Saturday, January 31, 2009

Number Crunching Blues

Can I just say now I hate income taxes. I've just finished working on our 2008 income taxes. I can't believe all the numbers.

We are simple salaried people so our taxes are pretty straight forward. We don't have anything complicated about our lives. No wind fall income from royalties or foreign investments. So Turbo Tax and I do the paperwork. I have on occasion called an accountant friend to make sure I've entered a thing or two correctly (which I always had when I asked) so for the most part I don't find this hard to do.

I have all the W-2s, the 1099-R, the 1099-Misc., and several other numbered forms sent to me by various persons with whom I receive money from or give money to. There is one form missing though that I have to find out about. A matter of winning a raffle and getting a nice little sum. The winning was at the beginning of the 2008 and the paper I think I got is no where to be found. I'll continue to search, but I have a feeling it isn't going to show up. Some one will be getting a phone call to find out what I should do.

We are healthy people so we don't have huge medical deductions, we got a good interest rate on a small home loan, and our property taxes aren't all that much. Our biggest deduction will be charitable contributions, and although it looks good on paper, it isn't even over the limit so that we have to kick part of it forward to next year.

For the past several years we have had to pay Uncle Sam a little more when all this paper work is done. This year isn't any different except the amount we underpaid through the year is considerably higher --- I'll figure on this a bit longer just to make sure I haven't overlooked something, but I have a feeling what I have in the computer is correct.

That said, Uncle Sam won't be hearing from me very soon. It will probably be more like April 14 before the *check* is in the mail.


Ladykli said...

Since Rick is a free-lancer he is incorporated, (I'm the veep!) so our taxes are very confusing to me. He has always used an accountant. We have to pay quartly taxes and franchise taxes (or they may be the same thing). Well in 2006 the accountant didn't file one of these taxes and we recently had to pay a LOT of money. Thankfully we had the money but now our property taxes will have to be paid late. Rick's work is really starting to pick up so that is a good thing! Now if I could be so lucky..... :)

Have a great weekend Patsy!

Losing Myself said...

I am waiting on one form. We usually get a little back. I have extra witheld for that very reason, cause we'd rather pay a little each paychec and get some back than have to come up with it in April. But that's just us.
We have pretty simple taxes, too. I have been known to make a mistake before, and the IRS has had to contact me (only twice n 36 years) to do a 'redo'. But I just refiled the paperwork with the correct #'s and everything was good.

Julie said...

My grandfather was one of those guys who would mail his return and check to the IRS at literally the very last hour.

Our taxes are going to be complicated this year. We sold a rental house, so some of the profit is capital gains, but I am not sure how much of the house was depreciated, so ugh. I am just not thinking about it yet. Plus we still have a house in Tucson we are partially renting out -- my son lives there with his friends while they go to UA -- so that's some more complication. ugh.

I hate taxes.

LceeL said...

I leave it all to my accountant. Owning a small business I run from my home as well as working for someone else means that things are too complex for this little brain to figure out. Period. I haven't paid extra in 15 years. I like it that way.

Jenn said...

We've had to pay the last few years too. I am so not ready to even look at our numbers this year.

Hootin' Anni said...

Icky, icky Taxes. I hate this time of year. Bud and I had our paper work all piled up and it's getting worked on right now...we'll go pick it all up and sign it then have them send it out.

I just wanted you to know that I did the 'name game' tag from below and posted it today. The color beginning with "A" was something I had difficulty with, but came up with one...finally. Not a word/color I use everyday. LOL

Happy Sunday. GO CARDINALS.

And I have a Valentine Card on my sidebar for those who'd like to pick it up.

storyteller said...

I hate dealing with tax paperwork too but I usually get a small refund. Looks like this year there's no rush to file since California won't be sending rebate checks ... we'll get IOUs instead. Such is life. Hope things work out for you two.
Hugs and blessings,