Thursday, February 23, 2012

Tax Time!

I love tax season.. the time of year when everyone calls me with questions I am unable to answer.  Yes, I am a certified public accountant.  No, that means nothing.  You'd probably be better off googling your question than asking me.  But here's what I can tell you... get ready to do your taxes!  Here's what I've got organized so I can do them soon...

1) W-2s - this is that form you get for any wages you've received during the tax year
2) Charitable Contributions - save all the evidence of how much you've donated.  I tithe to the Church and get a nice print out, but I also save any money I donate to friends doing runs or growing mustaches in November.
3) Interest Forms - For any bank where you save money, get the INT-1099 forms, you can normally get it online if you have a registered account, it makes it way easier.  The same goes for any school or auto loans you are paying back as well!
4) Education Stuff - I was so excited when I married Andy and he gave me some education credits.  I don't know enough to tell you what they are, but Turbo Tax will help me out!
5) Medical Stuff - I doubt I will have any medical deductions but I saved all my bills from Jordan's birth (he cost over $2k, how much was your kid?)  Oh, and I think we used some of our HSA so there's a form for that tucked away somewhere...

Lucky for us, we don't have any investments besides a couple of mutual funds and an IRA that I haven't contributed to lately.  That makes all the gain and loss rules a lot simpler! Can you tell I'm a wee bit excited to Turbo Tax our return this year?!  Much of it also has to do with the fact that I'm hoping for a huge return based on having a child in 2011 (2010 was a great huge return year after getting married to a student).  I remember my tax classes in college and Professor Taylor telling us we should get married on December 31st and also have a child on December 31st.  More bang for your buck!  HAHAHA.  Unlike rent or bills that might be pro-rated, you get the benefit for the ENTIRE year regardless of when you became one or added to your growing family.

Here's to the accounting nerd in me.  Stoked for tax season.  Especially since this is year number two I am NOT working busy season for audit.  To my friends still in busy season, the grass is definitely greener over here right now.


Anonymous said...

FYI, I think you can only deduct medical expenses up to 7% of your income (gross or net, I'm not sure). This of course does not include all the money you set aside in an FSA, because that is taken out of your pay check before taxes.

SupaFlowaPowa said...

@Anonymous yup - it's actually deductions that exceed 7.5% of your AGI (adjusted gross income), but we may actually have some this year cuz the baby cost so much! and it goes up to 10% in 2012.. bummer.

Chris and Paige Evans said...

I'm so baffled how some people get thousands back and I always owe thousands... even with a baby!

Happy spending! (Or saving :)

Emmy said...

We just turned our taxes in and are getting money back from Fed and State so we are excited. You dont even want to know how much our last baby cost- 19 days in the NICU- let's just say thank goodness for good insurance!