Tuesday, April 15, 2008

Tax Day

So, one of the goals of this blog is to post about our finances.

Did you get your taxes done? Did you owe money to the IRS or did you already get your refund back??

We got a ton of money back this year -- about $8200. Last year we got about $4000 back. I adjusted my withholdings at work but Mr. Sam did not. In 2007 we both maxed out our 401ks and due to our investment properties and charitable giving we had a ton of deductions. So there you go, we ended up with a biiiiggg refund. Mr. Sam and I will be looking at the IRS withholding calculator http://www.irs.gov/individuals/article/0,,id=96196,00.html to see if we can do a better job at bringing home more cash money in our pay checks and give less to the IRS.

Anywho, (I love that fakey word) our fun plans for the cash money (mostly my plans as Mr. Sam has not staked a claim to the cash money) is to add $1000 to our ING travel/vacation savings account which now has a balance of $1106. I made a couple of fun purchases at Red Envelope (http://www.redenvelope.com/).

Practical plans for the money include paying off a 0% Home Depot credit card $555 charge for one of our investment properties (done), plumping up a couple of our checking accounts to compensate for one empty investment property and the bulk will go to our emergency account which before IRS monies is at $10,200.

No comments: