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Taxes, Check

January 12th, 2009 at 11:51 am

A busy but productive weekend.

I usually do my taxes pretty early (like Dec. 31 if possible) because work gets so hectic. So I rather do my own before I get bogged down in everyone else's taxes.

But anyway, I also read state of Cali may issue IOUs for tax refunds, so I figure maybe I should get mine in before that happens.

Was surprised to get $50 back from the Feds; thought we would owe a bit. I had kind of over estimated some income and under-estimated some expenses. So, phew.

State - $550 back.

$600 - all to savings, of course.

I can't e-file until Jan. 16th though, with the software I have. So I will probably file this weekend then.

I usually play Federal as breakeven as I can and go for a state refund because the state if just so complicated. My boss said I could just do a flat amount per paycheck so I chose $50, which was about half of what the state calculated at 15 exemptions or whatever. So I was just happy to WAY lower my withholding, even if it was still a bit much.

BUT, fast forward to 2009, and the state is big on withholding unnecessary amounts to raise revenue now. Plus, if they can't honor their debts, well, I don't want to pay in too much.

So I think I will from my withholding from $1200/year to $700/year.

I will wait to see what my compensation is, to be sure. This will help offset $240 annual state disability tax raise. The rest of the difference will go into savings. I'll work out the details when I know my compensation for 2009.

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I also upgraded Quicken over the weekend. That is just not something I want to mess with - I Want a supported version - and my support ends mid-year 2009.

Anyway, got an offer to download it for $39.99, directly from Quicken. I was sold. I had been planning to pick it up from Costco at that price.

The new version has some great improvements and will save me some time.

I am pretty convinced I save way more over the years than I would ever spend on Quicken (buying every 3 years). I think this is my personal best move when it comes to improving my personal finances. It does depend what you are looking for. I haven't tried the budget features because I am not much of a budget person. The accountant in me does enjoy the pile of electronic data though. & tracking (& organizing) every dime.

My one pet peeve with my old version was I could not remove old accounts from the side bars and stuff and still have them show up in "Net Worth" reports. IF there was a way, I couldn't figure it out. BUT now I Can. VERY easily. I may switch to Quicken to tracking Net Worth going forward, which is awesome and will save time too.

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