I also have rental property and my tenant's rent is paid for by a non-profit. They are really unorganized and STILL have not send my 1099. Late much?
We are quickly closing in on the tax deadline, so those who haven’t already filed their taxes are probably starting to feel the pressure mount a bit. Sure, we still have a little more than a month to go, but it’s one of those things you hate to have lingering over your head.
I was starting to feel a little uneasy myself this weekend as my stack of financial papers on my desk was taunting me for the past month. Even though I have an accountant do my taxes, when you own a business and rental property there is still a lot of information to gather even before you can turn the paperwork over to an accountant. I was also putting it off a bit because I had a feeling we were going to come up owing money this year. Some income was up and some expenses down, and the quick math in my head led me to believe this was going to be the case.
Well, after putting all of my information together and with some rough numbers I ran them through the TurboTax Taxcaster program to see how bad the damage would be and to my surprise, it estimated a modest refund. Not wanting to leave things to chance I ran the tax estimator calculators at H&R Block and eFile.com and they were reporting refunds as well. The numbers were all different, but they were all within the same ballpark so that’s a good sign. I guess I underestimated the impact of having another child and leaving my full-time job to be self-employed would have on things. While I’m not a big fan of getting large tax refunds, it’s obviously better than coming up short and having to write a check. But at least now I’ll know for 2011 I can dial back my estimated tax payments a bit and put more money in my pocket every month.
I’m off to drop my taxes off with the accountant today, but while I’m doing that you can answer in the poll below. Of course, if you haven’t started yet and you’re looking for a way to begin, first see if you qualify for filing your taxes for free.
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.
I've had the paperwork done for a while, but I'm waiting on shifting some money into our IRAs to increase our refund. Sold off some "naked" mutual funds and once the proceeds are available, I'll transfer them in, and go ahead and file. I usually get my taxes done right after January 30, then file right away if I'm getting money back, or wait till the deadline if I have to pay. No stress at all, when they're all done and just need to be put in the mail.
I generally file as early as I can, but this year I waited on a 1099. It never came, so I just filed anyway and declared the income despite the lack of 1099.