Well ladies it's that time of the year! Doing the taxes! Fun times!
Trying to be frugal and taxes sometimes don't mix. Like, hubby and I pay someone to do our taxes each year. We have had the same man for 6 years and we love him! We pay about 200-250.00 each year. We both feel having someone do them is better because we don't want to make any mistakes. Hubby has 401k papers and school papers and what not and we don't want that to get messed up.
Now we do get a refund but once hubby becomes a lawyer that will change, but to me 200-250.00 is alot of money that could be spent on something else ,but for this situation we will do it.
So do you file your own? Have a person do it? If you get a refund do you save it and add it into a monthly budget?
We've always filed our own. I do them, usually over a weekend. Never had an issue.
We just take the refund and put it into savings for whatever big item we're saving up for.
I pay someone, but I have had a difficult situation the past few years with a bonus from work and saving for a house deposit which has meant no refund so paying someone has helped ensure what I owe is as little as possible. Ax time is July here, and last year I got money back which was enough to pay my rates for the whole of this year, so hopefully I get that amount each year because that eases some stress on us. Hubby,s are way overdue si when he finally does them he will be paying back some accounts and also we get a bunch of money owed to us from childcare so it will be quite th exciting to get all that extra money
My DH does ours. We do get a refund, but the last few years we've used it to pay down debt. About half will be used for that this year, the other half will go to savings for our mid year property taxes. I am crossing my fingers that next year we can use it for a trip with the family or something.
On top of taxes, it's bonus time! With the bonus we're paying off our new camper and dh's car. The taxes are being saved and will probably go towards our closing on our house.
We have a tax person we use.
Kristina, (formerly known as ~Kristina~)
doula and apprentice midwife
Wife to Jesse 8.18.01
Mom to Ayden 12.18.01, Kailey 7.1.03,
Ashlyn 6.11.05, Dylan 9.29.07 & Riley 12.8.09
This year we will be using the money to buy a second car. We have been a 1 car family but it's becoming hard since my husband has school and work and I have things for the kids to do. We used to be able to do it with 1 car but my husband is going to be starting his 2nd yr of Law School in the fall and they have field trips! And he needs a small car. Plus it will help with gas, I can take the small car during the day when he is not in school and I have 3 kids in school I can use it to run to the grocery store and what not.
Hubby files ours since 2008....we use TaxAct which is put out by the IRS. Federal file is free and the state fee is minimal....I don't think we have paid more than $35 to file. Their software is simple and walks you through everything. We itemize with mortgage, medical, student loan and it is quite easy. We will be using our refund to pay off our car and then the rest will be used to pay down the student loan.
Chase-13, Trey-11, Layton-9, Zander-5, McKay-3, Declan-1, Keely born 9/6/2012
Janae I didn't know you were pregnant!! Congrats!!!!!
ok back to subject! I will have to look into the taxact thing. We don't have a mortage but we have the student loans and the out of pocket school payments. I would rather pay 35!
We do free file, but I buy the TaxAct software ($14-ish pays for Federal and State e-filing), but you don't have to pay anything if you use just for Federal free file. I find the TaxAct software to be very user friendly. I have done my own taxes for the last 20 years, including some self-employment. We always get a refund because we have so many kids. We had a huge refund last year because of a special tax credit for adoption. We're still living off that while Isaiah is in the hospital, but we used about 2/3 of it to pay off debts. Usually, we get a couple thousand dollars (give or take). We usually have something we need or want to buy when the refund comes around, so we spend some of it and put some of it into savings to use as a need arises. This year's refund will probably pay for our trip to St. Louis in May for my nephew's wedding.
Deb ................. DH Norm
DS Caleb, 13 ...... DS Patrick, 12
DS Isaiah, 8 ......... DS Thomas, 7
DD Cherish, 6....... DD Emily, 7\18\13 ....... Ripple, 17
William, 14 weeks, 4/11/12
I file our taxes each year. This is the first year I am nervous with school credit, adoption reimbursements, business expenses, and some other things. But my mom looks over my taxes each year before we file. (She works for the IRS).
This year if we get a refund it will go finish the emergency fund and the rest will go to pay down our debt.
Daughter Rileigh Ann arriving January 2012