WOOHOO, Just did my taxes!!!

[DaTT]

And to your point of managing your finances, then as a CPA if you were doing the same you would've made estimated payments for 2010, unless you were happy with your tax projections. Everyone is different, and I highly doubt the OP is a tax planner. Non 1040EZ folks have all kinds of things going on, and without a tax advisor, he probably has as much chance of coming close to even as I do to repairing a blown motor in a car (no idea).

Do tax advisors cost money...like an accountant would?....say more than the $10 I may have made in interest?

 

[dullard]

Those tools & supplies are a business related expense. Should I now revise my W-2 with my employer so that less is withheld in taxes?

3 of my goats did not have twins this year - they only gave birth to one kid each. That was a huge surprise and disappointment. It reflects a loss of income of roughly $1000. Hell, with as many goats as I raise, I'm happy if I estimate the income from selling them within $4000...

In your case, you very well could revise your W-4 repeatedly. But, you'd be much better off paying estimated taxes. Paying estimated taxes is generally quite quick and easy (17 lines, see page 7).

For me, I created an Excel sheet that does all of it for me (well it doesn't put the stamp on the envelope, but it does most of it). You could do it too pretty easilly just using last year's tax form. Then you'll have a line on it that says # of girl and # of boy goats born.

When you pay estimated taxes, you have 5 chances to get your tax right (four roughly quarterly payments, then the final payment when you do your yearly taxes). If you over-estimated or under-estimated on one payment, then you just make up for it on the next payment in a couple of months. That way you can avoid the shock of an $8000 swing in your taxes since you'd be paying $2000 more or less each quarter.

Your case sounds fairly simple. You could do the estimated payments yourself and have the accountant do the final one. It wouldn't cost you anything that way (other than a possible quick mid-year question to your accountant here or there to see if item XYZ can be deducted). These get much harder for people who have wildly varying incomes who can't even realistically estimate their taxes for a week in advance (think daytraders or sales people).

 

[JeffreyLebowski]

I adjust my witholdings so I get back about what I'll owe in property taxes. This way I don't have to think about my savings account, or if something comes up and I have to dip into savings, I still have property taxes covered.

 

[DaTT]

I adjust my witholdings so I get back about what I'll owe in property taxes. This way I don't have to think about my savings account, or if something comes up and I have to dip into savings, I still have property taxes covered.

I have my property taxes withdrawn every month with my mortgage.

 

[moshquerade]

Of course you can. No need for these people to make fun of the OP though.

yes, huge amount of ridicule going on. the *wink smilie* is made for that.

point being, if you get that much back in a refund, plan better for next time.

 

[Eos]

yes, huge amount of ridicule going on. the *wink smilie* is made for that.

point being, if you get that much back in a refund, plan better for next time.

No, the point is people don't need to stick there nose in another person's affairs.

 

[chalmers]

No, the point is people don't need to stick there nose in another person's affairs.

Have to disagree there. He posted this information in an online forum, thus making it other people's business if they so choose.

 

[Eos]

Have to disagree there. He posted this information in an online forum, thus making it other people's business if they so choose.

I was referring to the constant suggestions to fix it. The post is about the refund, not about how to prevent a refund in the future.

Anyone can comment on the refund, of course. Offering help to "fix" it without being asked is typical for forums, but not really warranted.

 

[chalmers]

I was referring to the constant suggestions to fix it. The post is about the refund, not about how to prevent a refund in the future.

Anyone can comment on the refund, of course. Offering help to "fix" it without being asked is typical for forums, but not really warranted.

Now I have to agree there

 

[DaTT]

If I had to sit down for 2 hours to figure out exactly how much tax to take off, I think my time per hour is worth more than any interest I would have accrued. Chances are it would not have accrued any interest as it would have been spent.

I see it as "gift".....and it will pay for my new 3D TV