How would you like your tax refund? I’d like mine medium-rare this year…
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Tax refunds are like steaks - everyone likes them different. Some people like theirs well-done, and blow their huge tax refund on crap they don’t need. Others like theirs rare - they see no reason to give Uncle Sam a free loan. Someday, if both my husband and I have a more predictable income, I would also like our tax refund to be rare, but not to the point that it sends us to the hospital (ie. penalty and interest fees).
This year, I am content to see that our taxes are more of a medium-rare affair. I haven’t finished them completely, but it appears that we will be getting a medium-sized federal refund. At first glance, it would appear that this is not so good. However, we’ll be using this refund to pay our local taxes (state taxes are going to break even), and should have just a little bit left over when all is said and done (hence, medium-rare).
Overall, I am ok with this. I was the lucky recipient of 5 W-2’s in 2007 in addition to having 2 business entities. My income has been unpredictable to say the least, so I’m a little relieved to know that I wasn’t totally out in left field with the taxes. In fact, I think that I am becoming more of a tax connoisseur with each passing year. I took a tax course at H&R Block at the end of 2006 (that’s where one of my W-2’s from 2007 came from), and it was one of the best things I have ever done. The books alone were worth the $100 fee for the class. I was also fortunate in that I had a really great instructor.
I did consult with an accountant this year for a couple of questions I had when setting up my LLC (Limited Liability Corporation). While it’s nice to have professional advice, I have always done our taxes, and I think that it is really useful to have a decent understanding of how taxes work. I would not say that I enjoy doing taxes, but I do like understanding where a lot of our money is going as well as legally funneling some of that money back into our pockets!
What about you - how do you do your taxes? Do you fire up the grill yourself or go to a restaurant? How do you like your tax refund?
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4 Responses to “How would you like your tax refund? I’d like mine medium-rare this year…”
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Funny you mention this, because I’m taking a break from going through receipts/expenses for taxes. This year I’m going to file 3 taxes: personal, sole proprietor (for the first 3 months of 2007) and corporation (for the rest of 2007). I’ve been working with an accountant for my taxes for two years, and it still drives me insane…especially now that it’s different with corporate tax. It’s hard to be organized on a steady basis when it comes to that and each tax season, I kick myself for procrastinating yet again.
Joy’s last blog post..Quinoa with Oven Roasted Vegetables
I hope you get through it without going crazy! I think that I am close to done - I finished, but did not file yet.
You haven’t procrastinated too much yet - you still have a little over two weeks. Good luck
I completely wrote on a similar topic last week in my blog. I really like your blog, money love and change, it’s so familiar to me. I will definitely come back to read often. Maybe we can do some thing interesting together one day - like a biochem carnival or something even crazier!
bobbiedawn from SU
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Bobbie Dawn,
Do you think that anyone would actually read a biochem carnival? I’m just kidding - I really would like to try to effectively communicate some of my scientific opinions to an audience, but I’m not sure if people would be willing to listen!
Also, I’m still burnt out from my thesis - I think I need at least another month or two to get rid of my jaded opinions