Tax Mystery

13 01 2011

Yeah, I’m working in tax prep this year. But no, I do not know what our own situation is this year. We are waiting on more than a dozen tax documents–Six W-2’s, 1099’s, loan Interest statements, mortgage documents–so we won’t be filing until they’re all here. It’ll probably be March.  What are we doing in the meantime? Banking cash just in case we owe.

I’ve done a few calculations based on paystubs and my own estimations, and we *might* get 3k back from the federal government this year.  And we *might* have had enough withheld to cover our state liability. All I know for sure is that we’ll owe over 400 bucks to the city of Kansas City for their earnings tax.  Not a big deal, really. The only reason it’s not withheld is that Hubby works in Kansas rather than Missouri.  No biggie, we’re ready for that.

If we get back as much as it seems we will, it’ll go straight to savings.  It will almost complete our 6 month emergency fund.  Wow!  Then what’ll we do?  Well, then we could seriously start thinking of buying a house, a prospect that scares and excites me at the same time.  Lettuce pray we get that money back!




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