Poll: Have You Filed Your Taxes Yet?
Posted on
Thu, 14th February, 2008 by
Jeremy
As we reach the midway point in February, many people have received all of the information needed to file their taxes. For those who get refunds, you generally want to file as soon as possible so that you can get that refund money into your hands. On the other hand, if you owe money, you may prolong filing so that they can keep the money out of the government’s hands as long as possible.
If you haven’t even started to do your taxes yet, don’t forget to enter my TurboTax Giveaway. I’ll be announcing the winner early next week, so there is still time to enter.
Since we owe this year, we’re going to be waiting a bit. I’ve done our taxes to determine the damage, so I’ll let the money sit in a high interest savings account for another month or so before sending it in. Where do you stand?
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I wasn’t expecting my life to turn so much…bought a house and had a son, both in December. The government owed me back over $4k (thank you HOH). I filed last night.
I went back and took my “tax burden” for 2007 - $7k, and made that as worst case scenario for taxes in 08 (I’ll be itemizing b/c of mortgage interest next year, plus I donate a significant amount to charity). I then went through IRS publication 15 and figured out how many withholdings I should claim on my W-4 to come in “even”. For a full year, I should withhold 4, but I paid in three checks at 2 withholdings, so I’ve moved to 5 withholdings.
I suppose I could have been more thorough and calculated my mortgage interest expectations, student loans, charitable givings, and pre-tax childcare, but I have a 2-month old crying around (he doesn’t run yet).
PS. It is very VERY empowering to go through IRS Pub 15, run the calcs, and have the number on your calculator match what your company is withholding. “Know where your money goes and you’ll be less likely to let it off the leash.”
I’ve gathered most of the needed information and entered into the organizer I have from my accountant, I just need to tweak a few things and then review everything. I should have it done soon though, and when I know whether it’s money in our out, I’ll determine when exactly I have him file it.
I read somewhere that the upcoming rebate checks were dependent on filing your 2007 taxes, and that delaying your 2007 filing could delay your rebate check. Any truth to that, as you understand it? If so, it might pay to go ahead and settle up with the IRS to get the “rebate” for next year a little earlier.
Frugal Dad, from what I understand, it would affect those who file after the 15th due to an extension. In which your rebate would then come closer to the end of the year. Of course, there is a lot of information and speculation regarding how this rebate will work, so I can’t say with certainty that is the case. But that brings up a good point, and something worth checking into.
I have done the taxes but owe some money and as such am waiting a bit to file.
No, because my brokerage firm is a slacker. The firm filed an extension for distributing 1099-DIVs and 1099-INTs, so I’m still waiting.
I too will owe money so I am in no hurry to send them off. I’m pretty much finished with them and I know how much I owe. I have the money set aside in my savings account until April 15th.
Okay, who’s the ONE person who answered “I don’t know?”
I’m the second person who answered “I don’t know” because my mom’s a CPA and she does my taxes every year. I already gave her all my tax forms but I don’t know if she’s filed for me yet.
Filed on 2/9. Got my MD refund on 2/13. IRS expects to direct deposit fed refund on 2/22.
Hold your money if you owe!
@Anna
OK. That one is acceptable.
I’m thinking, “You have to sign the return for goodness sakes!”
I e-filed my taxes and my refund is projected to arrive February 22. I was quite surprised that after increasing my withholding, I ended up with the same refund amount as last year–and my state refund increased from 2006! These refunds will allow me to max out my Roth IRA contribution for 2007.
Waiting for the wife to get her stuff in order.
I GAVE MY MOTHER MY TAX INFORMATION LAST YEAR BUT I AM NOT SURE IF SHE EVER FILED HOW WOULD I FIND OUT