‘09 Tax year in review
Monday, April 20th, 2009
This is where I’m at…
The wifey wanted to go to HR Block this year to get our taxes done because (in here words) we should be getting more back. We’ve had a 7 year history of getting at least $2k back in refund.
NOT THIS YEAR!
We earned approximately $40k more than last years income. This was do to me getting laid off and immediately finding a job while on severance. basically, there was a 6 month period where I was receiving 2 checks. There was also a 2 month period I was receiving my unemployment benefits (tax- free) while receiving my severance.
Then my wife got laid off with a 4 month severance. She was also receiving unemployment benefits (tax-free). To sum it up, we had $4k+ of unemployment benefits we hadn’t had the taxes taken out on. We also didn’t take out more taxes on the additionally income we made (which put us in another tax bracket).
I guess it’s a nice problem to have as we were really blessed in ‘08 and actually had about $80k more than last year (thanks to “the gift“).
So we’re in HR Block getting our taxes done. To make a long enthusiastic quickly turned downright ugly story short, we owed… $2850 in taxes and $750 in tax preparation fees.:oops:
Yep! $3600 WE OWE instead of getting back. Needless to say the Block lady was quickly rejected when she asked if we’d like to schedule next years appointment.
So here’s what wwere working with for the beginning of ‘09. We have some medical bills to take care of, which shouldn’t be more than $1k (freaking healthcare hustlers). The good news is we’re probably going to take advantage of the cheap travel deals go on a short 3 day family and friends cruise.
We’re expecting our 3rd child and the tattooing business will start to pick up soon. So all in all, if I wasn’t to make a dime outside of the normal paycheck, we wouldn’t have to touch savings until July. Hopefully the tattooing will pickup to where I don’t have to touch it at all.
My plan is to hold everything down until the beginning of ‘10. By that time, we’ll know if the wifey should be a fulltime mom or start seriously looking for employment. Only time will tell.
A side note: The picture is my latest and greatest.
