Tax Time!!

The bane of my existence every April is finally over. I completed my federal tax forms!

Like most people, I hate filling out tax forms. They are unbelievably confusing, and there are so many loaded/unrecognizable terms and phrases in the forms and explanation documents. I guess the forms just reflect how immense and convoluted tax law is. But, if I, a college-educated individual who likes to play around with numbers, have problems with tax forms, I can only imagine how hard the process is for folks that aren't as informed.

I had the hardest time with one of the Schedules this year, and due to absent data, I had to fudge some numbers. My "guesstimation" translates to no more than a $50 difference so I doubt that the IRS will be knocking on my door anytime soon—especially when there are so many individuals and companies who owe thousands or even millions of dollars. The lesson I've learned is to keep good records.

Once I file my federal taxes, I'll be put into the computer for the federal tax rebate. I doubt that I'll get the full $600 but it would be great to get a few hundred dollars from the government (get a rebate estimate from the IRS here). And yes, my rebate is going straight into a high-interest earning account. No new wardrobe/television/vacation for me!

Remember that everyone must file their federal taxes this year—i.e., if you want a rebate check. This is particularly important for low income groups, the elderly and others who don't normally file but to whom the rebate checks are aimed at (low income groups, in particular, are expected to funnel that cash directly back into the economy).