For the last six months or so, I've been sweating doing my 2009 taxes. From the calculations I'd made with the 2008 turbo tax, it sure looked like I was going to end up owing around $1500 due to Self-employment taxes. It really worried me how I was going to make my savings last for tuition AND paying the tax.
I was basing this off of making roughly $10k at the gym (plus the w-2 income from January/Feb). Today, though, I found out I'd made about $7500. And that right there made all the difference. Seriously.
First, I qualified for the Earned Income Tax Credit. That put me down to owing about $200. Then, I put in my education expenses. That brought me to a REFUND!!!! of ..... $62!!!
This puts me in a real conundrum as to how to do estimated taxes for 2010. I more than likely will make less than 12k for 2010, and will have a similar amount of an educational deduction. So ... with EITC and the education credit, I doubt I'll end up owing more than a few hundred dollars, if that. Maybe just go ahead and send in $300 a quarter, and then get it all back later (most likely)? Just to be safe? I probably need to talk to a small business tax person - I just hate to do that since *every penny* counts right now.
Ugh! I'd so much rather be getting W-2's than have to be messing with all of this kind of stuff.
I Can't Believe It! A Refund!!!
February 5th, 2010 at 03:55 am
February 5th, 2010 at 04:02 am 1265342534
February 5th, 2010 at 04:05 am 1265342743
I'd much rather be safe than sorry.
February 5th, 2010 at 05:33 am 1265348014
It's 100% of your "Actual Taxes." Not 100% of what was withheld.
February 5th, 2010 at 02:24 pm 1265379859
February 5th, 2010 at 03:49 pm 1265384940