I spent this weekend at my mom’s house doing her and my brother’s income taxes. My brother’s was easy because he just had income from two jobs allowing me to use the 1040-EZ. It took less than ten minutes to finish his return. My mom’s taxes were a little more complicated. She no longer pays enough mortgage interest to itemize her deductions or her taxes would have been even more complicated. Since she works and draws Social Security I had to figure how much- if any – of her SS was taxable. I also had to fill forms for the Saver’s credit and the Making Work Pay credit. It wasn’t anything I couldn’t figure out from the instructions but it was time-consuming. The Missouri state income tax is perhaps more complicated than the federal return. It would seem to be easy since you are mostly transferring information from your federal return to your state return. Missouri makes you do some extra forms though to keep things from being too easy.
I was going to do my own taxes as well this weekend but I was taxed out by the time it came to do my taxes. With my self employment income my tax return will be the most complicated of all. I may not have even made enough to have to pay federal taxes but I will have to pay the self-employment taxes no matter what. I’m hoping that I will have some federal income tax credit that I can apply towards my self-employment taxes.