I hate to add this to the busyness of the holidays, but it's a fact of life that the tax year will be ending in just a few days for most of us. 

This year has been a so-so year for me financially, but improved toward the end of the year somewhat. That means I'll be paying whatever taxes I might owe as well as estimated taxes in April of this year. I have a savings account for that, but I'm feeling nervous about it and will try to increase the amount between now and then.

I also have a couple of boxes of goods to donate and will take a tax credit for that. I didn't use to bother with it, but why not? It's money in my pocket.

I've been debating buying a new computer for a few months now. Still working on that one. If I find a super good sale, I'll do it.

What are you doing to end the tax year on a good note?  

While hubby is deployed all of his income is considered tax-exempt on the federal level. (His "home of record" state does not have an income tax, so we're clear that way. Praise the Lord!) But his paycheck since being deployed in June was one big screw-up, it's almost comical how messed up it was. Only when he got really upset (think Drill Sergeant on Steroids) and threaten to notify our Congressman did it get fixed. So this month was a very nice paycheck for him--lots of back pay and taxes refunded. So hopefully that part of our taxes headache will be taken care of.

Military members can get their taxes done at the tax center on post by tax attorneys each year for free, so we always go there to get our taxes done. Since I worked this year and will have to pay taxes to the state where we live, it will be beneficial to us to see how that works--if we should file jointly and divide out our incomes or just file separately. That's something to ask the tax attorney.

If baby boy comes early, that will be another deduction!! (The Lord is in charge of that one, though...)

We tithe regularly to our church and give to two charities which are near and dear to us. That helps with deductions. Our mortgage interest helps, too.

I have some items I need to donate to charity, but I doubt I will get around to doing that before the end of the year. We have never asked for a receipt with other donations, but now is as good a time as any to start that habit.

Pat:

I also have a couple of boxes of goods to donate and will take a tax credit for that. I didn't use to bother with it, but why not? It's money in my pocket.

I still have two children at home so the standard deduction is better for us. My husband and I both file self-employed and have work expenses that are separate deductions. My husband bought a truck, some tools, payed a helper and is responsible for his own equipment which equals to a couple of hundred a month so we have a good bit in deductions again.

I have not added it all up but I don't think we have made enough after expense to owe more than a small amount in self employment. I am hoping we have paid in more than we owe.

slk2042:

If baby boy comes early, that will be another deduction!!

Here's hoping for a tax deduction!

Brandy:

slk2042:

If baby boy comes early, that will be another deduction!!

Here's hoping for a tax deduction!

LOL! Thanks, Brandy--me too, as I feel like I may pop!

I just did a draft of our taxes. Luckily, after paying taxes and penalties for our IRA early withdrawl we should still end up on the plus side of things! Tho barely.

I've got all my charitable contributions in that I can afford to give. This is as good as it's gonna get.

The foreclosure next door now has......closure. After offering $25,000 and getting turned down it sold to someone else for $23,500. Mainly because the greedy realtor didn't have to split their commission with the other buyer. I could probably make a legal issue of it, but we decided it wasn't worth it. Evidently it wasn't meant to be. Already met our new neighbor...he came over to ask dh to plow out the drive to the pole barn so he could store things for 6 months while working on the house.

Just as well, after taxes I found we made $15,000 less this year than we've been used to previously.

I hope he turns out to be a good neighbor, Michelle.

He has 3 dogs I'm concerned about. Dh did warn him about our livestock and the problems we had with the previous neighbors and their dogs.

Too bad you didn't get it, but I think you said it would have been another set of bills, mainly, not much income.  Where you going to donate some of the use of the house to your church group?  I think that is very generous, but also an insurance liability and cost to you.  Hope the dogs stay away from you. Let us know how it goes.

Our income is way down this year.  Also my computer with Quicken is down, so will have to do everything by hand, this year, although it has 11 months of banking on it.  I did make a tax appointment, for early Feb.

Brandy:

slk2042:

If baby boy comes early, that will be another deduction!!

Here's hoping for a tax deduction!

Brandy, baby boy is still not here---no tax deduction for 2008!