Yay! It’s tax time… again. The IRS 2004 Tax Period begins on January 18, 2005 – for those of you who didn’t know.
I did my own taxes for 200, but then my mom’s tax preparer said she would do them for free, since my mom was claiming educational credits that upped her fee – and thus she didn’t mind. 🙂 Anyway, I slacked off and haven’t done my own taxes since. However, I did prepare them for 2 of my friends at least twice, and filled out the corrections for someone else.
In any case, I have decided not to slack off this year; and have already begun the process. I don’t have to wait for my W-2 because I only had one job last year; and I got my last pay stub right in front of me at this moment. Exact numbers for Year-to-Date Income, Federal and State Taxes, Medicare, and FICA/OASDI. Unfortunately, though I didn’t make that much (let’s face it, I was leaving in borderline porverty (borderline, because of my rent)), I made more than the max for the bottom bracket. Not too much more, thankfully.
But, regardless, I am glad. Reasons: I qualify for deductions on (1) dental care (on which I spent 13.7% of my income); (2) State Taxes (3%); and (3) Student Loan Interest (4.4%). 😀 That makes me very happy. I estimate my overall tax payment to be about $14, and that means that I can afford to pay my Student Loans (including interest), my credit card balances (which I have reduced to under $1k), and whatever else needs to be paid. Though it’s not that much, in truth, it is certainly more than I am getting – or have for that matter – right now.
So, YAY! to tax refunds.