Has anyone gotten their tax papers from their employer yet?

[debilorrah]

I am scared to death to do my taxes. Because I can't claim my son anymore, I am probably goning to have to pay about $2500 in taxes and there is no way on this earth I can come up with that amount of money, not even in the next two years.

 

[vfem]

Quote:
I looked some stuff up about that, but I wasn't sure about whether to do it or not. We're soon to be closing on our first home, so we would qualify (we'll have to wait a little later to file our taxes, though).

I look at it this way... its interest free, our low income qualifies us, and they take $500 out of your tax return each year for 15 years to pay it back. Its a nice emergency fund, or like us, we need to reside the house because its masonite and it has termite damage!

The best part is, we have a 2 year old we'll be claiming for that 15 years, so I'll just be getting 'less' or a tax return and I won't miss the money. Of course, the money I don't use will be sitting in an interest baring savings account until we need it!

I'd go for it... what if a hot water heater, or appliance went unexpectedly... if you needed to take a bank loan for it you'd be paying monthly payments with interest to get it.

 

[AngieChick]

We got one, now we are just waiting for the other. We'll get a small refund (bout $1200, I'd guess) which will just go into our buying a house fund. I know putting it into savings isn't terribly exciting, but it's what needs to happen for us.

Debi - you may have to work out a payment plan with the IRS if you do owe. You might be able to spread it out quite a bit so that it isn't so painful. I know it stinks to have to think about having to pay monthly for it when things are already tight, but if coming up with a huge lump sum is impossible, it's an option.

 

[ChevygirlBeth]

That makes complete sense.

The house will need new shingles in the next 3-4 years, we have a ton of fence to build so we can move our cows down to the the house, we'll need to install water lines to get water to the cows... and who knows what else may come up along the way. Thanks, Vfem!!