Monday, February 4, 2008

2007 Taxes are done!

It's a new record--I filed our taxes on February 1st. That is the earliest I have ever finished! I used TurboTax this year, and it was FREE, thanks to State Farm Insurance. If you're a State Farm customer, you can use this service through their website; you have to first sign in at the State Farm website and link to TurboTax Online from there. I liked the TurboTax interface, probably because I am a long time Quicken user. Importing my husband's W-2 made the process even easier. Last year I paid $16 to e-file, and this year it was FREE!

We should receive our state and federal refunds by February 15. We are getting back about $2,400 this year, combined. Yes, I know, change the withholding. We have done that, and for regular income, we are right on target. However, my husband receives a substantial bonus each year, and the taxes deducted from that income account for the majority of our refund money. Does anyone have any ideas of how to change the W-4 so they don't overwithhold for an "extra" paycheck?

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