We completed our 2007 taxes this weekend. This was our 2nd year using Turbo Tax and it was once again very helpful. My wife is really the one that completes most of the forms, I simply supply some numbers from our records and help with proofreading.
Thanks to multiple itemized deductions, include $22K in mortgage interest, my wife’s business expenses, and charitable donations, we only owed $387 to federal and $307 to state. That’s pretty close to hitting the mark of zero, neither owing a ton of money or giving the government an interest free loan until you get your refund.
It feels good to have our taxes done, even if we do owe a bit. We’ve scheduled the federal and state payments to be transferred from our checking account in a couple of weeks.