taxes

[yakk0dotorg]

I got my W-2 yesterday, and my rough estimate is that I'm getting about $1500 back from the money the government stole from my paycheck. After I get married I'm definitely going to see a tax person about my witholding. The extra $125 a month wouldn't hurt a bit, and I'd rather have the chance on the interest than let the government get it. After I get a couple forms I'm expecting, I'm going to get the filing done. Hopefully in the next couple of weeks. I would love to be able to use my refund on a new iMac or MacBook Pro, but I'm going to be responsible and it is going into the joint account Teresa and I have for wedding stuff (and our post wedding main account). It's a good boost for the wedding funds.

Comments

[helenangel.livejournal.com]

Good idea! Our tax return is going to rebuff our wedding expenses. -sigh- Assuming, of course, we get much of anything back. We have to file this year as married because we got married in 2005. We both had our withholdings as single people, though, so I'm really hoping we'll get a good portion of money back.

[yakk0dotorg]

it was my understanding that unless you want to file joint, you don't necessarily have to. I know next year we're going to go to a tax person to have it done just to make sure we get it right. You'd also think they'd take it into account if you got married in late 2005.

[helenangel.livejournal.com]

Mattie calculated and figured out that us filing jointly will give us more money back than us filing single but married. You would think so, but they don't. Ah well. At least we have a kid so that's one tax deduction right there. ;)

[yakk0dotorg]

Educational expenses also help. You can deduct all of those for Nick and the two of you. My books for school add another hundred dollars or so on my refund.

[helenangel.livejournal.com]

Oh yes, I almost forgot about that! We can deduct all of those for Nick (which is a considerable chunk of change- around $6000). I don't really have anything to deduct other than interest paid on student loans.

[aardwolf.livejournal.com]

What I've read is that you should keep your Federal withholding at Single/No Dependants if you are getting married at any point during the year because of the "marriage penalty".

Last year I adjusted my W-4 so that I would get to keep more of my money after taxes, and this year I'm really going to miss the $2000 or so that I would have gotten back. Instead, I'm getting around $150 back. Yes, one hundred and fifty dollars. And what did I do with that extra money I took home on my paychecks last year? Who knows...

[yakk0dotorg]

you got an engagement ring. :)

[aardwolf.livejournal.com]

Well, not quite. I wish that had been enough to pay for that. Luckily wedding bands don't cost near as much... :P