Sunday, February 3, 2013

Trepidation About Taxes

I have my tax appointment tomorrow but I couldn't wait so I put our information into Turbo Tax. We were really hoping for a refund but according to Turbo Tax, we will owe about $500 for federal and $150 for state. I'm really hoping that those numbers are wrong and it will pay to have our accountant do our taxes.

I won't change our withholdings because we would be getting a refund of about a thousand bucks but we got a grant. Let me explain. We had to put in a new septic system last summer when we built our house. We worked with USDA for a grant to upgrade to a mound system. They paid about $6000 for which we received a 1099. I was pretty bummed until Y pointed out that it's way better to owe $500 than $6000. We will find out tomorrow.

3 comments:

  1. Fingers crossed on the taxes. I'm so not in the mood to finish ours, knowing that we owe *a ton*. Hope you get good news!

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  2. I'm with Hawaii-fingers crossed. I feel like chanting, "big money, no whammys!"

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  3. I'm holding my breath too, as I may owe as well. I was hoping for a refund, but now I'm just hoping to break even! Fingers crossed on this end!

    P.S. My URL has changed..I'm blogging at midlifemommusings.com.

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