Sunday, April 16, 2017

Taxes done...taking a bit of a break...

Ahhhhh the sweet sound of hitting click and having my tax information be swirled through the internet space to our lovely governing treasury authorities.

Well it was more like the sound of my head hitting the back of the sofa at 1:30 a.m. on 4/15 followed by the sound of my laptop falling to the ground.  I failed miserably with getting my taxes done this year.  I usually have my accountant do them but life/work/ugh happened and I was scrambling at the last minute.  

To avoid filing an extension, I did them myself.  I think I did okay but time will tell.

One interesting lesson for me was reinforced this year since I did my own taxes and had to make a payment.  Although I do about the same amount of work as my accountant each year (I tend to study tax information as well as my forms and regularly visit the IRS' website each year...).  But some of the conversations that I have had numerous times with my accountant had not quite sunk in until this year.

First and foremost, my state (like most states) does not have the same deductions/credits as the federal government.  This sucks big time.  BIG Time.  And means that I usually pay something to my state (usually something small).

However, this past year was particularly unusual because I began investing a lot more than before when I was focused on either saving money for a home or paying off my mortgage early.  And all those nice investments and lovely dividends came rearing their pretty little heads in the form of additional taxes.

Definitely not happy about this.  But as they say it is a cost of doing business.  And we all know that Uncle Sam (and Aunt Samantha) like their share of the pie.

What this means for me is that I need to put a bit aside for next year's taxes since I will owe a little bit since I am still gonna be investing and earning dividends.  And I hate having to pay something without having the same amount sitting in the savings wings, ready to go on stage.

Taxes filed, and now I can say state taxes paid - Yes!  I'm good for another 10 months.  (Next year I will not be rushing to do my taxes at the last minute.)  All this means is that Pru was able to head out for a mini-break to get some much needed rest (still working on this!) and change of scenery. 

Hoping things are well with you, whoever you may be dear reader :-)

Oh and if you are experiencing great weather, like my state is, get out and enjoy it!

Pru

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Positive comments are always welcome. Negative comments will be deleted. Selling something - ain't gonna happen. I'm not a financial adviser and you're probably not either. Careful what you recommend.