Sunday, February 10, 2008

My taxes are filed

Tonight I decided to file my taxes online with TurboTax while I watched the Grammy Awards. If the government accepts my filed return, I'll be getting a healthy refund this year. This is in part because I have extra money taken out of each paycheck to make sure that I won't owe at the end of the year. I'll never forget the first year that my ex-husband and I were married. We weren't having enough tax taken out (unknown to us) and we got quite a surprise in tha first joint return. Also, I love owning a condo because you get to itemize deductions for the interest you pay on the loan. That makes quite a difference.

So, I'll dump this little sum into my savings account and put it toward one of two things: the wedding or the upcoming assessment on my condo. My building is coming up on 25 years, and they are going to issue a special assessment this year to replace the siding, put in energy-efficient vinyl windows, and address some problems with some of the duct work (for the dryer exhausts and chimneys). I don't yet know how much the assessment will be, so I'm not sure whether I'll be able to pay for it outright or whether I'll need to take out a loan. Combined with the wedding expenses and a new house for L. and me, it will be an expensive year. I'll be happy if I break even or have to take out only a small loan. The other interesting thing will be figuring out how I can rent out my condo if the assessment-related work is going on when I have a renter in my place. Many things to figure out...

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