Monday, February 23, 2009

Should we adopt a college student? . . .

A few years ago we became one of many Americans that took control of preparing their own taxes by using the software program Turbo Tax. It's easy to use, and walks you step by step through income, deductions, credits, etc. etc. to the point of sending an e-file federal and state tax return. You can have your refund direct deposited and specify the specific date to mail any amount due the government via bank wire transfer (ie. 4/15/09). Our tax situation is fairly uncomplicated. We have probably one more year of claiming our last child as a dependent, taking advantage of the educational credit of college tuition assistance (which we have been able to do for about the last 8 years) and I think after that, we are pretty much screwed. As most homeowners dream of . . our mortgage is getting smaller, but that means our interest paid is getting less and less, meaning a smaller interest rate deduction. We are healthy and don't have huge medical bills to deduct (knock on wood). Sure, we give to charity but not in the thousands of dollars (maybe we need too?). So what's a married filing jointly couple to do? The suggestion at the end of our tax return is to buy something that creates more interest . . . hmm . . to create a deduction, of course. Invest more into retirement - yeah right! now is a good time, as I watch my current investments tank . . not a real motivator to deposit more. As I sit here and complete our tax form and pay our part as a "good" American family, why isn't somebody out there busting all those people who are getting by with not paying their part. It was mentioned and I should not have heard this, about the millions in unpaid taxes that occurs every year, geezz . . seems to me that maybe they need to hire Dog the Bounty Hunter and take of some business.

No comments: