Comments on: Things I Learned From Doing My Taxes http://beingfrugal.net/2009/02/16/filing-taxes/ Saving money and getting out of debt from a Christian SAHM perspective Wed, 10 Mar 2010 09:37:30 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: DDFD at DivorcedDadFrugalDad.com http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14715 DDFD at DivorcedDadFrugalDad.com Wed, 18 Feb 2009 12:41:02 +0000 http://beingfrugal.net/?p=1704#comment-14715 Great post! Taxes can seem like a taunting task, but it goes pretty quick. Paying those estimated taxes is important, but I always do estimated taxes throughout the year to be sure not to overpay and give Uncle Sam a free loan (http://divorceddadfrugaldad.com/2008/08/30/dont-give-the-government-an-interest-free-loan.aspx). As for receipts, folder them by month or by category during the year and it will be much easier at tax time. Great post!

Taxes can seem like a taunting task, but it goes pretty quick.

Paying those estimated taxes is important, but I always do estimated taxes throughout the year to be sure not to overpay and give Uncle Sam a free loan (http://divorceddadfrugaldad.co.....-loan.aspx).

As for receipts, folder them by month or by category during the year and it will be much easier at tax time.

]]> By: Nicole http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14691 Nicole Tue, 17 Feb 2009 20:03:38 +0000 http://beingfrugal.net/?p=1704#comment-14691 There is a website http://www.icanefile.org that allows for people to file their state and federal income taxes for free (it hasn't been approved in every state yet, so check the site to find out if you can file your state return). This is a completely free site designed for the low-income worker to use to e-file their taxes and helps them get their Earned Income Tax Credit which places like H&R Block hardly every check for (and you don't have to pay half of your refund to them as a fee!). The website is designed for individuals who do not have extremely complex taxes. There is a website http://www.icanefile.org that allows for people to file their state and federal income taxes for free (it hasn’t been approved in every state yet, so check the site to find out if you can file your state return).

This is a completely free site designed for the low-income worker to use to e-file their taxes and helps them get their Earned Income Tax Credit which places like H&R Block hardly every check for (and you don’t have to pay half of your refund to them as a fee!).

The website is designed for individuals who do not have extremely complex taxes.

]]> By: Rebecca Rivera http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14678 Rebecca Rivera Tue, 17 Feb 2009 01:29:38 +0000 http://beingfrugal.net/?p=1704#comment-14678 Make sure to claim any expenses used for the car with self employment. Also if you had to buy anything (stamps, computer, paper, etc) for business it is deductable. Even if you say bought a computer and use it 1/2 for business & 1/2 for personal use, than 1/2 of depreciated value is deductable for this year and next few. I run an in home daycare and even the toilet paper the kids use is tax deductable, as well as when I go to store to buy daycare stuff. I do pay a CPA who specializes in home business to do my taxes as she knows so much, and she is a work at home mom too, so this helps ease paying her. I already filed (efile, my first time) and got my refunds back. I got about $4,000. I gave myself some mad money and the rest is for bills and to fully fund my freedom account(account for stuff that comes up but not monthly, ie-gifts, car repairs, my glasses, AAA membership, Christmas, oil changes, etc.) It feels so good to be ahead, with no debt at all. Next I start working on the house fund (we rent a small house.) I want to save 20% to put down on ahouse in next 5 years. Thanks so much for your blog!!! Make sure to claim any expenses used for the car with self employment. Also if you had to buy anything (stamps, computer, paper, etc) for business it is deductable. Even if you say bought a computer and use it 1/2 for business & 1/2 for personal use, than 1/2 of depreciated value is deductable for this year and next few.
I run an in home daycare and even the toilet paper the kids use is tax deductable, as well as when I go to store to buy daycare stuff.
I do pay a CPA who specializes in home business to do my taxes as she knows so much, and she is a work at home mom too, so this helps ease paying her.
I already filed (efile, my first time) and got my refunds back.
I got about $4,000. I gave myself some mad money and the rest is for bills and to fully fund my freedom account(account for stuff that comes up but not monthly, ie-gifts, car repairs, my glasses, AAA membership, Christmas, oil changes, etc.) It feels so good to be ahead, with no debt at all.
Next I start working on the house fund (we rent a small house.) I want to save 20% to put down on ahouse in next 5 years.

Thanks so much for your blog!!!

]]> By: Candy @ Deal with it, simply http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14677 Candy @ Deal with it, simply Tue, 17 Feb 2009 00:16:38 +0000 http://beingfrugal.net/?p=1704#comment-14677 Great post! I also need to get more organized. Every year I think I'll do better well next year I am! Great post! I also need to get more organized. Every year I think I’ll do better well next year I am!

]]> By: Liane http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14673 Liane Mon, 16 Feb 2009 20:31:13 +0000 http://beingfrugal.net/?p=1704#comment-14673 I just finished completing our taxes the old-school way. I've used both H&R Block and Turbo Tax in the past but decided to save $ and do it myself. Good thing I did because a refund is not coming our way this year. Oh, well. At least we've enjoyed our money every week, and we're not waiting for our 'loan' to the gov't to come back to us. We've always been happy to break even. Being a homeowner, in the early years it's great claiming all of that mortgage interest in the deductions. However, after so many years, you begin paying on the principle and not as much on the interest. And, I think this will be the last year I can claim my deduction, uh, I mean my son. Great post! I always enjoy your blog. <abbr><em>Liane’s last blog post..<a href="http://tenderhearteddaisy.blogspot.com/2009/02/22875-sounds-good-to-me.html" rel="nofollow">22.875% Sounds Good to Me!!</a></em></abbr> I just finished completing our taxes the old-school way. I’ve used both H&R Block and Turbo Tax in the past but decided to save $ and do it myself. Good thing I did because a refund is not coming our way this year. Oh, well. At least we’ve enjoyed our money every week, and we’re not waiting for our ‘loan’ to the gov’t to come back to us. We’ve always been happy to break even. Being a homeowner, in the early years it’s great claiming all of that mortgage interest in the deductions. However, after so many years, you begin paying on the principle and not as much on the interest. And, I think this will be the last year I can claim my deduction, uh, I mean my son.
Great post! I always enjoy your blog.

Liane’s last blog post..22.875% Sounds Good to Me!!

]]> By: June Walker http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14669 June Walker Mon, 16 Feb 2009 16:32:34 +0000 http://beingfrugal.net/?p=1704#comment-14669 "at long last" WOW! you are way ahead of most indies who are even now not really moving toward getting their tax info together. I know because I've been a tax and financial consultant to talented, wonderful self-employeds for a long time. For your blog visitors who have not yet put their pen to paper or finger to keyboard please let them know that they can get a complimentary LIST of 100+ INDIE BUSINESS EXPENSES from my site or blog. Please continue giving your useful info in such an accessible style. Indies need as much help as they can get. June Walker “at long last” WOW! you are way ahead of most indies who are even now not really moving toward getting their tax info together. I know because I’ve been a tax and financial consultant to talented, wonderful self-employeds for a long time.

For your blog visitors who have not yet put their pen to paper or finger to keyboard please let them know that they can get a complimentary LIST of 100+ INDIE BUSINESS EXPENSES from my site or blog.

Please continue giving your useful info in such an accessible style. Indies need as much help as they can get.
June Walker

]]> By: Denise http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14668 Denise Mon, 16 Feb 2009 16:30:30 +0000 http://beingfrugal.net/?p=1704#comment-14668 Thanks for the ideas. I will be doing mine soon enough. <abbr><em>Denise’s last blog post..<a href="http://togetherwesave.blogspot.com/2009/02/valentines-day-and-school.html" rel="nofollow">Valentine's Day and School</a></em></abbr> Thanks for the ideas. I will be doing mine soon enough.

Denise’s last blog post..Valentine’s Day and School

]]> By: Lynnae http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14667 Lynnae Mon, 16 Feb 2009 16:08:15 +0000 http://beingfrugal.net/?p=1704#comment-14667 Ah, to not have a state income tax. That would be great! Of course we don't have a sales tax, so that helps... I always have to file early. Every year we get money back from the federal government, but we have to pay the state. So I file federal as soon as we can, and then wait for the refund, so I can use the refund to pay the state. LOL Ah, to not have a state income tax. That would be great! Of course we don’t have a sales tax, so that helps…

I always have to file early. Every year we get money back from the federal government, but we have to pay the state. So I file federal as soon as we can, and then wait for the refund, so I can use the refund to pay the state. LOL

]]> By: AngelSong http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14666 AngelSong Mon, 16 Feb 2009 15:51:41 +0000 http://beingfrugal.net/?p=1704#comment-14666 I empathize with the first time homeowner status; that's where we were in 2007. Fortunately, Texas does not have a state income tax! I also do not deduct anything I am not certain of. I have an excellent filing system, and it does help. Good for you for not waiting until the last minute to file...I generally do ours early as well. I've used Turbo Tax in the past, but I have used TaxAct for a number of years, and it is also excellent. I empathize with the first time homeowner status; that’s where we were in 2007. Fortunately, Texas does not have a state income tax! I also do not deduct anything I am not certain of. I have an excellent filing system, and it does help. Good for you for not waiting until the last minute to file…I generally do ours early as well. I’ve used Turbo Tax in the past, but I have used TaxAct for a number of years, and it is also excellent.

]]> By: Mike http://beingfrugal.net/2009/02/16/filing-taxes/comment-page-1/#comment-14665 Mike Mon, 16 Feb 2009 15:49:06 +0000 http://beingfrugal.net/?p=1704#comment-14665 Great post! Great post!

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