Darn! Tax return was less than we were planning.

[MinnieLovesMickey12]

I was expecting us to get a much smaller refund this year because of the tax changes but we got back almost the same as last year. Our mortgage interest deduction was much bigger this year because we started paying double payments so that may be a bit of the difference. Next year we won't be so lucky because DH's pay raise will take us into a higher bracket.

 

[rlduvall]

Our mortgage interest deduction was much bigger this year because we started paying double payments so that may be a bit of the difference.

Any monies paid over your regular payment should have been all principal - which was very very wise of you to do. Not sure why your mortgage interest deduction would have been higher because of this. If anything, it should have been lower because your base principal was going down more significantly every month.

Edited to add: I'm not trying to sound critical. This is an excellent thing to do on your mortgage.

 

[tzolkin]

And that is a prime example of why someone should never depend on a tax refund (either coming in time for a purchase, or the expected amount) or a bonus to fund any purchase. Those items should never be included in any budget. When you get them that's great. But one should never depend on them...EVER.

While I do agree with you that you should not depend on a tax refund for budgeting purposes I don't really see where the OP is a "prime example" of this.

She said they were prepared for the possibility that their tax return would be less and stated that they had plenty of money in their vacation savings to cover the trip.

 

[graceesmom]

I am impressed that so many people work for companies that get bonuses! And jealous at the same time. Neither my husband nor I have ever worked for a company that gives bonuses. We must not be very good at picking employers.