My Tax Refund

(source)

In my first run of my taxes, I determined that I can expect a return of about $1,500 – which is a pretty big chunk of money.  Here’s how I am planning to use it.

Top up my Travel Fund ($143)

I’d like to get my Travel Fund up to $4,000, and then I will stop contributing until I use it.  After I reach my Travel Fund goal, I can funnel the $250 a month I’ve been putting into my Travel Fund into my Emergency Fund.

Top up my Emergency Fund ($500)

I’d like to get my Emergency Fund up to $10,000, and then I will stop contributing until I need to use it.  I just picked $10,000 because it’s a nice round number, and it should last me at least 6 months of living expenses, should anything happen.

Contribute to my Tax Free Savings Account (TFSA) ($750)

I’m not sure of what to do with the cash I have in my TFSA.  I need to start doing some research and invest my money.  Ideally in some blue chip dividend paying stocks. That’s one of my goals for this year!

Go for Adventures in the City with BF ($107)

BF and I went on an adventure this Monday – we went for a nice walk to a new Thai restaurant I wanted to try. It’s called Khao San Road, and it’s opened by the same chef at my favourite Thai place in the City – Sokhu Thai. If you’re a Thai food lover – you have to check out their restaurant (Sokhu Thai).  Unfortunately for us, the restaurant was so packed that we didn’t even want to bother waiting (I’m sure it was more than an hour wait), and explored another place.

Even though I know that eating out is expensive, and not healthy, it’s something that BF and I really enjoy doing.  So we try to prioritize it.  So I am going to put a bit of this “windfall” for our adventures :).

Have you figured out how you will be spending your tax refund this year?

Cheers,

February Goal: File 2010 Taxes

This year, I plan on completing my 2010 taxes by the end of February.  I am hoping for a tax return, and by getting them done early, the earlier I can get my money back and make it work for me.

For as long as I can remember, I have always done my taxes by hand.  Ancient, I know, but that’s the way that I know how to do it.  When I was little, my dad would make my sisters and I do our taxes, and he would check them – like homework.

So last year, when I attempted to use the an electronic tax software, I was overwhelmed that it only took mt 20 minutes to complete, as opposed to the usual 3 hours.  I am a little embarrassed to admit it, but I actually didn’t believe the electronic file, and I completed my taxes by hand and sent those in.

This year, I’d like to take another stab at electronic filing.  I will still complete my taxes by hand first (because it makes me feel more comfortable), and then I will file electronically.  That way, it will be a check, and I will (hopefully) feel much better about filing electronically in the future.

Will report back once I am done!

Readers, do you file your own taxes?  Do you file them electronically, or do you do them by hand, like me?

Cheers,

 

 

 

 

Photo source: http://alanadawes.com/capital/?p=taxes-online