Now that the supporting documentation is here, it is time to proceed with the preparation and submission of the 2016 tax return. We did a quick estimate in January and found that we’re not getting very much back, if any at all, from the IRS. We probably owe some to Arizona as well, so we may not file the state return until April.
We usually try and withhold at a rate which causes us to either pay a small amount or to get a small amount back. Last year, however, there were some changes in our “big tax picture” which should have caused a larger refund, but due to lower than expected medical/dental treatments, we didn’t quite make the cut for deducting medical expenses. Bummer on one hand but good on the other that we were healthier last year.
So, today we start the official preparation of the returns. With the tax program we use, it should expedite the process and get to the finish line soon.
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