Tuesday, February 17, 2009

tax refund

Because I am self employed, I was able to gather all the papers I needed and send to the woman who does my taxes already. She did my taxes and efiled them and I got my refunds last week. Efile is great!!! I do pay to have my taxes done as my CPA specializes in home businesses; plus she is a work from home mom so I get to help support her; and the cost is tax deductable for next year's tax return (as a business expense.)

what I did with my tax refund:
$400- tithe
$100- offering (family gift for sponser child)
$400- life insurance (for the year)
$450- great adventure season passes (not bought yet)
$150- renter's insurance (for the year)
$100- Jason
$100- Joshua
$2,100- in freedom to fully fund for 1 year
$200- mattress for grandma
$200-home repairs (paint,etc.)
$55- housewarming & birthday gift
$50-chinese food
$100-catch up on all bills
$4400-total refund (state & federal) not too bad.

I like that my freedom account is fully funded including $700 for car repairs. WHAT A GOOD FEELING!!! Plus I still have $1,000 in a cd for other emergencies (non car related.)

My next goal is to fully fund my emergency account to be at 6 months living expenses (about $12,000.) Then start saving for a down payment on a house. I want to save 20% over the next 5 years, so I can try to buy a house then. Of course I have no idea what God's plan is, but it never hurts to tithe, pay all bills, and save; even if buying a house is not in my future.

But for now I feel good, plus yesterday we even spent some mad money and I bought myself Yahtzee. We played it last night and I won!!!

Did you file yet? Are you getting a refund? What are your plans for your refund?


Becky said...

Wow! I'm impressed with how well you budgeted that refund out. I think you made the most of it :)

I just filed my taxes. We'll owe the federal and get a refund from the state. Our net refund will be about $300. It will probably go into our emergency fund :)

HS @ Our Debt Blog said...

WOW! you get a lot of money back! But I'm glad you do, you really need it. I'm glad things are going well, keep up the good work!


Jeannette said...

I don't see any of my negative profit sharing included
You are an awesome financial guru. You should help others I think you would be good at it..

Anonymous said...

Yup.... we filed and our plans are to use it for another adoption :)