Thursday, January 31, 2008

Doin the Tax thing....

HOLY CRAP!! I just got the year-end statement from the mortgage company in the mail today. We paid over $10,000 in interest last year on this house! Jake says they are doing that because they KNOW we are going to refinance next year once the penalty expires... so they're trying to make their money off us when they can. But here's the funny part... they don't get to keep it all. It's income to them and they have to report it on THEIR taxes... and we get part of it back! So WHY are they taking so friggin much of my check every month?? Why not just lower our payment by ohh... 15% over the course of the year... since we're getting it back anyway. Sure would make things easier over the course of 12 months.

Oh well. In case you don't know... Jake is a truck driver. And he's out alot. For every day he's away from home, the IRS lets us deduct $39 from our income tax paid in. (75% of $52 a day to be exact) He was out 275 days last year (seriously! He sat at a terminal one night and counted through his log books).

It's fun watching the numbers count up in TurboTax. They went pretty quick when I added in that $10k+ deduction for his time out. And again when I added the mortgage interest. It's a game you see... make the numbers move. Up is good, Down... bad. And so goes my spare time over the past few days.. and more during the next few. I'm almost done though, just gotta dig up sales tax figures for the Jeep, Suzuki (my ATV) and Kawasaki (Jake's ATV).
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1 comment:

Cootiebug77 said...

Yay fun! Mine isn't quite so complicately (thankfully!)

 

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