OT: Taxes have been good to us!!

[Maggimus]

I just wanted to list a little praise here for myself and my DH. Today we went and filed our taxes. We were so worried... and had good reason to be.

DH makes quite a bit of money and therefore "the more you make, the more you pay in taxes"... He makes more than your average joe-- persay. This can be good-- and this can be very bad... because in the end you have to pay.

DH gets "Spiffs" (or bonuses as some call them) .... and we have to pay taxes on those at the end of the year. He had over 5000 in spiffs

Ive done Real Estate for a while now (no longer choose to do so... ill explain why in a minute). Thats considered "self employed" and you get a 1099. Therefore you dont pay out ANY taxes UNTIL tax season-- which lead us to believe we would be in debt to the IRS... quite a bit!


It really wasnt looking good for the home team...

THANK HEAVENS FOR DEDUCTIONS-- YAY!! We got married-- we got to file jointly as a married couple this year! I also got to deduct gas, cell phone, computer, etc...

Dont forget about the Home Phone credit this year!

All in all we expected to pay out about $2000.... we were ready to pay it-- we had even budgetted for it.

We have our own tax lady (H&R block doesnt always do your taxes correctly AND charges you and arm and a leg).... so we went to her.

We were SO surprised when she said that we were getting back over $6000.00

We expected to pay out!!

Then the tax lady tells me that if I choose to go back to work (which i havent been working , I quit before the wedding so i could finish up the final details and DH makes so good i just havent went back)... she said if I do then they will take atleast 33% of my check toward taxes! SHEESH! This is due to the bracket that DH puts us in with his income.

For some reason taxes have been good to my family this year (us and my sisters family)... lets just hope the same for my parents and the rest of you all!!

Sending lots of hugs and good vibes for your taxes too!!

I hope you dont mind me sharing this-- im just really excited and thought you all would understand!!

DEFINATELY HOPING TO GET THE DISNEY TRIP THIS YEAR IVE BEEN WANTING.....
-Maggie

 

[princessdisneybelle]

Yay! Great feeling. Was good to my family too. Made enough in just taxes back to totally pay for the wedding.

 

[TinkBride]

I feel your 1099 pain. DF is also self employed as of right now, and it is killing us in taxes, we have to pay about $4000.00 in taxes because of his business. Luckily, he has budgeted this over the year.

I on the other hand am getting enough back to pay off my car! So that's an extra 250.00 a month!

Next year will be much better, DF will no longer be self employed, (he is in the process of selling his business), and he will have a "reagular income" where he will pay every paycheck. And bonus: we will be married!

 

[Maggimus]

I feel your 1099 pain. DF is also self employed as of right now, and it is killing us in taxes, we have to pay about $4000.00 in taxes because of his business. Luckily, he has budgeted this over the year.

I on the other hand am getting enough back to pay off my car! So that's an extra 250.00 a month!

Next year will be much better, DF will no longer be self employed, (he is in the process of selling his business), and he will have a "reagular income" where he will pay every paycheck. And bonus: we will be married!

It is SO nerve wracking when you have the feeling that you owe... because you walk in not really knowing how much and just hope and pray it isnt more than you are expecting. We are in complete shock-- literally im floored.

We were so ready to pay atleast $2000 due to my 1099. I wish 1099's werent that way though. If your DF werent in the process of selling out-- I would tell you to tell him to consider paying quarterly instead of yearly. Most Real Estate professionals do this-- but I chose to do mine at once. Quarterly can make it a whole lot easier on the mind when you know you have to pay-- atleast that number in the end isnt AS big-- all at once.

Good luck to your DF this year--- taxes can be very nerve racking!

 

[PrincessBride07]

Congrats on the check. Maybe you can use the money for another Disney vacation .

 

[myprincessgirlisa]

Taxes were good to us this year too....but mostly due to making more, but paying out more in interest & benefits....so we got over $7k back...its pretty sad when you make more money every year & take home less from benefits, but they're necessary.

It also helped that DH & I claim M 0 & they take more out now & you get more back at tax time

At least we have been putting the $$ to good use & not going on a shopping spree...although I could always use new shoes

 

[Maggimus]

same with us-- we paid a lot of house and car taxes.... and DH claims 0-- it truely adds up!!

 

[Maggimus]

Congrats on the check. Maybe you can use the money for another Disney vacation .

thats exactly what im hoping for -- maybe somehow DH will take the hints and surprise me with a trip!!

 

[Cinderella Fan]

Maggie that is great!! We got back about $7K, due to the fact that we got married. That helped us pay the $4000 into our ROTH IRA and have enough left over to pay for our Disney trip this summer and our Sept/Oct trips we have planned (inc. Charleston... ).

You know, that is enough to get you a couple days at the WL this year....

 

[Maggimus]

Maggie that is great!! We got back about $7K, due to the fact that we got married. That helped us pay the $4000 into our ROTH IRA and have enough left over to pay for our Disney trip this summer and our Sept/Oct trips we have planned (inc. Charleston... ).

You know, that is enough to get you a couple days at the WL this year....

Ah-hem (Clearing my throat).. im thinking of slipping DH an annonymous e-mail

 

[Sparkles9306]

This is one benefit to getting married! I can't wait till next year and see how we do. We each did OK this year but not as good as we usually do. No more student tuition deductions!

 

[luna99]

that's so awesome maggie! I'm so happy for you and you DH!! I'll get some money back but not that kind of money!

I can't believe you're in real estate at such a young age.. very impressive! I'm hoping to start my own business by the end of this year, beginning of next and all that tax stuff is *SO* confusing for me!

anyway, congrats for the two of you!

 

[Maggimus]

that's so awesome maggie! I'm so happy for you and you DH!! I'll get some money back but not that kind of money!

I can't believe you're in real estate at such a young age.. very impressive! I'm hoping to start my own business by the end of this year, beginning of next and all that tax stuff is *SO* confusing for me!

anyway, congrats for the two of you!

thank you so very much!! GL when you file !

 

[calanniebu]

That's awesome! I wasn't quite sure how filing jointly was going to help or hurt us so I'm hoping some of that good tax luck lands in my lap too! We do our own through turbo tax but we *may* have someone else help for 2007 because we'll be *finally* buying a house.

 

[Maggimus]

i think filing jointly allows you to get a lower percentage of tax taken out on you. Not quite completely sure though-- I believe thats what the tax lady told us.

 

[DisneyFairy19]

Great for you Maggie.. Must be a good feeling..

 

[hulagirl87]

wow! congrats on such a great tax return!!! i need to hurry up and get myself married!!! we bought our house in september so i don't know how well we will do this year, but hopefully next year we will make out like bandits