Who has received their tax refund already? We just got our state tax refund back. I know that if you get a refund, you are doing something wrong. However, I can’t figure out how to get it so we are not paying federal taxes. No matter what adjustments we make, we always seem to get a bill from the Feds! So, to make sure we don’t put ourselves in a tough situation, we overpay our state taxes to give us some breathing room.
This year, we got about $1,700 back from state taxes. How did we spend it? $700 went to pay for Federal taxes. (Boo!) We then put $500 into savings for whatever we decide we are doing. (Yay!) The last $500 was budgeted for my son’s birthday party. We only do parties on even years until the age of 10. After that, we may do ages 13 and 16 if the kids really want one. I want to say we were way under budget, but I have been too lazy to add everything up especially since our credit card balance is at zero and we still have money to eat and live off of for the rest of the month.
How are taxes looking for you?