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Forum: Financial Planning and Budgeting

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View Poll Results: Taxes
Definitely 8 42.11%
Probably 5 26.32%
No, we'll break even. 2 10.53%
No, I'll pay in. 1 5.26%
I honestly have no clue! 3 15.79%
Voters: 19. You may not vote on this poll

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  #1  
January 11th, 2007, 06:29 AM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
We'll file probably sometime in February. Waiting to get all of our info in the mail. We always file jointly. Since I was an employee for 6 mos and a contractor for 6 mos, we might break even, but we'll probably have to pay in.
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  #2  
January 11th, 2007, 07:35 AM
4iris's Avatar Platinum Supermommy
Join Date: May 2006
Location: Midwest
Posts: 10,732
I've got to gather up all my Avon info so it'll be ready when we get all the other tax paperwork in the mail. Gotta file early in case our little guy decides to make an early appearance. Nothing like motivation!
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  #3  
January 11th, 2007, 07:52 AM
Alison79's Avatar Platinum Supermommy
Join Date: May 2005
Location: Texas
Posts: 10,228
Just waiting on the rest of the info to come in the mail (W2s, mortgage statements, etc). I expect we are getting a refund this year.
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  #4  
January 11th, 2007, 07:53 AM
Veteran
Join Date: Mar 2006
Location: Jonesboro, Indiana
Posts: 500
4Iris, I started selling Avon this year and i was under the impression that you don't have to do anything with Avon on your taxes unless you sold $5000 worth of items. Do you know if this is true???

I will file mine as soon as I get all my info, probably the first week of Feb. I need that money like now LOL
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  #5  
January 11th, 2007, 08:17 AM
4iris's Avatar Platinum Supermommy
Join Date: May 2006
Location: Midwest
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The first year I sold Avon, I started in November and still had to include it when we filed. I had a lot of mileage that year (2 months), due to where we lived in relation to most of my customers, so it worked out as a loss and helped on our taxes. Since then I've always sold more than $5000, so I really don't know whether that's true or not.

I did start using a CPA for our taxes when I started selling Avon. She's not only taken care of all the business stuff that I wouldn't know where to begin on filing, but has increased our return by using better software and having knowledge of the laws/rules that we don't have. I highly recommend it.
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  #6  
January 11th, 2007, 08:49 AM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
I'm filing the first week in Feb. Itemizing, of course. With all of the mortgage interest we pay, we always get a refund, even with dh claiming the max # of dependents on his W4. Married/jointly.

LOL. Funny story. (my dh is so silly). Dh told me he wanted to go exempt this next year because he has a co-worker who goes exempt every year and doesn't have to pay come tax time (all employees make the same amt where dh works). He has 8 kids! LOL. Of course he doesn't owe. I told dh that when WE have 8 kids, then he can go exempt too.
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  #7  
January 11th, 2007, 09:00 AM
3Xblessed's Avatar Platinum Supermommy
Join Date: Dec 2004
Location: Southern California
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We'll file as soon as we get everything in the mail. We usually get a refund but this is the first year we will break (sorry....it sounds like a lot but remember we live in so.cal. so its barely a middle class living and we wouldn't qualify to buy another house) 100K and I heard that was a major tax bracket change.
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  #8  
January 11th, 2007, 09:15 AM
~Jess~'s Avatar Platinum Supermommy
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Location: Central California
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Quote:
We'll file as soon as we get everything in the mail. We usually get a refund but this is the first year we will break (sorry....it sounds like a lot but remember we live in so.cal. so its barely a middle class living and we wouldn't qualify to buy another house) 100K and I heard that was a major tax bracket change.[/b]
http://moneycentral.msn.com/content/P133779.asp (link from www.irs.com)

Quote:
Married filing jointly
or widow(er)*
income greater than/but less than Total tax + % of amt.
0 $14,600 $0.00 10% $0
$14,600 $59,400 $1,460.00 15% $14,600
$59,400 $119,950 $8,180.00 25% $59,400
$119,950 $182,800 $23,317.50 28% $119,950
$182,800 $326,450 $40,915.50 33% $182,800
$326,450 -- $88,320.00 35% $326,450[/b]
Looks like the tax bracket changes at $119,950 and only goes up 3% from 25% to 28%. The big jump is over $59,400, which jumps from 15% to 25%. Keep in mind this is TAXABLE income, not gross income. With all of your mortgage interest and daycare expenses, I doubt that you'll be in the 28% bracket.
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  #9  
January 11th, 2007, 10:08 AM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
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Quote:
The big jump is over $59,400, which jumps from 15% to 25%.[/b]
Tell me about it! We just baaaaaaaaaaaaaaaaaaaaaaaarely went over the mark last year!
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  #10  
January 11th, 2007, 10:28 AM
3Xblessed's Avatar Platinum Supermommy
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Location: Southern California
Posts: 2,745
Okay I was talking gross income....and I think I'm now making 56 and dh is making 58ish but his raise came last month.....so we may not be over that 119 hump!!!

Thanks for the info because I was totally sweating it......
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  #11  
January 11th, 2007, 01:51 PM
Mega Super Mommy
Join Date: May 2006
Posts: 2,667
We always file about April 10 because we always have to pay!
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  #12  
January 11th, 2007, 03:53 PM
whitlovesoak's Avatar Mega Super Mommy
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we are filing jointly/married. my uncle always does our taxes for us. thank goodness! we usually always get back a return so i am expecting one. i voted probably. we will in the next few weeks to help pay down some debts etc. it will really help so here is to hoping!
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  #13  
January 11th, 2007, 04:24 PM
nmiracles's Avatar Mega Super Mommy
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I voted in a few weeks, standard, married/jointly, and probably.

Quote:
Just waiting on the rest of the info to come in the mail (W2s, mortgage statements, etc). I expect we are getting a refund this year.[/b]
I did a tax estimator on the H&R Block website and it showed a refund. *fingers crossed*

Quote:
Quote:
The big jump is over $59,400, which jumps from 15% to 25%.[/b]
Tell me about it! We just baaaaaaaaaaaaaaaaaaaaaaaarely went over the mark last year!
[/b]
That happened to us the year Harley was due. We had to pay in $1300 in April and she came in May. Talk about being tight on money.

Honestly, I don't know much about taxes. We give the info to dh's stepdad and he does them. I have tried saving stuff to itemize, but he always says we have to take the standard deduction.
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  #14  
January 11th, 2007, 04:53 PM
Decemberhill's Avatar Nicole
Join Date: Nov 2006
Location: North Carolina
Posts: 3,876
We already filed. We did it with H&R Block online last Friday. Last year we didn't file until last minute and I didn't want that again this year.
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  #15  
January 12th, 2007, 06:23 AM
MandiK's Avatar Platinum Supermommy
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I'll be sending all the info to the accountant once it comes in the mail, but when I decide to actually file will be based on whether or not the magic of tax law means I have to pay in or not. I will be terribly crabby if I have to considering I only worked 4 months this year as an hourly worker, the rest as contractor (which wasn't much money). The problem is I received an educational award from the year of national service I did, and now that the federal government gave me money, they've decided they need to tax it. Urgh!

We'll see what the accountant says ...
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  #16  
January 12th, 2007, 12:43 PM
CBMS
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I already have ours filled out, using taxactonline.com and DH's last paycheck stub... it says we're getting in excess of 6K It's less than the estimators were telling me about 6 weeks or so ago, though.

DH had "single, 1 dependent" on his taxable all year, so that's why it's high. We could lower that and get more per paycheck, but it's more fun to get a big refund.

Since I have no income, we're definitely filing married joint. We don't itemize b/c we get a bigger deduction than we could if we itemized.

(I wish they'd hurry up with his paperwork so I can compare and click file! )
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  #17  
January 12th, 2007, 01:07 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
Quote:
I already have ours filled out, using taxactonline.com and DH's last paycheck stub... it says we're getting in excess of 6K It's less than the estimators were telling me about 6 weeks or so ago, though.

DH had "single, 1 dependent" on his taxable all year, so that's why it's high. We could lower that and get more per paycheck, but it's more fun to get a big refund.

Since I have no income, we're definitely filing married joint. We don't itemize b/c we get a bigger deduction than we could if we itemized.

(I wish they'd hurry up with his paperwork so I can compare and click file! )[/b]
Any big plans for the money?
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  #18  
January 12th, 2007, 01:16 PM
CBMS
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Posts: n/a
We split it; DH's half is going to pay off a couple of credit accounts that are down close enough to pay off with it...

I haven't decided what I (being such a tight wad ) will do with my half. A few months ago, when my DH and I were having [pretty big] problems, I was going to use my half to get my own apartment, but since we have been doing really well, I don't anticipate that happening afterall. . . but I still want to put a lot of mine into savings just in case.
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  #19  
January 12th, 2007, 07:42 PM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
we'll file as soon as I get all our our W-2, 1099's etc. (The orchestra I play for always sends my 1099 late ).

I'm not sure if we're going to have to pay. We've have to pay the past 2 years, but with Haley here, we shouldn't have to. (I have money saved if we do, but I will still be ticked!)
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  #20  
January 13th, 2007, 04:55 PM
ShannonMVT's Avatar Platinum Supermommy
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Posts: 10,874
Yikes, I just did a quick look and I voted wrong...I think we will have to pay. I'm not sure why, since I think I put the same number of deductions (or whatever its called) as we did last year.
How much do you have to owe before they charge you interest on the money you owe them?
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