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*sigh* taxes
The good news? We increased our income 33% in 2009. And basically increased it 50% from 2008. That's pretty great considering the economy tanked over the same period.
The bad news? We owe $10K in taxes. UGH. Just when we feel like we're finally eeking ahead, bam! We basically are in a higher tax bracket now. So frustrating. I have just lowered my withholdings to zero for this year. And hope that with the addition of Libby and J only having one job in 2010 (he had two in 2009 which is why we're getting dinged) we won't be in this predicament again.
The one shiny spot in all of this is that we can probably qualify for a mortgage now and perhaps, get the $8K tax credit on a new home purchase. That would bring our tax bill down to $2K. Well really more like $4K because we still owe on back-taxes from 2005 (J never filed that year...don't ask....LONG story and yes, I sufficiently chewed him out for being so irresponsible...this was obviously before we were married or even engaged and he definitely feels horrible about it). And then we'd have an additional tax deduction moving forward....
The more you spend the more you save? I do think we could find a nice home that has a mortgage payment comprable to our current rent. As long as we can get a loan. Which these days ain't so easy. Ugh taxes.
Re: *sigh* taxes
that sucks - I'm always so nervous because it never seems like DH's employer takes out enough, but they keep assuring him they do it right. I'm still not convinced but all our deductions are able to drop us down a bracket.
And... if you do get to buy a house the tax savings for your mortgage interest will really help out with your taxes for years to come.
One tax break all you new families may want to look into (if you haven't already) is a Flexible Spending Account (FSA). Some expenses that qualify are medical and child care.
Anyways taxes do suck and my DH made around $50,000 LESS last year and we still got screwed! Arrgghhh!
Alyson & Phil | Planning Bio | Married Bio!
Dates & Quinces Blog
Yes! We're taking advantage of this for unreimbursed medical and dependent care expenses...such a great deal to use PREtax dollars!
BTW, I sort of miss having my own business...SO many deductions. I think I should start teaching some voice lessons again just so I can have that 1099 income and tax write-offs....but w/ my current job and Libby that would be nearly impossible.
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Jaime & Brent
Oahu, Hawaii | Sept. 9, 2005
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