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If I could read this, I would weep: my tax burden

February 25th, 2008 at 06:03 pm

Depending on whether I open a SEP-IRA using the money I earned in my business, we owe somewhere between $3100 and $3200 to the government. The CPA delivered the news by telephone. I have some time to think about opening a SEP-IRA, in which case she could whittle a little bit of the tax away.

If you look at the Saving Tracks on the left, you'll see what I had set aside for taxes so far.

I advised my spouse he must update his tax withholding to reflect zero allowances, and $75 extra withholding. I just started a new contract today, and am reasonably confident I will have enough money for the accountant now and for the government on April 15.

Maybe get him to crank it up to $90 extra withholding considering we're getting the tax advance/stimulus package.

I started a new assignment downtown today. It is lovely to have a mere 25-minute bus ride at rushhour, and lovely to catch the bus thirty feet away from my building. Indeed, having a view of the sound on a sunny day is glorious. I won't say where I work, but I believe I won't hear the phrase "housing bubble" at my new worksite as much as I heard it at the last.

Posted in indignities | 3 Comments »

3 Responses to “If I could read this, I would weep: my tax burden”

  1. reflectionite Says:
    February 25th, 2008 at 07:19 pm

    that is a bummer about the taxes! this isn't really related to business taxes as yours is, but when i first started working and did my first tax return, six months LATER i got a bill for $1220! (i had forgotten to put in the money i had recieved from the government before i got a job and when i was at school, but the reason for that is because it went into my mums bank account and i had no idea i was meant to put it in my return!)
    so i guess what i am saying it, it's a bummer having to shell out extra money for taxes when you don't expect it! Frown

  2. paulettegoddard Says:
    February 25th, 2008 at 07:40 pm

    reflectionite: Yeah, I contract, and my spouse isn't so good about changing his withholding allowances and exemptions, so this is what we get. I can't change them for him, because that's fraud or something... I prefer paying $3200 at the last minute to getting a $3200 refund though.

  3. Broken Arrow Says:
    February 25th, 2008 at 10:23 pm

    Yeah, the taxes is quite the bummer, but on the bright side, the commute sounds wonderful!

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