January 29, 2014

Fun times at the Ripples House tonight - Taxes

I started working on our taxes this evening.  I hate doing them.  They stress me out.  But I'm always excited to get that return.  We really need to adjust our withholdings.  I like to get enough back to pay for our annual expenses.  I know I should just up our withholdings and save the money myself but it's nice to get all these bills out of the way at 1 time.  These are the annual expenses that I try to cover with our income tax return:

  • Car Insurance                   $925
  • Condo Insurance               $250
  • Cord Blood Registry Fees $250
  • City Taxes - estimating     $1200
  • Life Insurance                   $850

      Total                               $3475 

 If there's extra money after those are paid, then I'll spend:

  • $71 on zoo membership
  • $100 - $200 towards money-saving/energy-saving devices
  • $75 - Fun Money to take the Family to do something
  • $75 - Fun Money for Mr. R to go out on a date (thinking a play and dinner)

I've started our taxes and not sure if I will do them myself online this year or not. I think I can figure it all out, I'm just unsure about a few things so I'll need to do some more research.  I'm still waiting on a dividends statement from Sharebuilder which shouldn't be very much, my student loan interest total and our mortgage paperwork before I can finish the taxes.  But I think we'll end up with a pretty good chunk of money above what we need for the above.

If so, I'll be paying extra on my students loans and adding more to our savings.


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4 comments:

  1. Nd.chicJanuary 29, 2014 at 9:03 PM

    I actually kind of like doing taxes. Can you get your mortgage and student loan info online?

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    Replies
    1. UnknownJanuary 29, 2014 at 9:11 PM

      I tried to find it online and haven't had any luck. Share builder usually waits till the end of February to send out the info I need so I have a while to wait anyways. I just like to get started early.

      Delete
  2. DebbieJanuary 30, 2014 at 7:29 AM

    I did our taxes with Turbo Tax the other night. We are getting back close to what I make in a two week pay period. I don't know what I am doing wrong all these years. I get a little back from the state. We have mortgage interest, a student loan, my donations to the food pantry, kids, and I paid for part of my kid's college tuition. Oh well. I am thankful that we are not paying out. I'm going to split my state tax refund between the kids and let them have some cash. I'm putting my fed tax return into my savings account, and will give my husband a couple of dollars.

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  3. TaniaJanuary 30, 2014 at 9:17 AM

    I had never thought of aligning all bi-yearly fees like that. I like that idea! Right now, my only bi-yearly fee is my car insurance ($240/6mo). But that does make sense to match them all up if you have more than one.

    I am doing my taxes online as soon as I get my PT job's W2 with Turbo Tax... I know I will owe (but less than $200 as of now--go me!), but I still want to get it out of the way so I can move forward with planning things.

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