I filed our 2012 taxes this past weekend. We are going to get a pretty hefty tax return. $8,000 of our hard earned money is coming back to us. We actually projected our taxes as if we were making our annual salary. But since, we started working halfway through the year after graduation we didn’t make as much money as we projected. Both my husband and I, also, had education credits this year ($5,000 of education credits). Thus, we ended up getting back all of the taxes we paid in last year. This money will be going to paying off our car loan in March and funding our down payment fund Yippee!!!
While getting a tax return is cool, I don’t like giving the government an interest free loan. We were trying to get used to the amount of money we receive monthly from our paychecks, and thus, decided to pay the regular tax rate.
I used Turbo Tax to file our taxes. I think it’s an excellent software program to use if your taxes aren’t too complicated. I like doing my taxes because I like to understand all of our deductions, exemptions, and credits. What program do you use?
While I dislike paying taxes because I think our government does not utilize our funds wisely, I much rather pay taxes than live any where else. As Americans, we are very lucky to live in this country. When I read about a labor camp in North Korea, women being unable to vote in the Middle East, the warlord states in Africa, I am thankful for being in this country.
Will you be getting a tax refund this year? What’s your plan?