Thankfully our taxes are done. I love having a CPA. He costs a bunch of money, but he saves us way more money and stress than what he costs!
It turns out that we are going to get a refund from the IRS for about $800, but on the other hand we will owe New York State about $200. So overall we were pretty close! We still need to sign the forms and get them back to the CPA. Also we have to send off check to NYS and CPA.
I have a friend who had the accountant do his taxes one year, then once they knew the deductions, they did their own taxes after that.
But our tax situation changes so much from year to year. My websites earn more or less money. My wife just started school last year. She is working part time instead of full time. All these things change.
Last time I tried to do our taxes using the software, it said we owed $5000 Federal and I hadn’t even gotten to state yet. I freaked out. We ended up owing only abut $2000. $2000 is alot, but it is alot less than $5000. A lot of that savings was due to deductions related to my home business of creating websites and making money online.
Speaking of websites, I create a new blog website titled Relearning Guitar. I am also considering creating one for rock hounding which is something my wife and I have recently gotten into. Each of my blog sites brings in a little money, but it all adds up. I am currently making between $1000-$1500/month in extra income! Nice!
* 4/22/08 – I went ahead and created the rock hounding site I mentioned. It is titled Rocks & Gemstones