I ain't dead yet, but it is time to worry about our yearly tax problems. I may have finally figured it out. It looks like I'm braking even on the state and getting a little back from the feds.
Be;;e fully retired during 2021, and I've been fully retired since 2019. We are living within our means, and while we're okay, if Joe Biden's economy continues to go south, things might get a little sketchy. But at this point, I can still afford good whiskey and Bell has her wine.
I'll file on Monday or Tuesday, because I can. Tax Day isn't until the Monday after the 15th, so we have another week or so. It will get done. But, I am pleased that I'm not sending anyone a check this year.
6 comments:
Like you, I retired in 2019. At tax time (when I have to go through everything anyway), I tote up all my income and expenses (spending, including taxes) for the year. Being single, frugal, and having pretty much all I need (also desire and want), I spent only about 64% of my income.
One of the downsides to inheriting my Dads estate is the check I have to cut next week. Still don't know the final number.
And as an aside, the more you can close down and wrap up before that fateful day, the better for those remaining. My sister had the work, it looked pretty hard, frankly. Not just the act itself, but emotionally must have been very challenging. The loose ends we generate in our life is astounding.
I did 1040's for the AARP for 6 years which is free as long as you are not a corporation or farming for a living. We did our at the library and best of all it's. People would come in clutching a bag of medical receipts but 99.9% are useless. Unless you are a transplant survivor you don't have enough to claim due to the high amount of standard charge. At this point 1040's are a plug n play. Bring the W2's, 1099's and all those items that show up by jan 31 and 1 hour and your done and filed. Easy peasy. I had people bring me copies of them doing it and they were double checking and we always were equal to or more than they could figure.
I owe a little this year. I'm good with that.
My accountant got back to me this week... I owe a bunch; I knew I'd owe some but it's more than I expected... Fortunately I can afford it.
Jonathan
2022 had me working for 4 employers doing the exact same job for the same client. I always withhold more than needed to avoid nasty surprises. Surprise! I owed the Feds $2,000 and the state got a whopping $29 from me. Turns out it doesn't matter what you put on your W-4 if your employer(s) don't use it. Grr.
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