TAXES

It's that time again - TAX TIME! And since I work in an investment banking/financial planning/tax office I thought I'd pass along any bits of information that I find out. Our newest tax specialist comes to us from the IRS where she recently retired after fifteen years.

She did my taxes for free, which makes this the first year I've ever had the luxury of havng my taxes prepared for me. I usually buckle down and do them myself tryin to claim everything and get back as much $ as possible. This year I didn't do as well as previous years. I owe money to the state and am getting a measily $250 return from the fed's but at least when it's all said and done, I'll still have a little extra cash in my pocket.

So I went into her office and asked if she knew when I'd get my money. I was expecting an answer like "about 2 weeks" or "2-6 weeks type of deal. Instead she was very clear and consice. 3 weeks from the Friday after you electonically submit your return. It will be deposited on a Friday. So I submitted my taxes electonicaly last week before Friday the 4th so Friday the 4th would be my submission date and three weeks from then means my $ should be deposited in my checking account on the 25th. This couldn't come at a better time. I'm buying my new bed next week. That is a major purchase for someone like me who is still busy catching up.

I also submitted a distribution form for my 401(k) so that should be deposited into my account any damn day. Who knows. I need to call and/or email my former employers HR department to make sure the wheels are in motion for that. Even after penalties I should be getting back a decent amount. Seriously though 20% tax and a 10% penalty fee for being under the age 591/2 just blows! It's my damn money sucka!

I need to start being a responsible adult and start putting money into my mutual funds and setting up some sort of retirement plan for myself or at least just start putting $ into my savings account again. I was doing so well and then...