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Kari


Dooney & Bourke

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Damn Taxes!!!! - Update
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I have been trying to estimate our 2008 Taxes, and it looks like we will owe Oklahoma State Taxes this year to the tune of $1700 bucks.  This makes no sense to me. . .last year we got $650 back as a refund. 

I thought having a baby was supposed to help with Taxes.  It did a little with Federal, but this State thing blows my mind.  We make just about the same, a little more than last year....what gives!!!?

Oh well.....just needed to vent!

ETA: I WAS USING AN ONLINE TAX PREP SERVICE...WELL I TRIED TURBO TAX WITH THE SAME INFORMATION, AND NOW IT SEEMS LIKE WE WILL BE GETTING LOTS BACK, BOTH FEDERAL AND STATE.  I ORIGINALLY CHOSE THE OTHER SERVICE BECAUSE THE FILING FEES WERE CHEAPER.  I GUESS YOU REALLY GET WHAT YOU PAY FOR!!!

-- Edited by Kari at 12:45, 2009-01-20

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Elle


Hermes

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RE: Damn Taxes!!!!
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Holy crap!  Unless you're slightly-higher income bumped you into a higher-percentage tax bracket (and that would have shown up on federal), the only thing I can think of is that you missed something ...

Did you already look over your deductions in 2007 to make sure you have them all in your current estimation?  Otherwise is seems like there would have to be one hell of a tax-law change over the last year!

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Kari


Dooney & Bourke

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I have figured out one thing....we bought our home in 2007, and Oklahoma gives a big deduction/credit (whatever) for that...so we should have owed last year but for the home purchase....

so that is the big difference.

SUCKS!!!!

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Elle


Hermes

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Kari wrote:

I have figured out one thing....we bought our home in 2007, and Oklahoma gives a big deduction/credit (whatever) for that...so we should have owed last year but for the home purchase....

so that is the big difference.

SUCKS!!!!


Have you already taken into account writing off the interest you pay on your mortgage?  I think that's what the buying-year credit is supposed to simulate - our state doesn't do that, so even though we paid alot of interest on our mortgage the year we bought, we couldn't write it off because it was still less than our standard deduction bleh. 


-- Edited by Elle at 19:56, 2009-01-14

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To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment ~ {Ralph Waldo Emerson}
luckyclover


Dooney & Bourke

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I swear we owe the state almost every year no matter what...We've always get federal back though so we just pay it with that. Hopefully this year will be the same. If you itemize you can deduct the interest on your mortgage like Elle was talking about also you can deduct for daycare expense. I also try to remember to get a receipt when I drop off stuff for goodwill etc and you can deduct that.

-- Edited by luckyclover at 16:12, 2009-01-19

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