This week's challenge: Get going on your TAXES!


I actually already received the refund portion from California. I immediately transferred it from my checking account to my savings account. I’ll do the same with the federal.

Just increasing cash on hand to fund my “career break” as well as help me re-establish myself after I get tired of traveling (or, if I don’t get tired of traveling, get below a certain cash allocation $$ threshold).


Question that is semi-relevant for this thread:

I owed over $1,000 this year (yay?)

My question - I got “warning” that I should pay quarterly taxes ahead of time to the IRS. I’m not self-employed and typically have had a healthy amount taken out of my paycheck. Do I have to send the necessary amount to the IRS like they requested?


You could just increase your withholding instead. They’re giving you that warning because if you underpay too much, you’re going to get hit with a penalty.


I did my taxes and have sad news. I’m getting a refund. :cry: $4k between federal and state. Had some unique circumstances in the K1 this year that won’t repeat itself next year, so I’m not adjusting my withholding. It’s all going in the mortgage payoff fund. That amount represents several months of mortgage freedom, so it’s not all bad.


I know you like to try to get those taxes right on the nose, but a refund is WAY better than owing like we do! We are in the opposite situation this year and have to pony up an additional $3k after getting a little back from state which we can apply to our federal bill. Darn that AMT and those reduced exemptions/deductions!

What a great thing to throw some extra cash on to that mortgage! That’s awesome.


It comes down to if you owe too much next year you’ll pay a fee. Change your witholdings or tax protect your non w2 income for next year.

Finally finished. We will get back about 1200 dollars total. The money right now is a liquidity bridge for some bigger surprise one time bills we had this month. (Easier the loaning myself cash for a few weeks from savings). Next month when my paycheck catches up the money will go to my wife’s Roth.


I’ve just sent my tax today and I will get about 1500$ back :slight_smile:


I personally love doing taxes. It’s like a puzzle to figure our how best to game the system :slight_smile:

Here are some words of encouragement: Regardless of your political view(s), taxes almost certainly pay for something you want or enjoy. Maybe you like to drive to your destination and like to have roads available for said trip. Maybe you think we need a massive military, with military spending so large that the next 7-10 highest spending countries combined don’t match our spending. Maybe you like WIC or medicare. Maybe you like exploring space. Maybe you think airports are great. Perhaps you like having schools. Taxes pay for these things. I’d personally be willing to pay a little more, even, for certain causes to get better. Anyway, I digress…

I got started early January of 2016. I like to know how much I owe the government early on to see how my estimates for the year played out. I try to owe the government under $1,000 so I won’t have to do quarterly pre-payments.

  • W-2’s, check.
  • Student loan(s), irrelevant, we’re phased out of this deduction, which is bullsh*t, but on the other hand, our APR on our $15k in student loan debt is @ 2.25%, so it’s hard to complain too much. Plus, grad school basically sent us on half a dozen free vacations. Another story for another time.
  • Statements from investments, mostly check. I don’t know why, but one of my K-1s always takes until April to show up.
  • Dude? Boxes of receipts? I need to lock down my organizational skills. I’ve got like three receipts. Was I supposed to keep the rest?
  • Back to TurboTax this year, they finally stopped stiffing investment property owners. Check.
  • Accountant? We don’t need no stinkin’ badges, er, accountants!

Tips for making taxes a breeze - start planning now for next year. Ideally, you’ll owe the government a few dollars.


Mailed them to the accountant today!! I can’t wait to see the outcome. I changed my allowances this year so I have no idea how that will change things…will I owe money? Won’t I?? Only time will tell!


There was one year that I owed $7k, so I remember that feeling - not good either! It was when I finished my MBA and lost a bunch of school related deductions, and switched to a 15 year mortgage losing a lot of interest deduction. Ouch!


Gave in to Credit Karma and tried their free filing this year. I loved not having to pay to file my state taxes! It was not quite as dummy proof as Turbo Tax is, but I did just fine. Woo hoo! And I love that I got my Federal refund back today, almost exactly 2 weeks later.


I went with CK this year as well. Though I’d put it more optimistically, and say I was excited to do my taxes through them, and not pay anything to do it! :smiley:


Finally filed on this today and we’ll be getting back a little over $2k. I’m hesitant to change my withholding quite yet since so many things are in change over last year to this year…

going down to one income, all retirement contributions are in a Roth now, no HSA anymore, no more daycare costs to write off, smaller mortgage. I think we are going to need the withholding the way it is to see how it pans out for 2017…


I got $660 back from Fed and owed $12 to Illinois - not bad! Sent them in 11 days ago and just deposited in my account today… yeah!! :slight_smile: