to get some credit for it (i didn't qualify but it doesn't hurt to try!), earned income credit is a big one, make sure you claim it if you can
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Old 01-20-2011, 12:20 PM
kitkat kitkat is offline
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Quote:
Originally Posted by AnythingsPossible View Post
Oh, I know. It just seems most of the providers I talk to in daycare gets fairly large refunds every year. With that being said, when I first started doing daycare, we were renters and didn't want to deduct my whole income down, so we didn't deduct as much as we probably could of. Now I'm scared to deduct more because I'm afraid the IRS will look at it as a red flag. I do think I am missing something though, so I think I will order Tom's book and see if I'm catching everything i can!!
Tom's book is AWESOME and you will be so happy you bought it! I used his book, an online tax program, my old return that was professionally done, and did my taxes the old fashioned way (pencil and paper) and his book was what helped the most.
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Old 01-20-2011, 01:51 PM
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Annette Annette is offline
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I did mine on Monday. For years I have used an accountant and he figures out what my quarterly taxes are and I pay them. I never get anything back, if I have paid too much it just stays in and I have to pay less the first quarter. 2009 year my income went way down, many parents laid off and I had paid the recommended taxes so in 2010 I paid nothing to the state, because of credit from 2009 and very little to Uncle Sam.Went down again last year so don't owe anything until June, thank goodness. Heating oil here is $3.10 and I am burning 10 gallons a day to keep the house at 62 during the day and 56 at night. I have a big old Victorian. Don't know how I am going to keep this up.
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Old 01-20-2011, 03:43 PM
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Originally Posted by Annette View Post
Heating oil here is $3.10 and I am burning 10 gallons a day to keep the house at 62 during the day and 56 at night. I have a big old Victorian. Don't know how I am going to keep this up.
Oh my gosh, I would FREEZE in your house! I have one word for you: insulation. I know it's pretty costly to put in, but it makes so much of a difference in heating costs!! We put a crap-load in a few years ago and our bills went way down. Do you plastic your windows? That's another big one. What does your stove/oven run on? If it's electric, do a bunch of baking to help heat the house. I know you didn't ask for opinions, but I had to chime in - I'm convulsively shivering over here, just thinking about paying that much money for heat, and how cold it still is!
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Old 01-20-2011, 06:25 PM
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TomCopeland TomCopeland is offline
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Default Refunds

It's not useful to compare refunds with other providers. Your goal should be to owe no money and get no refund come tax time. If you get a big refund this means the IRS held onto your money for months.

Now, this is not to say you should not be paying close attention to what you are entitled to deduct! Just don't conclude that because you got a smaller refund than someone else this means you did something wrong.
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  #11  
Old 01-20-2011, 07:23 PM
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momofboys momofboys is offline
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I'm surprised that you even have all your information to file. I wish we did! We have not received my husband's W-2 or mine from some freelance work I do every year. We likely won't be in a position to file until February sometime. But first chance I get I will be on TurboTax!
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