As someone, who always liked getting my taxes done and finished as soon as I could in January or early February, it drives me nuts, having to now wait until after march 15th.
I was kind of excited though last night, I arrived home to see a packet from the LLC, I own stock in. But that excitement turned to disappointment, when I opened it and it was the information for the annual meeting and proxy statement. I doubt I will make it back down home for the meeting, so that means I should send back the proxy statement appointing someone to vote my shares. But enough about that, what I really need is to get that dang K-1 so I get my taxes done. I already have an appointment set up (for Monday 3/17/08) to get the taxes done with a new guy. Last few years I have had my taxes done by a friend, but she has closed her office and moved it into her home. So, I went to the Dave Ramsey website and found an "endorsed local provider," in my area to do my taxes. With someone, who has studied the same materials as i have and is himself on baby step 2, doing my taxes, I will be able to receive encouragement and advice as Dave Ramsey recommend.
The Simple Dollar had an interesting article this week in which he discussed chipping away at the paycheck to paycheck routine. The article is geared to those with "good income," more then low wage or low middle class income levels, but still a very interesting article on budgeting.
Free Money Finance discussed in an article titled, How to Be Wealthy While Young.
The authour, which is a guest post, says,
These are the easiest ways to become a multimillionaire! There is power when money makes money! Compounding is earning interest on the principal and the accumulating interest.
OK, there has been more interesting articles, but those are the ones that really caught my attention. In addition, a friend of mine that worked with in Chicago, during my stint as a missionary, wrote me about a program she is going through at her church in Cincinnati, look for a post, in the near future about that interesting program.
---
go ahead share your thoughts with me now.
Get Paid to Sign Up, Refer Others, Read E-Mail, Complete Offers, and More!
Thanks for the link to the living paycheck to paycheck article. I had missed that. I think it's really good advice for everyone - especially low and middle income households. When I was making $7.25 an hour, I didn't have cable, cell phone or an internet connection. I couldn't afford to feed several kids and pay those bills too. I think we get used to what "normal" looks like even though many of those expenses are really luxuries.
ReplyDeleteHope that K-1 comes in soon! You must be getting a refund, lol. I'm waiting until the last day to file because I have to pay this year. I knew it was coming and have the money put aside, but I hate to part with it until the last...... possible....... second.
I hope you get a refund to offset some of the money you owe.
ReplyDeleteBecky -
ReplyDeleteI will get about $400 from the federal. Problem is the last few years I have owed the state. (For some reason, except for 1-year of the last 8-9 years, I have owed the state every year)
Kate - You're welcome. They say they will have the K-1 in the mail Saturday or Monday. As of yesterday (Thursday) they hadn't got them back from their tax preparer.
$400 is a good amount to get back so, you can apply it to your debt reduction.
ReplyDeleteJW -
ReplyDeleteThe IRS will keep it for the tax bill that is in deferment. Likewise with the $600 in May. But, if the preliminary figures are right, then my $3,000 tax debt will be reduced by about $1,000, depending on the amount of new interest they are charging.
Maybe this stock is more trouble than it's worth? Would you be better off selling it or something? It seems to really annoy you that you have to wait to file taxes because of this.
ReplyDeleteKevin: Even though my comment here is not related to this article, I wanted to let you know that your idea save me money. Thursday my glasses got crushed. They were my only pair. I got out my prescription, it expired last month. I got online to $39 dollar glasses dot com. They got me another pair, very similar to mine, at $89 a pair. If I hadn't read your experience with glasses, I would have gone and got a new prescription and new glasses at Walmart, for about $250. Thanks.
ReplyDeleteYou can always move to a state with no state income tax!!
ReplyDeleteI hate people who get like 4000 tax refunds!! we must be doing something wrong!!
hs
hs -
ReplyDeletemoving to a different state would certainly be an answer to the state tax problem.
I would love to get $4000 back and pay off my entire IRS debt, but I would gladly take the $400.
edie -
you're welcome.
johnny -
easier said then done. Beside the quarterly tax distributions will help me get debt free faster then if I didn't have it.
Two of my tax clients are getting refunds of $4500 and $8000. They get these primarily because they have way too much tax taken out of their paychecks every month. So the government holds it for them (non-interest bearing) and gives it back at tax time. No amount of encouragement to put the excess in a savings account of their own every month instead has any effect. I aim for being within $100 every year. I don't want the government to "save" my money for me.
ReplyDeleteAmen Kate! Very good advice. Something that Dave Ramsey says as well. If we owe, or if we get a refund, according to Ramsey and many tax/finance professionals we need to adjust our tax withholdings. It should come out exact, every time.
ReplyDelete