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!



2 comments:

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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