Tax Day

8:30pm

Decided to do my tax returns today... I do them myself and use Excel to keep records and calculate. This year I added to my spreadsheet, worksheets for each of the six federal tax forms I need (1040, A, B, C, D, and 4952). Took about 4 hours to do the federal form. Most of the work is done by record keeping on those spreadsheets throughout the year, which I improve from year to year. So why learn Quicken or something? My expected federal refund is $3745 - about double last year. I'm including the expected refund in my net worth from today. I don't count my implicit tax assets and liabilities though as it is too much hassle to calculate.... and the value is uncertain depending on future tax rates, AMT etc....

Something interesting was figuring whether I needed to do the form 6251 for the AMT. If I had managed to reduce my tax bill by about another $3000 I would have to fill that form. $10000 of mortgage interest and property taxes would about do the trick I figure... That's not a very expensive property.

Now about to have dinner and then do my state return which should be pretty quick.

11:25pm

OK done my state tax now - no spreadsheet needed just the calculator on my Mac and my federal return....

I ended up owing the state government $5.92 :(

That is the first time in my life that I have had to pay any government rather than get a refund!