Wednesday, January 17, 2007

Tax Time

One good thing about technology is that many things have moved online. That includes not only filing taxes, but getting tax statements. I’ve spent a little time over the last week collecting electronic copies of everything I need to file my taxes, which I do with TurboTax. I’ve got just about everything I need, with one exception. My bank, with the few pennies I’ve earned in interest, won’t give me the tax data until they put out the monthly statement next week. It’s mildly annoying especially when I’m expecting a rather large refund (I only have 3 months of income for tax purposes, thanks to the Combat Zone entitlement.)

Hopefully I’ll be able to get the taxes filed in a week or so, so that my refund arrives about the same time I get home. And I’ll promptly use it to buy a car since my wife saw fit to sell mine when I left.


"BARBIE" said...

Dan, I just wanted to let you know that I'm an IA about to head to JCCS-1 myself. In fact I might be your replacement (timing is close). After reading your blog over the last few weeks, I decided to start my own. The format is very similar to yours (why reinvent the wheel) hopefully there are no copyright infringement issues. O;) I hope your last few weeks in Iraq are safe and you have a safe journey back to the land of milk and honey. Oh blog is called "The One Wire" hosted by blogspot. Take care and good luck.

bullnav said...

BUY FORD!!! Well at least take a look if you are in the market for a new vehicle anyway. We have some real quality products out there.
Otherwise stay safe and keep up the great work.

BOB!! said...

Since you want your money sooner, rather than later, estimate how much the interest will be (guess on the high side, rather than the low), and file now. If, after you get your statement it turns out that the amount you guessed is enough too high that it increases the amount of your tax, file an amended return. Remember that there is built in granularity in the system, such that you have a range of $50 that results in the same tax. If you're in the 28% tax bracket (for example), each $50 increment has a tax of $14. So if you overestimate by $50, you can decide not to file an amended return if you don't feel it's worth it to get your $14.