Our federal tax refund, $1,990, was deposited into our account today. We do owe our state $124 by April 30th (yes we get a delay here). We will save the $124 and pay the state just before the due date. The remainder of the refund, $1,866, will be saved for the truck purchase.
New Truck Savings Balance: $4,556
We are getting closer each time money comes in!
If you are getting a tax refund, what are you doing with yours?
Tax Refund = Savings
February 25th, 2011 at 08:20 pm
February 25th, 2011 at 09:03 pm 1298667803
February 25th, 2011 at 09:06 pm 1298668014
Sigh...I actually calcuated recently that we would have our lawyer money fully funded by the end of March, but our tax bills will probably take us almost back to the beginning again! At least we're lucky we have that money set aside, and we don't need it for the lawyer for a while, so I'm not devastated, just a little disappointed.
One of the mistakes I made? Not factoring in our mortgage rate decrease, which is making my and NT's itemized deduction much less!
February 25th, 2011 at 09:07 pm 1298668062
(Funny - all the $2k refunds).
We usually play the $0 refund game, but I am not going to change all my withholdings for all these one-time medical deductions. (I barely withhold anything, as is). Anyway, though it would probably make the most sense to replenish the medical account, I have that covered and got a decent IRA deduction this year, so chose the IRA this time.
February 25th, 2011 at 10:37 pm 1298673431
February 27th, 2011 at 01:20 am 1298769651