Everyday Randomness

I’ve spent a lot of time freaking out over taxes tonight. I know April is still pretty far off, but it’s not for me when I have to figure up taxes with 2 self employment incomes. Last year we had a hard time paying our taxes even with me working a full time w-2 based job. This year with me being completely self employed it’s going to make things more difficult.

Sure we paid taxes quarterly this year to help out, but hubby’s earned twice as much self employment income this year as he did last year. We’re paying quarterly based on last year’s income. That doesn’t even figure in my portion.

We’ll have a ton of deductions. Hubby gets to write off all the tools he buys for work, so I’ve kept receipts of everything from saws that cost over $500 to things as simple as box cutters. I’m glad I’ve got a lot of deductions, too, but I’m still worried that we’ll have to pay in. I just don’t want to end up like we were last year scrambling to come up with the cash to pay it on time and letting our bills fall behind in the process.

Thankfully we do have a pretty good junk of cash that’s headed our way. Hubby’s Grandma passed away, and her house has been on the market for a year now. Whatever is left over after all the fees will be split between the children. Hubby’s dad decided to split his share 4 ways to include his children.

The house went into closing last week, so we’ll have that money coming in within a couple months. It just depends on how long it takes my father in law to get the cash then to split it. All I know is when we get our portion it’s going straight into savings for tax time.  If we don’t need the cash for taxes at least I’ll know it’s still sitting in savings and not being blown on random stuff.  You never know when we’re going to really need it.