Ask the Readers: Do You Look Forward to Tax Time? (Your Chance to win $20!)
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- Comment #117 - Love it! Submitted by Karen on January 20, 2010 - 12:54. I'm a CPA, so tax time is my time to shine! I love seeing clients and helping them get their returns completed. It's also when I work six days a week so I can relax and work 4 days a week the rest of the year ;-)
Taxes.
Depending on who you are, they can mean very different things. For some, filing taxes means a big refund will soon end up directly deposited in your checking account. For others, it means you'll be catching up on self-employment taxes and looking forward to a big bill. Most of us lie somewhere in the middle, looking forward to breaking even or perhaps getting a modest return that we can use for paying down debt or putting away for a rainy day.
What are your thoughts on tax time? Do you dread it? Anxiously await it? We'd love to hear your thoughts, fears, and plans for getting some of your own hard-earned cash back. (We encourage you to link to your own blog posts if you've covered a similar topic on your own site.) Let us know your stories here in our comment thread or on Twitter, and you'll be entered to win one of two $20 Amazon giveaways. (Yes, that's right! We've doubled our prize money!) Dozens of readers have already won. You could be next!
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I don't fear or favor tax time. We always do our taxes early, and usually receive a large enough refund to pay our state taxes with some left over. Sometimes, it is a wash, but sometimes there is enough left over for a little bit of fun. One year, it helped us save for a trip to Disney World, another, a down payment for a newer car. This year, with cuts and such, we are hoping to break even at least. We see a refund as something to use wisely, but not to depend on it. The old saying that there is nothing sure but death and taxes? Sad, but true.
Each year there are more and more tax prep software to try out, plus I do paper/calculator as well, but no matter what, each option gives me a different final answer. How is it that I enter the same numbers but get different refund/amounts owed? So, no, I dread tax time because it is total confusion.
I actually look forward to tax time. I don't have to file, but I volunteer with Tax Aide to do others returns. It is such a pleasure to help others and I have made a lot of friends that I only see once a year.
I don't mind tax time.... I have an accountant to do my forms and a check from the Goverment to look forward to later.
That last couple of years, we have been lucky enough to get money back, which is nice. I use tax prep programs and like seeing the numbers add up while I input data. But the real reason that I like doing taxes is that I spend a great deal of time organizing throughout the year to keep track of our finances and financial data. This is one of the few times a year that it comes in handy and makes all of the work worth it. So, the process is quick, easy and painless while others dread it and procrastinate.
I get anxious around tax time since it determines how much college financial aid for the year. I'm on my own, so every bit counts. Otherwise, I like knowing what the difference is between how much I make and how much I have left.
As weird as it sounds, I look forward getting it done and off my mind I don't like waiting till crunch time. Also after discovering TurboTax software it has been a lifesaver. It gives me a little high as it racks up the amount I'll be expecting....like a cash register. Very satisfying feeling. I'm a dork.
I am a student, so my lifetime learning credit refund gives me an extra $2,000 in the bank. Next year (2010) will be good too. Starting in 2011, I don't think I will like it any more.
I look forward to it - and I don't!
I do get a good refund, which is nice. I add it to my emergency & gift funds for the year. I know I could keep some of that money by paying less tax through the year, but I prefer to get the refund in 1 chunk.
I don't enjoy the work of actually doing the taxes, which is more complicated since I've had a son in college. I use TurboTax, which makes it relatively easy, but it's not fun!
I do look forward to getting my tax refund every year, but hate the idea that I gave the government an interest free loan for the year
As a corporate tax accountant I look forward to the sense of accomplishment I get from completing our return. Unlike a lot of the other posts I hate to give the government a free loan all year so my goal is to get a close to zero as possible. If not zero then I would rather owe a bit in April.
I don't mind and always like to see if I have had enough money deducted through out the year since my husband has a small business.
I use the Free H&R software for federal returns and then enter the info on the free Virginia state tax site.
I'm a fan of tax time. My return is usually modest since I review my withholding once a year but its nice to get back what I'm owed.
I look forward to tax time being over...each year I'm trying to get closer to $0 for my tax return, so my return on taxes shouldn't really hurt or help my financial situation too much.
Actually, doing taxes is like a good workout at a gym. I don't enjoy the act, but feel great afterwards.
Oddly enough, I do look forward to tax time. We're hoping the adjustments we made make for a smaller refund this year.
Great...now I can't type. Please update my email address from "bigac" to "bigmac" in my prior email. Thanks!
I'm a CPA, so tax time is my time to shine! I love seeing clients and helping them get their returns completed. It's also when I work six days a week so I can relax and work 4 days a week the rest of the year ;-)
I hate tax time. We owe way more than we can pay and think there has to be something wrong.
For the most part, I think my taxes are pretty simple enough to where I can do it myself thank goodness. However, sometimes when it comes to certain deductions that you can claim it can get a bit tricky, too. Here's an article that can definitely help those who many be uncertain as well about legal tax deductions: http://www.gobankingrates.com/tax/tempting-but-illegal-tax-deductions/
I anxiously await all my tax documents after the new year. Once I've got them I enjoy taking them to my tax guy and talking with him about everything that went on over the year. I also enjoy the check that comes after it's all filed!
I dread tax time. Not because we usually end up paying (actually, we usually get at least a little refund) ... but it's such a hassle going through all that paperwork, trying to figure out the "right" answers to questions, etc.
I do enjoy doing my taxes, they are easy now with online software. I do however hate state taxes!
Love it! Tax time is the only time it is good to be poor.
For no other reason than numbers make me nervous, I dread tax time. But I should be getting a good refund because of an energy-efficiency rebate, so I will make myself do the taxeds as soon as all of my documentation arrives.
You'd think that after all these years of running a business, we'd have a better attitude about income taxes. Thank goodness it's only once a year!
I don't usually look forward to tax time, but that's just because I don't like filling out the forms.
I feel sorry for my tax person this year. I went from single to married, both me and the wife have more than 1 source of income, and we'll need to pay taxes in 2 states. But I look forward to tax season as well, I've always gotten a return.
I usually have nothing to fear around tax time, since I make so little that the government has to pay ME. (I'm still a student.)
I actually love tax time because our taxes are pretty simple. And we will be receiving a check because DH is still in school. This year will be especially sweet because we'll be getting an extra $1500 for the new energy efficient A/C unit we put in to replace the 28 year old one that cratered. It will help replenish the EF nicely. :)
I love tax time. I'm no fan of the government getting a tax-free loan from my income, so I'm always eager to get that money back.
I almost never get a refund, because I don't like the government holding on to my money interest free. Nevertheless, I don't mind doing my taxes myself. I was a math geek in school and still enjoy working with numbers. Following the byzantine steps to itemize my deductions or calculate capital gains, as others have noted, gives me similar satisfaction to solving complex math problems. And this may sound a little masochistic to some of you, but I don't use any software, just a pencil and calculator.
Absolutely not! That's why I use Turbo Tax, so I minimize my chances of making mistakes!
I don't do them. My husband does. Ours are so complicated if he wasn't around, I'd hire someone. We're pretty much on target payment wise and rarely get much of a refund.
I took a tax class this year at one of the walk-in type tax prep places. Every year I procrastinated--even though I was getting a refund--but not any more. The class was great--given by a CPA more than willing to answer any tax questions, even detailed ones about my exact situations. This year, for the first time, I can't wait to get them done!
I look forward to tax time just because we usually receive some money back. We use this for those extras!
Like most here, I do not look forward to collecting all the documentation and then actually filing my taxes.
But I always get a refund and that usually comes in handy this time of year for me.
I suppose it is a necessary part of our society....but we still don't have to like it.
DO not care about taxes. Only pay, pay, pay... All the money goes to stuff I disagree with...
I am not looking forward to doing my taxes this year. I had a couple of sweepstakes wins that are going to kill me on taxes.
Right after EVERYTHING ELSE!
I'm a CPA. Effective tax planning starts right now, and ends 12/31, when it's time to grind out the returns, it's just sumarize what you did.
I do a lot of personal, corporate, and non-profit returns. The most successful (1) own real estate, and (2) plan during the tax year, not when it's time to send in a summary of what you've done.
We get money back for giving Uncle Sam that interest free loan (although we do owe taxes for local)so yes, we look forward to tax time.
Christine
dazed1821@aol.com
I would rather keep my whole paycheck than to have part of it taken away. I may get part of it back but with out intrest. I am a supporter of The Fair Tax. It would replace all the taxes we have now with a sales tax on new goods and services. You would never file an income tax form again. You would keep every penny you earn no matter how you earn it. Prices would be lower because businesses would no longer be paying business taxes. All citizens with a social security number would get a check every month to cover taxes on everything up to the poverty level. There are so many other reasons this is better than what we have now. Go to http://fairtax.org to find out more.
Missouri is in the process of passing a state version of The Fair Tax.
When you pay for years and then suddenly go to a refund, you look forward to a refund. My husband changed his W4 form to exempt only one. I am currently not working. In a couple of months we plan to change the w4 form to exempt 0 when he receives a pay raise. I do not care about loaning the gov an interest free loan. If we did not do this we would not save, we would spend it. Sadly, we have to make some sacrifices as a result!!
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While the new law tax changes in the health reform legislation and the hiring legislation were the most significant developments in the first quarter of 2010, many other tax developments may affect you, your family, and your livelihood. Check out this page for more info: http://www.myirstaxrelief.com/blog/irs-audits/2010-tax-help/
When I was a university student and work a slave wage Target (money for books) job at night I would receive a nice tax refund, the kind that people brag about. After graduation, I became a teacher. I have been a teacher for 4 years now. During these past 4 years, I have had to pay $500-$700 during each tax period. That's the kind of luck the lower/upper middle class receive from our lovely elected ones. The only people I ever see bragging about a tax refund are slave wagers or the super rich. The slave wagers deserve the refund, they should have received on their paycheck in the first place. And the super rich will always have their accountants, the long deductions lists, and politicians in their pocket to help them out.