Paying the tax man

[Philliefan33]

Today as I was paying bills, I clicked around on Quicken to explore the format changes. I stumbled across a chart that showed our YTD spending by category and learned that 53% of our spending so far this year was on taxes (income tax and property tax).

Not 53% of our income. Of the money we spent, 53% was to pay taxes. We are doing fine and have plenty to spend on our needs and wants, and I am not complaining about paying taxes. It was just jarring to learn that our spending other than taxes is so low.

Time to BTD on something fun!

 

[RunningBum]

I've had years like that, when I exercised employee stock options, or did large Roth conversions. Do you have a situation like that this year?

 

[Philliefan33]

I've had years like that, when I exercised employee stock options, or did large Roth conversions. Do you have a situation like that this year?

Bingo! We had a large capital gain from selling our rental property at the end of 2020, with the income tax paid in 2021.

I had forgotten about that.

 

[Souschef]

My biggest tax bite comes from my RMD's. I just use part of them to pay the taxes.

 

[FLSUnFIRE]

Last year (W*rking) 47% of my spending went to taxes (excluding sales tax which would nudge it up a little more). Not sure how this year will be. Next year, I may only pay property taxes and sales taxes if I play my cards right and don't do anything stupid like get a j*b.

 

[rk911]

BTD?

 

[aaronc879]

BTD?

Blow That Dough?

 

[RobbieB]

Sorry, my fault -