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Tax Return Preview

September 7th, 2012 at 03:26 pm

I did a rough estimate of our taxes for 2012. We have more income, less real estate taxes, and less interest on our mortgage(s)....so it looks like we will owe under $300 to the IRS this spring.

Sure, I do kind of want a refund, but I can handle that! Do you estimate your taxes before the end of year so you aren't surprised come tax day? Do you know where you stand today? Should you have more or less withheld to help ease the burden? Go estimate today!

Posted in Taxes | 7 Comments »

7 Responses to “Tax Return Preview”

  1. rachel021406 Says:
    September 7th, 2012 at 04:12 pm 1347034364
    1347034364

    I'm not sure how to even start estimating our taxes for this year. Since we opened a business and my husband is considered self employed, I am lost. I have been setting aside money to pay his self employment taxes and I started taking an extra deduction from my payroll just in case. But for the first time, I am dreading tax season.

  2. Joan.of.the.Arch Says:
    September 7th, 2012 at 05:52 pm 1347040327
    1347040327

    We should have done it before paying off the mortgage to see how the lack of interest paid was going to affect taxes. But what the heck, we need a little spontaneity in life. Snort!

  3. Xtreme Thunder Says:
    September 7th, 2012 at 06:10 pm 1347041450
    1347041450

    I did just that on September 5, so I guess this past Monday. It appears our tax liability went from $6,000 in 2011 to $8,200 in 2012. My wife is making about $15,000 more than last year. We got away with W4 with holding of M3 for me and M0 for her last year. I filled out my new W4 and put it at M2 for myself so I can play catch-up for the remainder 9 paychecks. We will owe probably $500-900. Next year should be fine being I will leave the W4 with holdings at M2 and M4 for myself and my wife respectively. The more you make, the more they take!

  4. Bob B. Says:
    September 7th, 2012 at 07:02 pm 1347044529
    1347044529

    I estimate, but not til around Dec. 15. If needed, I adjust with holdings in Feb. We haven't paid in since DW quit work 10 years ago to stay home with DD1. Now, with four kids, unless the child tax credit changes drastically, I don't expect we'll pay in for quite some time, even when I have a minimal amount withheld.

  5. patientsaver Says:
    September 8th, 2012 at 12:20 pm 1347106843
    1347106843

    Ugh, it's so complicated, and with my freelance income it can be a bit tricky to make an estimate. Since I do my own taxes, manually and with no online help, it takes, I don't know, about 6 hours, to do and I hate it. So estimating it before year's end? NOT.

    One thing I do is track my freelance income and make periodic estimated tax payments to ensure I won't be hit with a penalty at tax time. I've made 2 payments so far this year and will make another one next month.

  6. Homebody Says:
    September 9th, 2012 at 08:53 pm 1347224020
    1347224020

    When I was self-employed my accountant told me to set aside 30% of my income. I paid quarterly, but I always had to pay at the end of the year too.

    We came out even last year and probably will this year too since nothing has changed. I'm working, but income if deferred for retirement, so taxable not going up.

  7. TexasDisneyGirl Says:
    September 13th, 2012 at 10:20 pm 1347574851
    1347574851

    In years past I estimated....but that was because we did the max withholding and always looked forward to a huge return. This year we've adjusted our withholdings and we hope to get a rather small return. I guess I'll estimate it in Dec.

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