I didn't know what to expect with our taxes this year. We hardly made anything in 2018, then my husband was working as a contract employee with no taxes taken out. But...as of right now, we owe about $400. We will need to find that somehow. Its not a bill that we can put off. But I am going to check a couple of numbers and see if they are right on the business side.
I don't have any financial updates really. I got our cell phone bill reduced $8.99. And our mortgage will be going down about $65 a month starting in April. Its going to take a long time to chip away at this.
Been dreading taxes
March 1st, 2019 at 01:40 pm
March 1st, 2019 at 03:02 pm
March 1st, 2019 at 03:15 pm
Chopping off $9 on the phone bill must be very satisfying. Great job!
March 1st, 2019 at 04:30 pm
March 1st, 2019 at 06:48 pm
March 2nd, 2019 at 03:53 am
March 3rd, 2019 at 01:19 pm
March 5th, 2019 at 03:44 pm
In any case, even if you don't have the money, make sure you file your return on time.
One of the big taxpayer misconceptions is that the IRS cares more about your tax payments than about your filing your return. But based on their penalties, they care 10x as much about your filing than about your paying! In other words, the penalty for not paying your taxes on time is just 1/10th the amount (half a percent a month on the balance due) as the penalty for failing to pay (5% a month). (Interest also applies, in addition to penalties.) Pay what you can and get the return in by the 15th; if you finish paying the following month, it won't cost you all that much in terms of interest and penalties (which of course it would be better to avoid, but you do what you can).