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BailOut · 04-11-2010, 09:27 PM

My wife was self employed last year and it was new to both of us. We didn't save anything throughout the year for her earnings, and I'm always close to the perfect withholding amount, so rather than owing or paying around $200 as we do most years I thought we'd owe about $3k. We saved up for that as part of our efforts to become debt free this year.

I wanted to know the actual amount we'd owe so that I could plan for it better so I visited a tax service office in early February for the first time (I'd always done our taxes myself in the past). The idea was to hang on to the money we'd owe until mid-April so that we could gain the interest on it but we received a pleasant surprise. Between the large amount of deductions the self employed can use, the large amount of dental work my wife needed in 2009, and the extra deductions that were special this year like sales tax and home efficiency improvements, we actually came out with a $2k refund!

I owed $5k on my Yaris and it was next in line (and next to last) for debt wiping, so I combined the refund and what we'd saved for the taxes and paid it off.

We became debt free at the end of February.

04-11-2010, 09:27 PM	#24
BailOut Steals terrorist's lunch View User's Garage Drives: 2007 Yaris Liftback Join Date: Mar 2007 Location: Reno, Nevada, USA Posts: 1,299	My wife was self employed last year and it was new to both of us. We didn't save anything throughout the year for her earnings, and I'm always close to the perfect withholding amount, so rather than owing or paying around $200 as we do most years I thought we'd owe about $3k. We saved up for that as part of our efforts to become debt free this year. I wanted to know the actual amount we'd owe so that I could plan for it better so I visited a tax service office in early February for the first time (I'd always done our taxes myself in the past). The idea was to hang on to the money we'd owe until mid-April so that we could gain the interest on it but we received a pleasant surprise. Between the large amount of deductions the self employed can use, the large amount of dental work my wife needed in 2009, and the extra deductions that were special this year like sales tax and home efficiency improvements, we actually came out with a $2k refund! I owed $5k on my Yaris and it was next in line (and next to last) for debt wiping, so I combined the refund and what we'd saved for the taxes and paid it off. We became debt free at the end of February. __________________ - Brian Share the Road I often carry 2 carpool passengers and mountain bikes or snowboards/skis over a 4,500 foot elevation difference. Click the graphic above to see my detailed mileage logs. Last edited by BailOut; 04-11-2010 at 10:08 PM.