Apr 4, 2008

Taxes, Taxes, Oy, Oy, Oy.

It's time to do my taxes. I am not waiting until April 14 to sign on to TurboTax and try to figure things out. It's bad enough I waited until April 4.

The big reason I want to finish my taxes "early" (ha!) is so I can figure out what my estimated quarterly tax payment should be for 2008. I realized that since I can't afford to pay what I'd owe based on my expected yearly income (which may be way off anyway, depending on whether I can keep my current contract gig or not into the rest of the year) so I'm going to do the 110% of my taxes paid for last year.

I will have to be careful this year to "oversave" for taxes based on a 40.6% tax rate (probably the highest I'd have to pay if I indeed make as much as I could make this year) and keep the extra in an un-touchable savings account so I can send it off on April 15, 2009 without much fuss.

I'll be reporting back on my experience filing my last year's taxes throughout the day. Wish me luck!


Mrs. Micah said...

Eesh. That doesn't sound like fun at all. I also put off my taxes this year, though not quite until now. Still, I'm waiting on one lost W-2 so I won't be done for a bit.

Good luck and remember to breathe!

TheLocoMono said...

How did you arrive at 40%?

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