TAX TIME!

I finally got the last 1099 form I was waiting on and sat down to do my taxes yesterday. It took about 5 hours to complete, but I was surprised to find I actually have a small refund coming. I'm already planning on putting that to work by investing it in additional shares of one of the limited partnerships I currently hold.

This year's taxes were a little more difficult than usual to prepare. I had several stock trades to report, dividend and partnership income and foreign taxes. Then I had unemployment compensation, which I had never collected before last year, so that was a first for me as well. I used an online tax preparation program and everything went smoothly. It really helps to have all your records together before you begin the process. Toward the end of each year, I always set up a file to collect all of my tax paperwork in, so when it comes time to prepare my taxes, it's all right there. Really simplifies the process.

I received an email notification that my return has been accepted by the IRS, so now it's just a matter of time before the refund rolls in. It's nice to actually get a refund for a change, instead of having to pay in. It will be even nicer to put the money to work and generate additional income for 2010 and beyond.