Earlier today I spoke with our accountant regarding our 2007 income tax return. We’d filed an extension (with the filing date being October 15), but after the storm, the IRS gave a blanket extension to our area until January 5, 2009. She told me that we were going to owe $1,694. Plus the $495 we pay her to do the return. (I know that sounds like a lot, but I am NOT a numbers person and the few times that I have tried to do our return, I’ve practically gotten an ulcer over worrying about screwing it up.)
Then she asked me about the interest on my business line of credit. Seems I can deduct some of that. So when I got home, I went through the statements and discovered quite a bit on them that would qualify for this deduction. I ALSO discovered some expenses that I’d overlooked … inventory payments of substantial size that were not included in the little spreadsheet that I sent her a few weeks ago. I emailed her all the information and after a couple of phone calls to clarify a couple of things, not only do we not owe anything, but we are getting a
Yes! It’s already spent, of course …. I’ll be applying it to some of our debt, but it’s a little over $1,400. Isn’t that exciting?
And the stimulus check that a lot of people got once they filed their tax return? Well, we would have had to have filed our tax return by October 15 to get a check, but since that didn’t happen, it will be applied to any tax we owe in 2008. So I’ll be anxious to see how that affects everything once we get our 2008 return done here in the next few weeks.
Have a great evening, y’all!