I just filed and submitted my own taxes. This is the first year I have filed my own taxes finally setting me free from the depedency i've had on my parents all these years. Let me tell you, filing taxes was a blast. I'm not sure if I took ever opportunity, but I got an amazing $3978 back from federal taxes, and $595 from state taxes. Note, my income was approximately $32000 for the 2006 year.
Details: I used Taxact.com because the e-filing fee ($12.95) was much lower than what H&R TaxCut ($29.95) was charging me. H&R was a bit smoother, and visually appealing, but the numbers came out the same. I recommend checking between different websites since its free if your annual gross income is less than $52000.
Why was my tax return so large? Correct me if I am wrong..
-My annual salary is approximately $60k, so I was taxed at a higher tax bracket
-I received a tax refund amount for $818 dollars for the "Lifetime Learning Credit" from Form 8863
-I received a $30 dollar long distance phone tax credit
I am curious if I am actually applicable for the Lifetime Learning Credit. I am sure my parents would probably overlook that field, so I filed it on my tax refund. Although "technically" the money was given to me from my parents to pay the tuition. Any comments?
As for my investments, I plan to sell a significant share of Cisco once the price rises a bit more. I am (overly?) optimistic about the outlook of the stocks based on what I have read lately, and the earnings report will be announced this afternoon.
I plan to sell approximately 500 shares sometime this week and redistributing the money among my Vanguard funds.
Lastly, I am excited/reenergized/stoked/going nuts over the fact that a visitor has posted a comment (CPA1298, thank you!).
Work has been ridiculous lately but I will make it a priority to update this blog!
Enjoy!
Monday, February 05, 2007
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