I was a little worried how everything was going to go this year because we had a big jump in income for 2014...
We went from the $50,000 range to the $70,000 range over the course of the year and since our baby is still in my belly, we won't be a family of 3 until we do next years taxes so I was really worried we were going to end up owing money this year.
Realistically I think its good to get a tax refund right in the ball park of $1,000.00 or less. It's a nice buffer so we don't give the IRS a tax free loan on anything more and it gives us a buffer so we hopefully don't owe money since we never know what my husband's profit share check will be for the year which could throw us one way or the other...
Especially when I inputted our W-2's we were in the "owe" category for the year...
but as I continued adding in our church giving, mortgage interest and property taxes we slowly inched out into the green! We will be itemizing our deductions once again because we can write off over $15,500 instead of taking the standard $12,400.00 (which saves us an extra $377 on our federal taxes this year-- Woot for home ownership!).
What is interesting is for the first time in my life, I (and better said we) don't qualify for the savers credit. Not that we added any money to our Roth IRA this year (the first time I have never done so since I was like 20 years old), but we made too much money as a couple to qualify for it.
We will be getting a little over $400 back from the feds and a little over $200 from the state... and we used Turbo Tax so it cost us $61.98 for our state and federal returns so we should be getting just a bit over $500 back after we take into account the tax software fees.
I was glad we didn't have the business expenses to deal with this year! Now what to do with $500....
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