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Heard from the tax guy

March 17th, 2015 at 07:49 pm

He got back to me with what we'll owe/get back. It was a year of crazy fluctuations with job changes, raises, home buying and new rental income, and he also decided it would be better for me and NT to claim SL instead of AS doing it.

Amazingly, with all that craziness, it balanced out to where we'll owe in a net of just $197! But the actual numbers are all over the map:
CJ/NT federal refund $3,577.00
CJ/NT owe state taxes (240.00)
AS owe federal taxes (3,099.00)
AS owe state taxes (435.00)

I'm glad the net effect of that is so minimal! I asked the tax guy if NT and I should adjust withholding, but he said most of this was from claiming part of the house stuff (points etc.) as losses to our rental income.

I still don't know how much he's going to charge. I had $800 set aside, and $197 is going to pay what we owe. Fingers crossed it's $600 or less!

I also don't know what he's going to recommend AS send in for her estimated quarterly payments. He said he'd work that up and send along with everything else.

Still, it's nice to have some clarity. I was mentally bracing myself to owe a TON this year, so I'm happy.

4 Responses to “Heard from the tax guy”

  1. creditcardfree Says:
    1426630115

    It does help to have the final numbers doesn't it?

  2. FrugalTexan75 Says:
    1426644407

    That's not bad at all!

  3. VS_ozgirl Says:
    1426661708

    It's always nice when there is less to pay than expected Smile

  4. chloe Says:
    1426700461

    Glad things mostly balanced out!

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