Tuesday, January 31, 2012

Taxes Done!

I stayed home from work yesterday because of a pinched nerve in my shoulder (fun, fun). It sucked, but on the bright side, I used the time to do my 2011 taxes. I knew I'd be getting a refund, but it's exciting to know the exact amount and to start playing with different scenarios of how I'll use it.

I'm getting $2,300 back in taxes. Holla! So, I'm going to put $1,700 toward my student loan (to make $2,000 above my regular payment this month with the $300 allotted for that in my budget). The remainder is going into my Travel fund, which puts me on track for my goal.

It's interesting, I'm not tempted to go and buy anything with the money...I am tempted to leave it in savings to boost my E-fund, or to put it all towards my trip fund as a "just in case" amount. But my old routine was to splurge on something big with my taxes. Now, I want to do something significant with it...whether it's savings or paying down debt, I want it to go towards something. I like that most of it is paying off debt, while the rest is going towards something that is memorable and I will be glad I did forever.

Now, I just have to wait for the direct deposit to come in! My loan sidebar should be getting more blue in a couple of weeks!

What are you doing with your tax returns?

7 comments:

  1. That's great! I plan on paying off debt.

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  2. Yay. That's a nice bit to get back! Good plan on how you are using it too. I plan to give some as a gift for my parents, some to boost my EF, some for my Debt Free Dash give away and I think that's it. However I am stil not sure how much my return will be.

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  3. Oh what a nice return! Good for you.

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  4. I'm hoping we get money back but I honestly don't know if we'll owe. With Eric not working 6 months out of last year, we're in a lower tax bracket than normal, but we may still owe because i stopped tax deductions when he stopped working (to increase my take home pay). if we get ANYTHING back it will prob be split between e-fund and vacation fun : )

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  5. ahhh I wish I could file my taxes already! I feel like I'll be waiting a few weeks for all the forms though.

    Nice return!!

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  6. Awesome, I got a $500.66 tax refund and I put it all on my student loan, which will now be paid off in October 2012.

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  7. Ah, that's awesome. Well done!! I'm hoping for a hefty return this year, too, since 2011 was the first year that I worked ALL year full time (as opposed to being in school for part of the year) so I paid a lot more in tax, but I should have a lot of deductions. I'm also not planning to do anything spectacular with the money. I've been a little short on savings lately because I'm been freelancing, so I'm looking forward to putting my tax return cheque right in the bank!

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