Friday, April 13, 2007

Tears and Trauma : Tax Time in Texas

Taxes! There was supposed to be a reduction in paperwork and time involved in understanding and preparing taxes. You could never tell it by my household.

Schedules: A, C, D, EIC, K, SE
Forms: 1099S, 1099R, 1099Misc, 1098, 4562
Returns: my husband and I, my son, estate of my son's grandmother

Questions: What is an NOL and why do I need to carry it forwards or backwards? How does my son make more money on investments than I earn? Why are nontaxable benefits noted on about three different forms if they are nontaxable? When did sales tax become deductible again? What is the Federal Excise tax on phone service and why are they not paying interest on that money they held? How can it not cost me a penny to donate to the presidential re-election fund? May I donate the same amount to the opposition party with same rules? Does anyone come out ahead on the energy savings tax credit?

Taxes. Friday the 13th. It figures. Have a special day!

4 comments:

Jess said...

Whoa, today is Friday the 13th!! *cue scary music*

Lisa said...

Taxes suck. LOL

I pay somebody every year because ours are way too complicated.

J.E. said...

I have a million questions about my taxes as well. Thing is, I turned over all my documents to a new accountant at the end of January but I STILL haven't heard anything back from him (except excuses as to why my returns keep slipping lower and lower down on his lit of things to do). I think he's going to have to file an extension for me.

I'm very upset, to say the least, but as I'm in Japan and need an American accountant, I don't have much choice here.

CyberCelt said...

@Jess-The taxes scare me more. LOL

@lisa-I should pay someone, I am
just too cheap! ;-)

j.e.-You have until Tuesday 4/17 to file an extension. You can do it online with TurboTax. Then do it yourself online, its easier.

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