What did you learn from last year's tax season, and what will you do this season to make everything go more smoothly? Share your experience and tips with other LearnVesters for a great (OK, tolerable) tax season!
And if you don't have any advice but just need to vent and/or commiserate, go right ahead.
i love getting my taxes done early and crossing it off my list! all year long, i keep folders for things like receipts from donations to charities, goodwill drop-offs, and more. i also purchase everything that can be referenced during tax time on one credit card, so that all i have to do is print out my statements for that one card at the end of the year. i work with a woman at h&r block who helps to make it quick and painless - and each year they send me a note in january to remind me to make my appointment. can't get easier than that!
I work full-time and my husband works part time in order to take care of the kids after school. We have extra money taken out of our paychecks each month for taxes in order to get a larger refund (forced savings plan) because we have difficulties saving money each month (2 kids, old cars, too may bills, etc). Then we get our taxes done in early February to get our refund. We also make our appointment for the following year while we're there. When we get those checks, we pay off debts, plan fun family activities, or make planned purchases. This year, I plan to pay off and close as many cards as possible as part of my 2012 (5%) Debt Munch goal.
We did our taxes yesterday and it was not pretty. DH is a bartender at a restaurant that claims 100% of what he earns so he doesn't even get a paycheck and we STILL owe thousands come tax time. We're DINKs who would have been better off not marrying, frankly. My husband always tries to save enough on the side to have what's needed come April but he certainly didn't hit the mark this year. I had to put my foot down since I do the family finances. I asked him to close his separate account and I opened another savings account at the bank we do all our other banking with. I'm transferring a set amount every week from checking to that savings account so that we know we'll be all set for next year. I didn't want it confused with our vacation and emergency fund savings account. I also asked that he deposit ALL he makes daily and withdraw a set amount of spending money each week so that I can track everything through Learnvest. I do the same thing with my paychecks. I also set up a realistic budget in Learnvest and shared everything with him. I hope to "meet" with him midway through each month to see how we're doing. He behaves in a very strange way when we discuss money so I'm hoping if we make it a more routine occurrence, it will cause less stress between us in the long run.
I just hit standard for my taxes. I didn't make anything, or pay any interest or anything, so I don't owe, nor will I get anything back. Maybe next year. :)
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