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Home > Doing Our Taxes, Part I

Doing Our Taxes, Part I

February 24th, 2018 at 01:11 pm

We are gathering up the info for our taxes.

D needs to get me the following:
- side income (schedule C)
- income and expenses from the Dublin house
- foreign taxes paid
- max. amount in our Irish savings and checking accounts (so we can do our FBAR)

Missing (not sent to us yet):
- W2 from the gym

Since the taxes are all different this year, I have no idea how this is all going to come out.

But I know these things for sure:
- we always use the standard deduction (not enough for itemized)
- we paid almost $7000 in estimated taxes for 2017; I am so hoping we get some of that back (we also paid payroll taxes on our income)
- my business had only a very small profit this year (so that should limit extra tax incurred)
- the big "wild card" is the income we make on our Dublin house; technically we pay tax on that in Ireland and then get a tax exclusion, but it never really works out that way because in Ireland that is our only income (lower tax bracket) and here it is added to our other income (higher tax bracket)

I will let you know how it works out!!

Also - if you file FBAR, just want to remind you that it is due April 15th just like the taxes (in the olden days - like a couple of years ago) it was due in June.

1 Responses to “Doing Our Taxes, Part I”

  1. rob62521 Says:

    Hope you get everything together. We are still waiting for some papers and won't get them until March. Grrrr.

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