April 13, 2006
Now there's a good feeling, taxes submitted (after leaving them sit since mid-March when I did a rough sketch of the numbers to see just where we stood).
When all was said and done we only gave 4.28% of our income for federal taxes. This number is on the TurboTax (online version) summary page. I believe it's a calculation based on the adjusted gross income and the total tax payment (after tax refund or payment). The state taxe (Massachusetts) summary doesn't have a similar number, but it must be in the same ballpark.
That was a bit of a suprise to me. Of course, the bulk of the money that didn't go to the government went to other places we'd rather it not go, like mortgage interest.
So it's not so much of *if* but *where* that money goes.
Update: To not leave folks hanging, here's a little more detail on our deductions:
- we give a lot in tax-deductible donations
- we bought and sold a house, many of the fees are deductible and a new house always means heavy interest payments (the loan is *not* an interest-only loan)
- we have two kids in a private pre-school, a chunk of the tuition is tax-deductible
Posted by mike at April 13, 2006 11:13 PM