Apparently my new method of withholding and paying myself via payroll with my S-Corp is working really well. So instead of owing $10k in taxes, we’re getting $6-$9k back. The range depends on some final numbers and how much more I can contribute to my Traditional IRA’s but we’re getting a good chunk back which is great.
I overpaid in estimated payments at the start of the year before I started doing payroll which would explain the huge refund. It should be smooth sailing for 2014 with not as big a refund next year or I may owe a couple hundred which wouldn’t be bad. (especially since I save for these expenses in YNAB).
Since we’re getting this refund, our e-fund will soon be back up to over $20k. Unfortunately we still have another big upcoming medical expense to save for so I may not be able to start throwing more money at the mortgage just yet.
But the current financial picture is looking better. We still have no debt except for the mortgage. No credit cards, just an Amex Charge card. We’re fully funding our 2013 IRAs finally and I’m now maxing out my 401k.
I really really wish I started all of this in my 20s and not my late 30s. Ahh… the things I would tell my younger self if I could.