You may still have a month left to file your taxes, but in our household they get done as early as possible, mostly because we usually get money back. We just had the discussion again whether or not we should adjust our deductions so that fewer taxes would be taken out on a monthly basis. We both agreed that for us it feels better to get an annual “bonus” than an unbudgeted bill to pay. On a daily basis I do my best to not fret over taxes, so why would I want to stress every spring?
Since the invention of TurboTax, my Hubby has taken the lead on our taxes. I have to say that it’s a relief to have this annual chore taken care of, plus I think Hubby secretly looks forward to accomplishing. Coming home from work last week, I was pleasantly surprised to find that he had filed our taxes while taking care of our feverish/cranky/teething BabyGirl. Talk about multi-tasking…way to go Daddy-O!! (Yes, I did promise to thank him publicly for his chivalrous acts of parenting and tax prep.)
The better news came when he told me that we are expecting a $4k refund! I have to admit that the first thought that crossed my mind was “Denmark,” returning to my adopted homeland. Yet, Hubby promptly burst my bubble by reminding me that our first family financial goal is to increase our emergency savings fund back up to $10k. We would reach that goal if we saved our tax refund. An emergency fund doesn’t scream family fun, but financial peace of mind in times of layoffs is worth it. I also know that we pay our share of taxes, but I’m not about to balk at funding essential social services. You’ve already heard my rant on green taxes.
Is your family getting a tax return?
How do you plan to spend/save it?
Sustainable Family Finances
This blog is the story of a family creating an abundant and sustainable life.
Green Mama – This reminds me of what should have been on my to do list this last weekend, but wasn’t. It will be good to get started on this sooner than later.
We’ll see what we get back this year, in the past we’ve gotten back quite a bit, mostly from having so many deductions. In the past I’ve done sexy things like buying my first IRA and other similar investments.
Denmark sounds good, but you’ll be happy when you’ve earned it.
We strode into H&R Block the day after receiving our w-2s. Got our refund a week later.
Did two things with refund:
-paid down husband’s car loan, significantly.
-bought two tickets to Italy for Fall.
So, we did some fun (Italy!!!!) and some fiscally responsible (get rid of debt!).
Always curious to know what others are doing.
PS, I love H&R Block. For $200 they do it all and it’ super fast.
Nice balance Sarah!
I definitely think that next year we’ll have to go 50/50 on fun/finance on our refund. And if weren’t for Hubby’s enthusiasm and the simplicity of TurboTax, I’d definitely be going pro with our taxes.
I have posted about it yet, but I am putting every nickel from this blog toward a family trip to DK. So the more you visit and share, the closer we’ll get to our goal…hoping we’ll make it before Girly needs her own seat 😉
Thanks for your comments!