Saturday, May 4, 2024

Taxes 2024


I owed an additional $1,249 in taxes for 2023. I did not have the benefit of 401k contributions so all of my W2 income was taxed. I also had almost $2,500 in interest income. I ended up paying approximately $30,300 total in taxes in 2023. 

That's definitely a lot of money. I am on the hook for quarterly taxes for 2024.  I don't think I will owe much, if anything, in 2024 as I will have the benefit of my 401k contributions to offset my taxable income. 

This was a good lesson to plan for taxes. I don't know anything about tax shelters or ways to decrease taxable income, other than retirement contributions.  I would like to research this topic so I can have a better understanding of planning for possible future tax bills. 

Anyone have a surprising tax bill this year?  Anyone ever have to look into (legal) ways to decrease taxable income? 

Saturday, April 6, 2024

Net Worth Update April 2024


I haven't done one of these since July of 2019!

Here's where the numbers stand.

$18,499.26 Ally Savings Account (Saved for Roof Replacement)

$45,774.85 Marcus Savings Account 

 $66,213.02 Retirement- Roth IRA
 $85,219.88 Taxable Brokerage (Retirement)

$20,147.23 Former Employer 401k

$3,900.32 Current Employer 401k

$31,831.52 Bank Account 

$437,500-per zillow

              Total (not including home): $271,586.08
              Total (including home): $709,086.08

Mortgage $144,563.81

                   Total (not including mortgage): $0
                    Total (including mortgage): -$144,563.81

        Total Net Worth(not including mortgage/home): $271,586.08                                      
        Total Net Worth(including mortgage/home): $564,522.27

Net worth, not including mortgage, increased by $197,023.08  from July 2019(last net worth update)
Net worth, including mortgage, increased by $388,219.27 from July 2019 (last net worth update)