Saturday, April 21, 2007

Finally done with my taxes

I finally mailed my tax returns this morning. I should been able to mail them on Tuesday, but due to some confusion, my package was misplaced with no notice in my mail box and didn't get to me until last night, so I was forced to file extensions on Tuesday. But, as they say, all's well that ends well.

Now all I need to do is wait for confirmation that my Federal tax return was actually processed and that my "refund" was properly credited to my 2004  back taxes. Either my May of June monthly installment plan statement from the IRS will tell me. The "refund" will reduce my back taxes by about the same as three monthly payments. None of this will change the amount that I will be paying in May or June, but I simply want to see that my balance is debited correctly.

Since I was so far over this past year on payroll withholdings, I am tempted to up my exemptions so that I won't have such a large refund and can directly apply the money to paying down my back taxes and saving on the interest up front, but it may simply have been a fluke since I only worked part of the year at my higher income level. Alas, I'll probably have to see how I do in a year at "full pay" before trying any gimmicks with exemptions.

-- Jack Krupansky

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