Tuesday, April 15, 2014

TAXING TENSION

Ah, don't worry.  I filed my extensions online this afternoon. Grrrr, I hate doing taxes.  Thank goodness for TurboTax.  I can't wait to find out how a death in the middle of the year affects things.  


I always procrastinate.  For a few years, when Alternative Minimum Tax kicked in, I hired someone to do taxes.  Honestly, I'm too cheap to do that for very long.  And the cost just kept going up!  So I went back to TurboTax.

This year (well, 2013) I hope to file in Hawaii rather than Oregon.  It will save me $2,000 in property taxes.  Residents (who file Hawaii taxes) get a $300,000 exclusion in property value.  Last year I did live there for 11 months.  Now I have to look into the ramifications of doing this ... must I live there for six months and one day to qualify?  Will it change where I vote?  The tax rate is about the same for both states.

Stay tuned.  Did I say I hate doing taxes??

7 comments:

  1. I am just the opposite. I like getting my taxes done early and by a professional CPA. I hope he outlives me! I haven't done my own taxes since the 70s. I hope you don't get much of a shock from losing your husband last year---tax wise. I sure did and it wasn't a good shock and as a result I've had to start getting more money taken out from my pension so I don't have to pay the IRS next year which cuts down my monthly income now.

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    1. Good for me that opposites attract! Can I ask how much you pay to get taxes done? My guy was charging WAY too much ... in my opinion.

      We had four months of SS and a small pension. Since May 2013, nothing coming in. I'm hopeful that I can claim "married filing jointly" for 2013.

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  2. Yeah....I had a big tax shock as I lost my oldest daughter as a dependent AND I had a death in the middle of the year. I hope next year is better!

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    1. Oh yuck. Double whammy. This will be interesting, I'm sure. I don't have his documentation from SS and IRA distributions ... I've already asked for them but my oh my do they make it difficult.

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  3. You're really savvy - planning which state to live in the bulk of the year. And braver than I. More organized and methodical, too? I did use Turbo Tax one year, and much to my surprise never heard a peep from the IRS. Evidently I did fine, but I fretted so much about it was better to pay an accountant rather than a therapist to soothe my soul.

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    1. The IRS is pretty comfortable with Turbo Tax I think. I'm seeing a therapist (after lecture from the DR) tomorrow so I will get soothed in many ways, I hope.

      I really don't know how a therapist will "help" if I don't feel like I'm having any issues? First time with Dr. Gloria ... stay tuned!

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  4. While taxes might vary for different states, the idea of doing taxes can be quite stressful no matter what the case. It must've been nice that you had a smaller tax when in Hawaii – unlike in Oregon. But then again, it could have been affected by other factors besides your current residence. Anyway, thanks for sharing this with us. All the best!


    Wanda Hanson @ Tax Tiger

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