Taxes, They are A-Coming
I’ve got quarterly taxes due soon. Turns out that I need to have saved a bit more than I did, but we’ll have our stuff taken care of by April 15th and our future withholding (I’m self employed, so the withholding is self-inflicted). Since getting my finances in order earlier this year I’ve learned a lot about where my taxes should be. However, we’re recovering from earlier mistakes in the year and so more taxes are due.
What things do you do to help manage your taxes?
Do you have an accountant who helps you maximize tax savings?
What strategy do you take for yearly or quarterly tax payment?
Do you take deductions if you’re not self-employed?
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January 2nd, 2008 at 1:59 pm
Because my wife and I are both employed, our employers’ calculated tax deductions are never enough (even with “zero” deductions on our W9 forms). Our combined income puts us in a much higher tax bracket. I have a portion of my check direct deposited into my savings account to make up for this. In the last four years, we’ve “owed” an average of $900 on our 1040, but by doing some self deduction, we’ve always been covered. It’s nice being grown ups with no kids and no mortgage, but the tax implications suck!
January 2nd, 2008 at 2:15 pm
Yeah, taxes like that eat you alive! Before the bride had our first girl we were making a huge amount of money (and of course saving none of it) and our taxes were brutal because we, too, were renting.