CPA PSA

[chappell]

Every year about this time, I hear and read people talking about taxes. Here are a few basics, free of charge

Comments

[beckmermaid]

Tax season here is ugly- we owe significantly more than we anticipated, because my husband didn't pay quarterly and instead we get hit with it allllllll right now. :P

[chappell]

Ew. Yeah. That's the worst thing you can do, short of just not filing a return. Self-employed people get the brunt of the IRS's wrath.

Sorry to hear that.

[beckmermaid]

Yeah, we didn't even get kissed first. We made the mistake of paying off the house last year, assuming the past year's profits would be about equal and it wouldn't have been an issue since we were prepared to pay the same as last year, but since we made more than we thought, we might even need to take out a home equity loan and that just feels like pedaling backwards. It's a steamy pile of poop.

How are you? :)

[duhneese]

I LOVE YOU!

[chappell]

Hahaahahahah

You love me for my pet peaves. Better than nothing I guess? ;-P

[duhneese]

it's one of the many reasons chappell. :)

[tannie]

Over here you actually get interest paid out over (some part of) your refund.

Because I bought a flat, I can er.. substract? part of the interest I pay over my mortgage from my income tax (no idea how or why, but it makes me happy). I chose to have it paid out monthly, which means that in the beginning of the year I fill out a form saying how much I think I'll earn that year (roughly the same as the year before, slight increase) and they give it to me monthly.
When I actually have to file the tax report, I have to substract the money I already got back and it all works out nicely.
Looks like I'll get back around 400 extra euros this year, the taxcompaney calls me 'disabled' cause I spent more than a certain amount on contacts last year. (seriously... no kidding)

I'm probably one of few that actually likes filling out my tax return...

[chappell]

That's an interesting system. We can deduct the interest here too, but it's all done at once, when we file the returns.

I would have been disabled for years under that system!

[photodiva02]

Before Kramer met me, he ALWAYS did the rapid refund thing. I showed him the error of his ways. Now to get him to stop the witholding. Gah! I always get a SWEET refund because I send Hailey to daycare.

[chappell]

You could adjust your withholdings a little and get more money in your paycheck each time, and not have to wait till the next year to get your money back.

[tigerkitty]

Hmm, problem with that. See, both of us SUCK at saving, so it's withheld and then every year we get money back from the gub'mint and we can do the fun stuff we'd never have saved the money to do, were it in the paychecks all year long. :)

So far it has paid for furniture, cruises, and this year, new stuff for a new house!

[chappell]

Automatic withdrawals into interest-bearing and/or investment accounts can be your friend.

As a friend (not allowed to make investment recs as a CPA) I can tell you I've had really good experiences with sharebuilder.com.