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Are we really going to owe taxes??

January 5th, 2007 at 11:59 am

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

2 Responses to “Are we really going to owe taxes??”

  1. tinapbeana Says:

    medical bills, student loans, ira contributions? nothin'? yeah, me either: i've never been able to itemize and this year looks no different. BAH! stoopid unused uterus and healthy constitution tax!

  2. Lau Says:

    No, no and no! We have none of that... (I'm grateful for the "no student loan", though). The only thing is DH's 401(k), but that was already factored in...

    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!

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