Friday, December 31, 2010

Taxes: Refund or Pay More

Today, I started working on my taxes for 2010 using Tax Cut software from H&R Block. For the most part, I plugged in last year's numbers into this year's tax code. My preliminary conclusions:

  1. It looks like I won't be getting a refund. Since I had a child during the year, I expected my taxes to go down. Each year, I try to have my withholdings set up so that I have a small refund.
  2. I need to give more money to charity in 2011. With the child on the way, I forgot to make some of my annual contributions to my favorite charities: the Salvation Army, the Universities that my wife and I attended, and the American Cancer Society.

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