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Curses!

April 15th, 2012 at 11:39 pm

Usually I've done the taxes by Valentine's Day, if not earlier. We had an especially stressful few months, and I kept thinking about taxes, but put it off.

Now I don't care. It was just fine that I waited.

We owe. Big time. Just over $5000 between the federal and state returns.

Some things changed, and although I tried to make adjustments, it didn't work well enough.

1. In 2011, I worked full time for the first year since 1997 or so. I'm back to part time now, but may be full time again in six months or so. I've alternated between full and part time since 2006, but being full time the entire year made a big difference. Ouch.
2. I received a fellowship last summer. Seemed like a great deal at the time, but I was considered "self-employed" by the IRS, and the money I received was taxed A LOT!

Bleh. So I'll pay the IRS tomorrow, and will adjust some with-holding amounts for the rest of this year. Life goes on.

It's another gorgeous day here in sunny California. Besides finishing the taxes, we got some tomato plants in the ground, and did some chores like laundry and cleaning. Still to do: make the week's menu and bake bread. When that's done, I'm going to read!

4 Responses to “Curses!”

  1. ThriftoRama Says:
    1334540308

    Yep. I'm a freelancer, and the tax bit eon self-employment is so depressing. It takes almost 50 percent off of my earnings. It makes me feel like it's almost not worth it!

  2. creditcardfree Says:
    1334540874

    So glad you have the money to pay! Not everyone would.

  3. frugaltexan75 Says:
    1334548873

    I had to pay taxes on my scholarships that I received in the spring semester of 2011. Even though the money was hardly "extra" - since I'd paid my tuition in 2010, it still was considered income. Ugh!

    Glad you had the money to pay!

  4. Swimgirl Says:
    1334584936

    I'm not really taking it lightly... we have to pay, and it stinks. But, I think it's better to pay $5000 now than get $5000 back, since I got to keep that $5000 all year.

    $5000... never owed so much. Can't wait to make withholding changes! I'll be doing that today. Breaking even is always my goal.

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