We got back 7k last year. 9K the year before that. These are all credits. We pay in a laughable amount. I am also self employed so I always worry one year I will just make too much.
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TAXES! - Page 2
We got 10 grand "back" in '09 (due to withholdings, EIC, child tax credit, and the special employment credit that year). And then *nothing* in '10. We had different circumstances and in '10 we didn't qualify for "earned income credit". That was a major disappointment.
This year I'm thinking it will be a little more moderate. Dh is employed, so there are withholdings, but not much. But we should get the EIC as he was employed for just about 6 months in '11. I hope so.
Because we are low income, he is going to try for one of the free volunteer tax programs. But they wouldn't touch ours last year since we have numerous rental properties (always a business loss, sigh) so we may default to TurboTax.
We use Turbo tax for about 5 years now. Depending on DH's contract work outside of his FT job, we get about 3.5K back because of all of our deductions such as donations, property taxes, interest on our mortgage, 2 kids, plus all kinds of other things. If we have 1099s, we have to pay taxes on those. For some reason, the past few years we have had large returns, but normally for years and years we would get back about $100 or so or owe about that.
On state, we can deduct all of our property tax, plus the kids 529 programs. So getting back about $200 there too.
We had about 7.5K deducted for the year for Federal. We also contribute to the pretax 401K/simpleIRAs so it lowers our taxable income as well. So in the end, we are paying about 4% in taxes to Uncle Sam. But I hate the interest free loan they received from us.
Can you share the differences - not the amount you're getting quoted, just the differences in those amounts? I haven't tried separate services in a long while, but now I'm wondering if I should because we have had a few major lifestyle changes this year and it makes me nervous.
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