I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.My dad ran my numbers today at H&R Block & I owe a little less in federal taxes than last year. I owe the state $1 more than last year. I take 0 exemptions. I have already increased my withholding so hopefully I won't owe again next year. I think 2013 was the last year that I got a refund. I'm not sending my check off until the first week in April. I have until May to pay the state, but it's not much.
This is definitely good motivation to get my Facebook Marketplace & eBay sales going!
Taxes Completed
February 11th, 2020 at 05:05 pm
February 11th, 2020 at 05:42 pm 1581442949
Why let the government hold your money to get a refund? They pay no interest.
If someone fraudulently files using your info, they get the refund, you get the headaches.
If, god forbid, you have a garnishment, they can take your refund.
You don’t want to oweso much that you pay a fine, but you can easily calculate what you will owe (especially if you are single without any fancy deductions!).
Try to pay exactly what you owe. Stick any extra you are worried about in the bank. If it earns $1.00 it’s a dollar you didn’t used to have.
And if someone owes money, the credit card company is happy to charge 20 percent on money that the government holds without paying a cent. you are better off to pay off debt early in the year and then save for taxes later in the year!
I wrote out how to calculate tax liability for singles on Amber’s post if you are interested.
People with kids are harder, but it is doable...
February 11th, 2020 at 08:36 pm 1581453378
February 12th, 2020 at 03:12 am 1581477164
February 13th, 2020 at 09:06 pm 1581628017