Uncle Sam Takes one Last Bite

Photo Credit: 401(K) 2013 via Compfight cc
Photo Credit: 401(K) 2013 via Compfight cc

It’s almost the deadline for the last quarter of estimated tax payments for 2013! That means a good chunk of money will be exiting my bank account very soon. Definitely not fun but at least its the last quarterly tax payment for a long time. Since I started a full-time job near the end of last year taxes are now taken out of each paycheck I have. I know that I’m still paying taxes but since it’s a smaller sum each time it hurts a lot less. Quarterly taxes are in 4 payments through the year and can add up to be quite a lot. The last quarter is the worst because it covers more time than the other quarters.

I know the year just started but it’s a great time now to just put together a quick list of everything you need to do your taxes. Many accounts will start sending you their forms so its good to have a list to tick them off and make sure you have them. This year I want to find a good accountant to do our taxes too. I’m not quite sure on how much a good accountant costs, but I think it’s time with our combined finances to go down that route. We’re going to ask around and try to do our taxes early this year so that we can get in with a good reputable accountant. With a house and mortgage payments we also can start writing off deductions so it would be good to have someone who knows what we should start keeping track of.

In no way shape or form am I an expert on taxes by the way. I have a pretty decent knowledge of it since I’ve done my own taxes and have done a lot of research into what I can deduct, but a seasoned accountant will know much more than I do. Tax laws change every single year so they are the ones to go to for keeping up to date. I’ll share with you on what I do know though.

Here’s a quick list of things to compile for this tax year
W-2’s and 1099 forms from employers or companies you freelanced with
Savings account forms if you earned more than $100 in interest (this is for each savings account I believe)
Any forms from retirement funds that you converted to a Roth-IRA
Mortgage interest payments
Charity donations
Business Expenses

Even if we find a good accountant its still up to us to find as many deductions as possible! They can probably give you a general list but there are so many possible ones that they can’t tell you every single one. There are a ton of deductions you can take so you don’t have to pay as many taxes for the year. You just have to make sure to keep the receipt and a record of it so that you remember it during tax time.

I like starting early in the year so I don’t have a panic attack when April rolls around. This year especially will be interesting because I’ll be filing jointly with my husband! Obviously have never done that before so I’m interested to see how it will all work out.

Have you thought about preparing for tax time yet?

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