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8:48 am - Tues 3.11.2008
Reversal Of Fortune

Reversal Of Fortune

Every year, I procrastinate on doing my taxes, even though they're very easy to do (For years, I've done them online; you put the numbers into the computer, and the software does the rest), and even though I always get a refund.

This year's turning out to be a little different; I still procrastinated, but when I finally sat down to do my taxes yesterday, the refund I "always" get was not there.

Instead, I was stunned to see that I owed almost $5,000...for my federal taxes alone.

That was using the standard deduction, which is what I've always done (And like I said before, I've always gotten refunds in the past, so going the standard deduction route has served me pretty well).

So after a brief, frustrating stab at tabulating all the commissions I paid out to JS and Brett last year - I couldn't for the life of me get down the column of numbers without hitting a wrong key on the calculator - I took my check stubs and receipts and what-all to H&R Block, a couple blocks away.

The guy there added up my various commissions and receipts, found some other deductions here and there, and lopped off almost $1000 (Of course, I paid for said "lopping", which cut into the savings. But that's deductible on next year's taxes, so I'm going to "call it good").

Long story short, I made enough money to move into a new tax bracket, while merrily going on as if I were still a poor person (More on that in my next entry).

It feels like a stunning "reversal of fortune" - the amount I owe is 60-70% of my "savings" - but I'm trying to see the positive side (At least I have the money to pay it, with some money left in the bank to spare. And it's a milestone of sorts, marking a level of financial success I've never had before).

but like I said, more later. I've got to get to Brett's place (I'm going to show him what I've got of myself on DVD, to see if anything's worth putting in an online reel).


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