We're getting slammed by Uncle Sam with social security tax! I think now that we're really, truly "grown ups" with a REAL job, it's hitting us. Being self-employed and actually making enough to live and not be in debt hasn't helped the tax situation. Just thought I might find someone out there who can comiserate. If you haven't checked out rhett and link's website to see their Turbotax rap, it is a bit of comic relief to salve those gaping tax wounds...
www.rhettandlink.com
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It's very important to send in quarterly payments as you go along so that you don't get slammed at the end - one big drawback of the self-employed! Our church thankfully takes out money and sends it in monthly for my husband, sort of like he was a church employee. We took our taxes to an accountant for the FIRST time this year (last year we took a $1500 hit!) and boy was it worth the $82. I had figured a $250 refund - ended up with $950! How I wish we'd done it last year.
Caroline said...
April 10, 2007 at 8:43 PM
Boy, did we learn this the hard way!!!! We're looking at an even bigger chunk of change than you did last year! YIKES!
Julo said...
April 10, 2007 at 9:01 PM