Sunday, January 27, 2008

Coming off of Taxes

So I'm slowly but surely getting use to the idea of us having to pay more than 10,000 in taxes by April 15th. Still not liking it much, but I know its coming. I still think the IRS should just keep the 1200 they are planning on sending us and putting that towards that 10K+.....

We changed the plans a little. We went ahead and decided to just get the Vanguard account up to 25,000 for right now. That will hopefully enable us to keep that account with at least 10,000 in it even after we have to pay our taxes and the April tax estimate. If that works out, we will most likely go ahead and pay the July tax estimate from the Vanguard account as well and just keep on working towards paying off the house sometime during August. We owe just over 38,000 on the mortgage that got put on hold to add some to the Vanguard account. The Vanguard account is about 150 dollars away from that 25K amount now, so as soon as we get the January paycheck, I'll go ahead and move that 150 dollars into the account and pay the rest of the extra to the mortgage. That should get the mortgage down into the 34K range and any solitaire money will start going towards the mortgage again. If we can keep a 5,000 pace alive for the next 7 months, we will be down with the mortgage in August. If we can kick it up to 6,000 per month, we will be done in July. The problem with the 6,000 scenario though is, of course, the tax estimates. We should know more sometime late February or early March once the accountants actually do our taxes. That will make the picture a whole lot clearer.

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