Taxes

[Jeff]

Woot!

Just finished a "fun" day of receipt reconciling, Quicken updating, and checkbook balacing to prepare for a "fun" evening of tax preparation.  This was our second year with TurboTax e-filing and I will never go back.  It is so much faster and so much smoother to do. 

We managed to pull a refund for both Federal and State, so we avoided paying in, but the refund is small meaning that we guessed right on payroll deductions this year and didn't give the government much of a free loan this year.    

Looking forward to adding those two deductions to next year's taxes...   

[Famine]

I'm self-employed.   So no one pays half of my taxes, AND no one witholds any of it for me - so at the end of the year I'm paying.

Rob, please tell me you're filing as an S-Corp. If you're not, we need to talk. Seriously, it was the best thing I ever did in my business organization. I got my ass handed to me year one as a sole proprietor, but for the last four years I've come out way ahead being incorporated.

Please tell me more. My aunt does our accounting, but I'm thinking she doesn't know squat about filing as a sole proprietor. All her "self-employment" was "unreported" I think.

Kevin

[Rob]

I'm self-employed.   So no one pays half of my taxes, AND no one witholds any of it for me - so at the end of the year I'm paying.

Rob, please tell me you're filing as an S-Corp. If you're not, we need to talk. Seriously, it was the best thing I ever did in my business organization. I got my ass handed to me year one as a sole proprietor, but for the last four years I've come out way ahead being incorporated.

Looks like I missed this last year...  Deanpaul, the reason I never incorporated myself (is that the same thing that you're talking about?) is because I never intended to stay freelance - and I didn't, I was hired full time last September.  So this year I've got 8 months worth of freelance taxes to pay - and then I'm done with that shizz.  Next year I'll be getting a big fat refund.

[Mikey D]

Looking forward to adding those two deductions to next year's taxes...   

Yup.  My wife bought Aidan this onesie recently as a joke:

[Morgbug]

I'm going out on a limb here, but I don't think the tax deduction aspect is really all that helpful, is it?  Diapers cost money, daycare, **** like that. 

Still, cool jumper, I like your wife's sense of humor.

[Mikey D]

Your right, Brent.  Our return was much larger this year than last, but that money was spent on diapers, formula, etc.  Next year should be better though, because in Massachusetts you can claim the cost of day care.

[Morgbug]

Yeah, we can claim daycare here too.  My daughter will be out of it by August though and much as I like the tax deduction, I think I'll like not paying the monthly fee just as much.  Between the car loan and daycare being paid off at the same time, it generates about $800 a month not spoken for.  Guess it's time for a new vehicle

[Tracy]

Yeah, we can claim daycare here too.  My daughter will be out of it by August though and much as I like the tax deduction, I think I'll like not paying the monthly fee just as much.  Between the car loan and daycare being paid off at the same time, it generates about $800 a month not spoken for.  Guess it's time for a new vehicle

Or another baby    

[Loopy_Leia]

Federal -$982
State - haven't gotten it yet but it should be $244 which is cool because I'll use that money for our trip to Panama City Beach in May.  I can't wait!!!!!!!!

This next year ought to be interesting though, haven't had a job now for almost a year...bummer!

[Chris M]

Well, Patty and I went to see our accountant last night, and pretty much got royally screwed to the tune of about two grand.

I feel the pain.  A couple of years ago, 2002 taxes, I got really screwed for about $3300.  My reserve unit got mobilized and I was drawing military pay.  My school district was still paying me full salary as well.  Sweet deal I'd say.  I know I went way over the usual tax bracket for me being single and getting paid like I was.  But how's that...I serve my country and get screwed paying taxes for it.