The tax deadline has passed. Hope all the procrastinators made it!
I hate taxes. And math. To me, taxes are like word problems and my brain just wants to shut down when I get them.
Everything is so overwhelmingly complicated (or maybe my brain just wants to over-complicate things I want to avoid). No matter how much I read online, I just don’t get it.
I’m 28 and, aside from this year, have only filed taxes maybe twice in my adult life, and I didn’t even have to. It’s what happens when you only work part-time, minimum wage jobs.
This year, being that I’m required to file taxes as independent contractor, I went to H&R Block for help and to get some questions answered. $211 later, I left the H&R Block appointment still confused. The lady just didn’t seem to understand my questions, especially the ones pertaining to my student loans. She was more interested in deciding what she was having for lunch (hamburger fyi). But after doing some further research online, I think I figured things out.
No, probably not.
Definitely still confused.
I was told I did not need to file self employment quarterly as most PF bloggers have written about. The internet tells me I don’t need to pay estimated quarterly taxes until I expect to owe $1000 or more. Let’s hope that’s the case!
The only thing I took away from my appointment is that my husband and I probably shouldn’t be filing separately. We currently do so because I do not want my husband’s income to be factored into MY student loan payment. I don’t want him paying for my loans.
Married couples who file separately lose out on the student loan interest deduction. She ran a trial based on our numbers from 2013 and we would have gotten back more than double what my husband got back this year from filing separately, including me having to pay my portion of taxes. There’s still a number of factors to consider before we decide it would be more beneficial to file jointly. My income was only for three months in 2013, it will be a heck of a lot bigger for 2014 and I will owe more. I’ll also need to figure out what my payments under Income Based Repayment would be with my husband’s income factored in. If it increases too much that he’d basically be paying all of it, I doubt it would be worth it.
How did this tax season treat you? Are you an early bird or an 11th hour occupant? Do you know what you’re doing when it comes to taxes?