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Those taxing taxes!!

February 5th, 2011 at 06:18 pm

Since Dh has been "self employed" the last couple of years,we have had to have our taxes done. Our guy charges $175, which I don't think is too bad.

Looks like our "income" will be around 32000, but our medical expenses alone (with premiums) will be around 20000! Hope we get some back!

Still waiting on a K1 from the ex brother in law, and I have to find the interest report from the bank, then we will be ready to call him.

This year more is at stake as I have to apply for FSFHA for DD1 and myself so we can get college money. I can't wait to see what our ADJUSTED GROSS INCOME is. Maybe being poor will pay off in this situation.

Still trying to get DH to get a job that pays money. Hmpf.

8 Responses to “Those taxing taxes!!”

  1. creditcardfree Says:

    It's hard to get ahead when the income isn't there. I wish you well in getting the college money.

  2. Joan.of.the.Arch Says:

    I had to look up what an IRS form K-1 is. It reports net profit from an S-corp? And the S-corp your DH has with an exBIL is not making much [yet]? Well, in this economy, it is probably better that he not give up a bird in hand for two in the bush, but sounds like you all need to at least spend a lot of time looking for something more or something else. But I do think your daughter will likely get the maximum federal tuition grant money unless there are some other tappable non-income assests.

  3. CB in the City Says:

    With that much in medical expenses and that little in income you should be able to take the medical deduction. You should get a nice refund.

  4. ThriftoRama Says:

    Geesh. You definitely should be able to deduct those healthcare expenses, because they total way more than 6 percent of income. I think you will be in good shape for aid, except that loans are also considered aid.

  5. PNW Mom Says:

    FAFSA.....ugh....I hate it....but it is a necessity....good luck!

  6. Savings Queen Says:

    Bless your heart to have so much in medical!! That is not just expensive, it's not a fun way to spend money at all. At least you should get a whopper of a refund!

  7. FrugalTexan75 Says:

    That is a lot in medical - yikes!

  8. Thrifty Ray Says:

    bleh. I hope you get a nice refund...and that the hub decides its time to try something more fruitful. Hugs buddy

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