Tax Time

We filed our taxes at the end of January... and as I alluded earlier, its a pretty significant chunk of change. We are getting over $4,000 back!

FEDERAL BREAK DOWN:
Adjusted Gross Income $ 85,706.00
Taxable Income $ 52,995.00
Total Tax $ 5,414.00
Total Payments/Credits $ 8,971.00
Amount to be Refunded $ 3,557.00
Effective Tax Rate 6.32%

STATE BREAKDOWN:
Taxable Income $ 66,776.00
Total Tax $ 1,048.00
Total Payments/Credits $ 1,972.00
Amount to be Refunded $ 924.00
Effective Tax Rate 1.23%

$4,481 back to be exact!!!!

So where is it all going? 

To savings cause we are boring people.

Specifically, $1,000 is going to replenish our medical savings account that we drained when we payed for hubs' dental work... which we still need to finish... and will soon...

$725 will go to replenish our vacation fund...

and the $2,756 remaining will be dumped into our Slush fund so we can finish Hubs' dental work. This move buys us a little time to to wait and earmark the $$$ for something more specific. We kind of want to wait to do anything with the money until we see what actually happens with his profit share check in March.

Regardless, February will be a good month for us. I sold over 100 hours of vacation time back and selected February as the month to receive it during last years "sell your time off" enrollment period.

We chose to sell vacation time for the first time to make sure we could afford to send little dude to preschool in the fall. We were looking into a few options and felt a month or so more in savings to cover enrollment and any deposits would be a good idea. I'll post more in more details on this decision at a later date.