Aw criminy, my tax estimates were way off
February 9, 2008
As it turns out, I didn’t properly track my non-W2 income in the form of bonuses and supplemental income as well as I thought I had.
All the paperwork is here in front of me, and I may very well be getting soaked on my taxes this year. Let’s see, nearly 30% of my total income was paid as “miscellaneous income” documented on a 1099. Since I didn’t anticipate this, I’ve only paid approximately 8% on total income this year, and only have my filing status as Head of Household with 1 dependent to help keep the tax bill lower. Yikes!
I’m not eager to find out what the real bill will be, but not knowing is making me a bit itchy. Guess this means I’d better get this paperwork to the accountant and let him work his magic soon.
Ugh. That is awful. I hope your accountant can figure things out for you.
~Ms. M&P~ I’ve got my fingers crossed. I planned for the “worst” but … still hoping for better than that!