tax time PW-style

>> March 25, 2009

It's gotta be the worst, most frustrating time of the year for me--tax season. There's nothing worse than coming to grips with the fact that the folders you put together to keep track of taxes are empty and the receipts are in various drawers and piles.

Additionally, there's no joy in knowing that once I do get that pile of info organized, we'll still end up owing that hefty self-employment tax (um... didn't get around to filing quarterly last year either). I know there are various tax perks associated with our husband's job, but I'm still bitter.

How are you handling this tax season? Any tips? Lessons learned? Is this a headache for y'all too, or am I the only one?


Anonymous,  March 26, 2009 at 8:19 AM  

Two things make us not have a headache...

1. Hire a tax-man... we have been very fortunate to have a man available to deal with the ministerial tax laws. Well, worth the change I complain about paying him...

2. We withhold our social security equivalent under the federal withholding (as per our tax man's recommendation) so that it can simply be shifted to SS and we're not footing the bill...

PS... If you notice an increase in your net pay last week or this week it's due to the new tax withholding table set in motion by Pres. Obama's Stimulas' be careful/aware.... the stimulas changed the tax withholding chart only... NOT the tax liability. What you owe in taxes for this year has not changed and it could end up causing you to owe next year...

Anonymous,  March 26, 2009 at 8:12 PM  

100% headache even though we too have a tax lady who specializes in pastor taxes. (that is a MUST... someone who specializes in the parsonage tax)

Erin March 26, 2009 at 11:44 PM  

A good accountant is priceless! That's the only insight I have!

amy @ March 27, 2009 at 2:08 PM  

Oh the taxes! SO. RIGHT. THERE. WITH. YA. What a pain in the boo-tay. We had someone do our taxes one year but finances were so tight it just wasn't an option after that. Eventually I started using Turbo Tax online and that helped, although it was still a major chore. The self-employed social security tax KILLED us. (I'm not bitter or anything...can you tell. :)) I also referred to the "Comprehensive Example" in the back of IRS Publication 517 a lot. (It's here online if you're interested in checking in out.)

This was the first year in many that my husband did not have any clergy income to deal with and I actually had FUN doing the taxes (it was also the first time in a long time we got a little back!).

May tax season pass quickly (and relatively painlessly) for ya!

Lisa @ The Preacher's Wife March 30, 2009 at 11:47 AM  

Have lots of babies. Our four kids are the only things that save us :))

hsmom3 April 1, 2009 at 7:21 PM  

Every April I say that next year I will do better. I will organize receipts and track mileage... well here I am again, unprepared and procrastinating. Two 'artsy' people are lousy money people!

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