Tax Day 2023 for 2022.

My taxes were filed this morning electronically.  I did my own return, but turned it over to a tax professional to review.  Twenty plus years ago that professional would have been my father who was a CPA in Illinois. 

I will get about the same refund as last year.  Being of the age that I must start withdrawing money from my IRA account was simple and relatively painless because I had taxes withheld from all my sources of income, being pension, social security, and IRA withdrawals.

Some things you can plan for, and I might make some adjustments to lessen my tax liability next year next year or maybe not.

My advice for folks is start early to save for bigger things like education and housing. The effect of compounding is amazing.  Choose wisely when picking a college and a course of study. In my personal and professional experience high cost private colleges don't necessarily give you a higher paying job.  Sadly, it may leave you with student loans that can crimp your style and cause you to defer other stuff.

I am old enough to remember having part time jobs, working summer jobs, and living cheaply to avoid credit card debt that I couldn't pay off monthly.  And the rest of the story is that I lived at home while looking for my "dream Job" that never quite happened, had roommates that helped make mortgage payments and inherited money from my parents and, hardly ever took vacations that cost money and was able to cash in most of my unused sick leave and vacation time to supplement my savings.  I have been beyond fortunate.

I also have had too much experience with folks with little formal education, poor job skills, little help from other family members and families of their own that required responsibilities beyond my single status.  Past due bills, unpaid rent, huge credit card debt and the distress of asking the government for help is a bridge nobody does willingly.  Living on public assistance is a grind in many ways because the person on the other side of the desk may lack empathy or more likely can help some but it will fall short of bridging the gap much beyond subsistence for an eligible person or family.