I got up this morning and went straight away to finalizing my taxes. Hey, I’m 3 days early! I use Turbo Tax Home&Business. After almost five hours I am done.
I’ve been working on my taxes since February. I’ve probably invested a total of 15 hours on this year’s taxes. This includes reading several IRS online documents… skimming about 50 pages and reading about 10 pages in depth… sometimes re-reading many times. And this includes doing other online research. I find, however, that the IRS documents are more helpful than much of the drek I come across online. They are also really boring!
This year (2008 tax year) I have the full straight of schedules: A, B, C, and D. The filed forms for federal amount to 11 pages. There are 8 additional pages of worksheets.
By getting done a bit before April 15, I had time to calculate my allowable 2008 Roth IRA contribution. Unfortunately, I only get a portion of the $5000 2008 limit (for folks under 50). Once calculated I simply made the Roth IRA investment online. [Its not too late, you can still make contributions for 2008 up through April 15th! ]
I’m also carrying forward a capital loss. It’s a bummer that loss offsets against income are still maxed at $3000/year. Congress, how about some inflation adjustment on this number? It should be upped to at least $5000 in my opinion.
I don’t hate doing taxes, but they sure are a big pain and hassle. Hey, at least they are done for this year. Best wishes to those of you who are rushing to file. And to all taxpayers, my sympathy.