Taxes Done. Started on 2023 Already.
Feb. 27th, 2023 09:56 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
canyonwalkerSo, how did my "Taxing and Relaxing" weekend go? Well, other than that soak in the hot tub Saturday morning I posted about, there wasn't anything special in the relaxing category. I did take it easy around the house. That's a valid form of relaxation after 6 busy days of travel ending last Monday night.
In terms of taxing I finished my 2022 taxes. They took less time than I thought. That's because (a) I didn't have any new forms or situations this year so I was already familiar with all the gotchas I'd have to watch out for, and (b) I continue to settle in to the relationship my partner, TurboTax, allows with me.
I also started on my 2023 taxes. I've quipped before that one of the reasons tax time isn't so onerous for me is that I start 12 months early. What does that mean? Well, it doesn't mean that I'm pre-filling in forms a year in advance. I can't! Not only won't I know any of the numbers for another 12 months, but the forms won't even be published for probably 10 more months.
What I am doing is forecasting what my taxes will be. I've built a spreadsheet to estimate income, deductions, withholdings, and taxes due. I use the spreadsheet throughout the year to ensure that my withholdings are in line with what I'll ultimately owe in taxes. That lets me avoid the shocker of owing several thousands of dollars on tax day or the disappointment of finding that I've given the government a huge interest-free loan in the form of a massive tax refund.
In terms of taxing I finished my 2022 taxes. They took less time than I thought. That's because (a) I didn't have any new forms or situations this year so I was already familiar with all the gotchas I'd have to watch out for, and (b) I continue to settle in to the relationship my partner, TurboTax, allows with me.
I also started on my 2023 taxes. I've quipped before that one of the reasons tax time isn't so onerous for me is that I start 12 months early. What does that mean? Well, it doesn't mean that I'm pre-filling in forms a year in advance. I can't! Not only won't I know any of the numbers for another 12 months, but the forms won't even be published for probably 10 more months.
What I am doing is forecasting what my taxes will be. I've built a spreadsheet to estimate income, deductions, withholdings, and taxes due. I use the spreadsheet throughout the year to ensure that my withholdings are in line with what I'll ultimately owe in taxes. That lets me avoid the shocker of owing several thousands of dollars on tax day or the disappointment of finding that I've given the government a huge interest-free loan in the form of a massive tax refund.
