Tax time

It's tax time in our household. Just went through our worksheet. Final tally:
Wife income: $33,000
Consulting biz gross receipts: $72,000
Consulting biz expenses: $36,000
consulting biz income: $36,000
dividend/capital gains: $1,000
AGI before my accountant does his magic and figures some more stuff out: $70,000

taxes paid by wife
$2,448 fed tax
$2,100 SS
$1,800 state
$470 medicare
taxes paid by onein5:
$1,090 federal

total taxes paid so far in 2007: ~$7,900. Not counting sales tax, gas tax, airport tax, highway tax, etcetera. :)

possible itemized deductions:
$6,000 IRA contributions
$900 qualified retirement plan
$9,200 mortgage interest
$345 student loan interest
$200 vehicle tax (state property tax)

Est 2007 taxable income: $52,500. We'll see what my accountant says we owe.

Other good finance blogs

Went looking through the internet and discovered there are a number of good blogs out there documenting the writer's personal financial journeys:

www.mymoneyblog.com
http://www.2millionblog.com/

I will add more as I find them.

Breakdown of non-retirement accounts

Emigrant direct savings: $5,700
Vanguard Wellington: $3,500
Scottrade Brokerage: $1,900 (11 FXI and 70 UEC)
checking accounts: $4-6,000
connected savings accts: $500
Duke Energy DRIP: $300
EE bonds: $900

Breakdown of retirement accounts

combined IRA accounts: ~$91,000
RSP - $24,800
VTRIX - $22,500
VEXMX - $9,500
BRK.B - $9,000
BDJ - $5,440
BDT - $5,070
RPF - $3,700
VPL - $2,700
VWO - $4,800
VGK - $2,900
IXC: $540

Wife Vanguard 403(b) - her present employment plan: $2,424
VGTSX: $850
VEXMX: $484
VIGRX: $966
VGSIX: $124

Another anonymous millionaire wannabe

Greetings. This blog will document our family's transformation from working stiffs to financial independence through intelligent investment decisions. It will also discuss the general nature of our entrepreneurial endeavors.

I am a self-employed consultant and my wife works for a high-tech company. We are both in our 30s. Our gross earnings for 2007 was about $75k before taxes and our projected earnings for 2008 are closer to $90k. Our current net worth is roughly $135k.

We both have an MBA. Let's see if we can put those to work.

Our current assets include:
My IRA: $58,000
Wife IRA: $30,000
Wife 403b: $3,000
Home equity (we live in our one and only property): $42,000
Taxable investment accounts: $6,000
MMA: $5,700
Personal and business checking: $8,000
Jewelry: $5,000
Autos: $9,000

Current liabilities:
Mortgage: $140,000
Student loans: $8,000
Credit: $2,000
Auto loan: $4,000

I am currently working on a couple projects which have the potential to add significantly to our bottom line. Check for an update every couple weeks or so. Post your questions if you'd like.