I prepared my Federal income tax using H&R Block's Tax Cut computer program. I have used this program for the last 5 years and have found it to be very easy to use and very accurate. It's simple to import the information from last years return and update the figures for this year. It saves me the time and trouble of filling in my name, address, SS number, W2's, 1099's,etc.
I always make sure I owe the IRS money each year. I hate the thought of giving the government an interest free loan. I try to keep the amount I owe to about $500.00. This year I owe $942.00. That's a little too close for comfort because if I owed over $1,000.00 then I would be subject to the estimated tax penalty. Again, kind of like giving Uncle Sam the extra money he would have made in interest if you over withheld.
Also, since I had several hurricane Katrina victims that stayed at my place rent free for longer than 60 days, I was able to take a deduction of $500.00 per person (up to the maximum of $2,000.00). That helped a little.
I file the old fashioned way. I print out the 1040 and supporting forms and send them in by mail with a check. I prepared my son's and daughter's returns as well. In their cases, they got all their money back form the IRS. I filled out those returns back in February and did it all via the Internet and had the money sent directly to their accounts.
So, how did you all make out with your taxes this year? :wave:
I always make sure I owe the IRS money each year. I hate the thought of giving the government an interest free loan. I try to keep the amount I owe to about $500.00. This year I owe $942.00. That's a little too close for comfort because if I owed over $1,000.00 then I would be subject to the estimated tax penalty. Again, kind of like giving Uncle Sam the extra money he would have made in interest if you over withheld.
Also, since I had several hurricane Katrina victims that stayed at my place rent free for longer than 60 days, I was able to take a deduction of $500.00 per person (up to the maximum of $2,000.00). That helped a little.
I file the old fashioned way. I print out the 1040 and supporting forms and send them in by mail with a check. I prepared my son's and daughter's returns as well. In their cases, they got all their money back form the IRS. I filled out those returns back in February and did it all via the Internet and had the money sent directly to their accounts.
So, how did you all make out with your taxes this year? :wave: