And So It Begins – Time To Start Ye Olde Tax Return

Tonight, I’m sitting down to file my taxes.  I’m still waiting for a few 1099s to arrive in the mail, so I’ll probably just enter my basic information and get a feel for where we stand.

Last year, I managed to fully-fund my 403b account.  By doing so, I have reduced my overall taxes.  But, I also earned some money from blogging and eBay sales.  I’ll have to pay income tax and self-employment tax on this income.

I’ve already entered some ‘estimations’ – based on a spreadsheet that I have that tracks my income and expenses.  It looks like we did a great job estimating our with-holdings, and we’ll be within $100 of where we need to be.  Of course, this doesn’t mean that we won’t ‘pay’ taxes for 2007 – But it does mean that we did a good job of estimating our ‘prepayments’ – And we avoided giving the federal government an over-sized interest-free loan.

I actually enjoy filing my taxes.  It’s always interesting to see how the various online tax preparation sites have changed / improved over the years.  I usually pick two or three online preparation sites, enter my information, and check for discrepancies.

By the way – many tax payers can file their taxes for free.  Checkout the IRS site for more information about free file.

7 thoughts on “And So It Begins – Time To Start Ye Olde Tax Return

  1. Hey NCN – love your blog.

    Not sure what the nature of your eBay income is but if you were simply selling personal household things you bought some time ago and decided you could do without, the income from that is not taxable as long as the selling price ofr an item was below the original cost.

    The flip side is if you were whoesaling on eBay for profit, then of course that would be taxable.

    Take care, and good luck with your tax return. I e-filed mine yesterday as soon as I got my last Sallie Mae interest statement.

  2. That used to be so much fun, sitting down with my forms and taxes and stuff. This year’s a bit too much but maybe we’ll make it. Have a good time! 🙂

  3. Hmm…well in past years I looked forward to filing my own taxes but not as much this year since I don’t think I’m expecting a refund this time around. I manipulated my allowances periodically to ensure I evened out, and I think I did. I guess I should be happy but strangely I’m disappointed. Ah well..

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