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Preliminary Taxes

December 5th, 2012 at 05:13 pm

I played around in TurboTax last night and estimated my taxes. If my numbers are even close I will be getting a refund on 2000. I don't get to claim my medical expenses though because I don't have enough to itemize. The interest on the rental property goes to a different line item now. And I don't get to claim DS anymore. It is better than I thought it would be. I don't know what next year holds if the rental property stays rented I won't have a loss on it.

If all goes as planned I will use the money for our New York trip in July.

Posted in Misc Thoughts and Updates | 4 Comments »

4 Responses to “Preliminary Taxes”

  1. creditcardfree Says:
    December 5th, 2012 at 05:16 pm 1354727789
    1354727789

    Not a bad refund...$166.66 extra a month that could be in your pocket each month if you change your withholding. You might consider paying some debt too!

  2. Petunia 100 Says:
    December 5th, 2012 at 06:19 pm 1354731576
    1354731576

    I would get current on everything, then save what was left for New York.

    And look into what it will cost to get rid of your current cell phone package. It would be worth paying several hundred up front to get out from under, because you will make that back quickly.

  3. BuckyBadger Says:
    December 5th, 2012 at 06:40 pm 1354732851
    1354732851

    I agree that the majority of that money should go in improve your long term prospects, not to a single vacation. Getting out from your cell plan, paying off debt, and getting current on your bills would be a much more responsible use of the money. I'm not saying that you can't use some of the money to have a good time in NY, but you need to think about your future. It's more important to get your head above water.

    "Oh look I got a big refund and now I'm gonna spend it on a vacation" is a pretty detrimental mindset. I know some people use tax refunds as "forced savings" but that only makes sense if you use that money for something useful. If you're just going to blow it anyway, you might as well have $166.66 more a month toward bills.

  4. North Georgia Gal Says:
    December 5th, 2012 at 07:27 pm 1354735678
    1354735678

    You guys are all right. I will probably put some to debt. I will just have to wait and see how much I will actually get back.

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