Taxes can be fun!
FUN! How can anyone possibly think of taxes as FUN!!
One of my friends on Facebook recently commented that she enjoys doing her tax return. She felt like she was going on a treasure hunt! Have you ever looked at it that way? Most people consider getting their taxes done as a yearly chore they must endure. They certainly don't see it as fun! 
Of course, your perspective changes when you get a huge refund, versus owing Uncle Sam a tremendous chunk o' money. One way to look at it is...who was the banker this year? If you have a big refund, it means YOU were the bank, giving the US Treasury an interest-free loan all year. On the other hand, if you owe taxes now, then you borrowed from the Bank of Uncle Sam by not paying enough in throughout the year. Whether you pay interest on this "loan," in the form of an underpayment penalty, depends on last year's tax return.
I imagine my friend was referring to the discovery of various tax deductions and credits she can use to increase her refund. With her two young children, she will have $2,000 in child tax credits alone. Personal exemptions for the four of them will reduce taxable income by $14,600 and a standard deduction takes off another $11,400. Then, there's the new Making Work Pay Credit of $800 total for this working married couple. (See more on this one in my next blog.)
I don't know anything about her income level, but like many young couples, if their wages and other income are not all that great, they may qualify for the expanded Earned Income Credit this year. If they just bought a home, they could be looking at a huge credit, up to $8,000, as a first-time homebuyer.
If they bought a brand new car, they may be able to take a higher standard deduction for the sales tax paid. If they paid alot of interest on their home mortgage, plus high property taxes, charitable donations, yadda yadda, they might save by itemizing. Here in Iowa, many people can itemize on their state returns, even if they can't on their federal.
Now do you see why my friend felt like it is a treasure hunt? She is seeking out all of the legal deductions and credits that will net her a big tax treasure trove! This is not a task for the faint at heart, or for those who don't have the time and energy to peruse volumes of tax laws. But, it can reward those who put some effort into the "adventure."
So, do you feel like a pirate now, matey? Arrr...shiver me timbers! Where's my treasure chest?
