Tuesday, April 15, 2008

Ugh! Tax Day 2008

It's no secret that April 15 isn't my favorite day of the year. Not far behind it are Jan. 15, June 15, and Sept. 15 -- the dates that estimated taxes are due.

In talking with lots of other self-employed resume writers, they feel the same. There's just something about writing a hefty check to the IRS (and likely, your state department of revenue) four times a year (quarterly estimated tax payments) that's depressing.

At the gas station today, the clerk's sister came in bearing the clerk's finished tax return. She was getting a $700 refund. I think the last time I got a refund (at least one that I didn't have to apply to next year's taxes) was 1995 (the year before I started my business). A friend of mine is used to getting a $5,000 annual refund (he and his wife have a bunch of kids, which = tax deductions). Last year, he became self-employed for the first time. This year, he had to write a small check to the IRS. That's painful ...

Every year, probably like you, on April 15, I vow to:
1) Make more money next year (yes, I make this resolution on New Year's too)
2) Pay less in taxes by being smart with my deductions and contributions (for example, to my retirement account).

We'll see how it goes this year. But I got a head start by taking a look at this article about 2008 tax issues. I'll let you know if I come across any other good information throughout the year -- or feel free to post a comment on this thread with your suggestions.

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