Tuesday, October 02, 2012

Moom's Taxes 2011-12 Edition

After doing Snork Maiden's taxes my final investment tax statement arrived and I could do my taxes:

It's a huge contrast to my 2010-2011 taxes (Follow through to earlier years and it is even more dramatic):

  • My salary has almost tripled.
  • Interest is almost 10 times as high.
  • Foreign source income is a fraction of what it was (2010-11 included foreign employment income).
  • Deductions are similar though I am now attributing some expenses to my mutual funds which I previously attributed entirely to stock investments.
  • Gross tax has quadrupled and net tax is about 6 times higher with almost three times the tax rate, now at 29.51%.
I'm expecting a rather small tax refund, barely offsetting the extra tax that Snork Maiden owes. I used to get massive refunds. I actually used up some of my CGT loss carry-forward this year, taking it down from $82k to $80k! That's a tax asset worth about $30k, which we don't include in our regular net worth spreadsheets. Maybe I should.

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