Thursday, February 14, 2008

Finished My Taxes!

Finally finished my taxes, and it looks like I'm going to get back about $2600! And that's before this Bush stimulus plan's $600 per person that is still being kicked around.

How did I do it so fast? Good records plus a software tax package helps a lot.

Some big places that helped with deductions were student loan interest, moving expenses related to my job, and investment losses. When you are doing your taxes, make sure to look into these large items.

There are also smaller items, that while I couldn't take advantage, you may be able to, such a child credit, charitable giving (only with receipts), and renewable energy usage (such as a hybrid car).

Unfortunately, now I'm left with the dilemna of getting my taxes in now or later. What happens if I send in my taxes and the stimulus bill is passed? Will I lose the $600 or will they send me another check later?

I'll have to investigate. Readers, if you know, please post.

2 comments:

Anonymous said...

You need to redo your w-4. $2600 interest free loan to the government is not a good idea. The ideal tax refund should be $0. Also, the stimulus is independent of this years taxes, if you qualify you will get a separate check around June.

Sunday Hindman said...

Did you re-do your W-4, as the anonymous commenter above me advised? If so, what came out of it? I hope your tax return didn’t diminish too much. A $2600 refund is definitely huge and could be very useful in the future!

-- Sunday Hindman