Thursday, February 19, 2009
I Failed
As the "accountant" in the family I took my job very seriously this year, mainly in relation to our tax withholdings. I used the tax calculator on the IRS website this past summer and tried to figure out how much we should pay. My goal was to follow the advice of accountants and financial people; specifically, those individuals who say you shouldn't overpay your taxes. Your refund, or even your tax bill, should be within $500. Fortunately, we didn't end up with a large bill, but we are getting a refund that's over $500, by a lot. I won't share the amount here (for all of creation to read), but it's enough to say that for us it's a big refund, but some of you would consider it a small refund. It's nice to know we can pay off a credit card, but it would have been nicer to have that extra money with every paycheck, rather than a lump sum that the government has been earning interest on (not that it seems to help them much). There was nothing extraordinary about our circumstances to mess up my calculations; we didn't have a baby or adopt four kids from a foreign country. It was just disappointing (in a good way) that my calculations were so off. I guess I will have to work on my skills and try again this year to work on getting a small refund.
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7 comments:
I wish I had YOUR calculator...I enjoy those lump sum refunds. Try to have some fun with it, too.
i'm glad my husband does taxes. good 4 you. better luck next year!
I thought you might say you owed money, which to me would have been the real failure and disappointing.
Jon does the taxes but I look them over. Last year before I looked over them we owed $400, but afterwords we got $20 back, and then more when we realized we missed a little more.
Of course we too try to get as little back as we can, and Jon being a huge saver tucks all he can away, especially now and especially any refunds or stimulus' we get.
Glad to hear Valentine's Day was a hit at your place...
You are better then me who owed the IRS enough to pay off a credit card. Now I will be paying someone to do them for me :)
I'm very glad this time of year that I'm married to a tax accountant. Although he tries to do the same thing that you do- only this year we ended up having some uh, issues (that's a nice way to put 'crap that happened' right?) and owe quite a grundle.
Call the IRS and they will calculate it for you. That is what we did. But we wanted to be able to get enought of a refund to at least pay for Christmas next year. We just save it when we get it and then christmas is all taken care of.
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