Tax Estimates

I’ve mentioned before that I went manic during the earlier part of the year and spent a ton of money rapidly. I haven’t had a manic spell like this for almost ten years, so it was MORTIFYING.

What I didn’t say is that to keep us afloat I pilfered from our quarterly taxes. I didn’t have a better option – bills still had to be paid.

But this has made me exceedingly nervous about tax time. We tend to have higher taxes because we’re self employed and have no employer making payments into medicaid and such on our behalf in addition to what comes out of the check. So we have to pay that.

So, I went in last Wednesday and did an estimate with our charming and accommodating CPA.

Me being me, I had a spreadsheet and was Ret 2 Go, so it didn’t take long.

For federal, it would come in about even, probably with a few dollars back, which is a huge relief. The three quarterly payments I DID make covered most everything.

A large part of that was that I’d lost $3475 by publishing my book. That’s the total expenses for items directly and only for publishing my novel ($3,734) minus my income (est. $259). So that helped reduce what we needed to pay at least.

State taxes are going to come out to ~$700 though, so I have to figure out where that’s coming from.

But it’s a relief to KNOW how badly off we are at least!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s