Loving this tax season. *Snark*

Husband is very blessed to be in a needed industry. He is also in demand within the industry because his skill as an operator is a rare one, especially of the type of machine he works with. Due to the nature of his work it is often that the company is working in conjunction with a local government and that the work is union. So the pay is great, we get decent medical, and we have fairly good job protection.

This job has bumped us a tax bracket which has meant we pay more in taxes. That is just the nature of the beast. The fun this year has been discovering that over 20% of his income went to taxes. AND we OWE. Despite my chronic illness needing Dr. visits every month and despite my Damsel business we still owe more. They took more than some people make in a year. WTH? I am so shocked by this. I saw that number and about fell over.

Hopefully now that I have my business I can find lots of fun deductions but I am just flabbergasted at our government.

The practical and the impractical.

It is tax season. For most families this means prayers of a return and fear that you will owe the IRS. We have been fairly blessed to not have had an owing year since our marriage. (knock on wood!) This year was no exception however we approached things differently this year. We mad a vow before we even saw the amount that at least 50% was going into the retirement fund. With how things have gone we knew that this was the best thing we could do to plan for the future. Granted if Hubs has his way he will never retire BUT we still need to plan. A lot of couples our age tend to write off retirement. It is so far off and there will be time to save. WRONG. There is no time like right now. Saving is not only for your benefit but for the benefit of your family. We have a relative who has no savings at all and we have seen first hand how putting it off has harmed this person but also every one else in the family. So save save SAVE!!

Of course you also need to let yourself splurge some times as long as it does not negatively impact your financial health. We decided that each of us also deserved something fun after the money went into savings. Every year our returns have gone to pay bills and while we could have put this towards a bill as well we decided to splurge and buy a want rather than a need. Hubs gets his bear hunting trip to Canada. I got my computer that I have always wanted, and the girls got a 14" trampoline. It was wonderful to buy toys for once. I have a hard time spending money, especially on something decadent and unnecessary. Hubs had to push a little, haha, but I am glad he did. It felt good to fill a desire for each of us.

The moral here is that you need to find a balance with the practical and the impractical. You have to plan for your future first and foremost but once you do it is okay to treat yourself a little!

Tax season!

It is that time of year. The time when every adult in the US feels anxious and excited all at once. Do you get a return? Do you owe money? When do you get your refund? The list of questions floating around in our brains can go on forever. I do our taxes myself with the use of H&R Block at Home (Formerly Tax Cut). Soooo easy. I was worried this year because we bought the house so there was a lot more to go in to. I had to discuss moving expenses and interest paid and points paid and blah blah blah. Our forms were much more detailed this year that's for sure. Still was pretty easy. I recommend the software to anyone who wants to do it themselves.

Tax deductions

We bought a book called a deduct it book that lets you track your tax deductions for the year. It is really cool but I had no idea what you need for documentation. It recommends that you write down the value and number of each item you are donating, (there is a place in the book for that) take pictures of all of the items, bag them, take another picture, deliver them to the thrift store, (or wherever), take another picture of the goods being accepted, and get a receipt. Oh, and you will need initials of the person recieving the goods in the book. CRAZY! I also got a really nifty brochure size sheet that helps me track my milage to and from scouts and all of the running around I do for the rescue. We got SCREWED on our taxes this year and it was our fault for not keeping track of deductions. This year will be different.

Quote of the Day

Ryan the 2L: I love it

Maggy: Teabagging or Tea Parties?

Ryan the 2L: Both