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May 01, 2010

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This month is another getting closer to the mid-year turnaround as I call it. I am expecting my first time homebuyer's refund...soon. 50% of it saved and 50% used for international travel (wifey needs to go visit momsy!). My finances are on autopilot. I am going to Mint right now to update my monthly budget and then visit some other PF blogs to see what they are buzzing about today. As I usually say, Finance Is Personal and there is always a personal touch to everybody's own.
Regarding adjusting witholding, it is better/easier to be owed than to owe, so when in doubt, I'd rather overpay taxes than owe next year. Having said that, I hope to break a tax bracket this year so I am not sure I should expect anything by way of refund next year. I love blogging about Personal Finance and really I sometimes wonder what I have been waiting for.
Good tips, thanks for sharing.

Ever since I completed my taxes earlier in April, I've been thinking of ways to reduce this year's income taxes. One big change for us is our rental property. Until this year, we always had a loss on it because most of our mortgage payment went toward the interest. Starting this year, nearly all of our payment is going to the principal, so we'll have a much smaller interest deduction.

Here's where we are on those suggestions:

- We deduct everything we can and save the receipts or proper documentation all year long.

- We got an $1800 refund due to grad school...we'll probably go back to owing about $200 every April after this year.

- We contribute to our Roth IRA evenly every month and polish it off by December. This year we may be opening a 2nd Roth IRA or putting that money towards our remaining car loan...we haven't fully decided yet.

- I have an emergency packet made for my husband since I know all our financial stuff and he doesn't (like account numbers and passowords), but we haven't made an actual will or power of attorney yet. We may look into that this year...I'm just not motivated enough yet. We're young, have no kids, and everything is in both of our names.

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