I tried to figure out our taxes last night and surprise! We might be owing taxes. I've never owed taxes, I've always gotten a refund. Here's what has changed:
- We both do make more money
- DH's son was living with us so we could claim him as a dependent... not no more!
Since we bought a house only 2 months ago, we have not paid enough interest or real estate taxes to itemize, so we have to take the standard deduction. I have a small capital loss on my Scottrade account, but not enough. This is a really a big bummer!
------- EDIT -------
After a little bit a digging around, I found out that there are 2 things that can be done to lower taxes:
- Credits:
• Earned income tax credit
• Child-related tax credits
• Education tax credits
• Retirement saver's credit
We qualify for... well, none
and,
- Deductions, which consist of
• Standard Deduction/Itemization
• Above-the-line Deductions - I was hoping to find something in the latter, but no such luck
• Exemptions - nothing surprising there, we are 2, so 2 * $3,300 = $6,600 deductions.
Well, haven't found anything for us to use, but I hope I helped someone else with their taxes!
Anyway, whatever you do, don't forgot the Telephone excise tax refund
Are we really going to owe taxes??
January 5th, 2007 at 11:59 am
January 5th, 2007 at 12:04 pm
January 5th, 2007 at 12:09 pm
Medical bills have to be over 7.5% of gross adjusted income in order to count, don't they? and we would have to itemize as well, I believe, so 'm pretty sure that's a "no".
I can't wait for next year... deductions are gonna come pouring left and right!