Taxes, continued

taxesBoth our old tax guy and the one who bought his practice have offered to fix our 2013 taxes for free. I’m having the new guy do it, which reminds me, he was supposed to have it done last week.

As far as doing my own 2015 taxes, I’ve made a couple of discoveries (things I should have figured out last year). I can use TurboTax to file not only our returns, but our kids’ returns. Duh! You can file up to five Federal returns with TurboTax, and one state return.

I can also use TurboTax to model scenarios – such as the sale of a rental – and to estimate your next year’s tax situation. I’ve saved a file that I will use throughout the year to see what the tax consequences are from various activities. We are planning to sell a rental property and it will be good to know what kind of tax hit we’re going to take. I’ll also want to see what will happen if we sell a second. Will it put us into AMT (Alternative Minimum Tax) territory? That’s somewhere we definitely don’t want to go and might keep us from selling until 2017.

It’s almost fun.

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