February 10, 2008

2007 Income Taxes

We completed our 2007 taxes this weekend. This was our 2nd year using Turbo Tax and it was once again very helpful. My wife is really the one that completes most of the forms, I simply supply some numbers from our records and help with proofreading.

Thanks to multiple itemized deductions, include $22K in mortgage interest, my wife’s business expenses, and charitable donations, we only owed $387 to federal and $307 to state. That’s pretty close to hitting the mark of zero, neither owing a ton of money or giving the government an interest free loan until you get your refund.

It feels good to have our taxes done, even if we do owe a bit. We’ve scheduled the federal and state payments to be transferred from our checking account in a couple of weeks.

4 comments:

Chicky said...

My husband and I use turbo tax too.In fact it is going to be our second year using as well. How lucky you are you finished your taxes! I'm planning to finish that task at the end of this month..I hope..BTW, today was my zero spend day and it was successful. This time it was easier than first time. :)
Chicky
http://chickyfinance.blogspot.com/

1MansMoney said...

Thanks Chicky. My wife was really the driving force behind getting our taxes done early.

Great to hear your zero spending day was a success.

-1MansMoney

R.J. said...

Good job! We just finished our taxes this past weekend, as well. We also used TurboTax; last year we got ~$1,700 back and this year we'll get back a little bit less.

1MansMoney said...

Thanks R.J. That's great you're getting some money back. We also received ~1,700 total from Federal and State last year, but our tax situation was a little different this year.

-1MansMoney