Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Morning all....heading back to work today....sigh. I didn't do much of anything yesterday. So nice. I returned the rug shampooer...., cleaned the wood floors downstairs....stuff like that...then I watched an episode of Friday Night Lights and read an entire book (actually I finished it this morning)....I'll have to make up for all that tonight as DD and her friends will be here tomorrow night and I still haven't cleaned bathrooms LOL...all that time off and I still managed to put off that one thing....
Glad you made a new friend Ohio! That is good. Always nice to have friends at work....
I've a question - jcoop, I think you have been in the same boat as MrFR and I, with MrCoop being in the construction biz. MrFR's job is going really well, and he's an independent contractor under a 1099. I used to put half away for taxes when I used to work a lot, but I didn't have a kid then with all the extra $$ that that entails. How much do you guys put away? I know it depends, but I'm trying to figure an amount that would cover our tax obligation next year and also give us a safety net for the winter, when remodeling dries up a bit.
What do all you fiscally fine ladies do as far as savings go (if that's not too personal a question)?
Finster - MrCoop's in IT - not construction, but was an independent contractor last year. So I feel your angst - as it is a fine line for sure.
I do everything in Quickbooks, so I was constantly looking at our bottom line to see where we needed to be tax wise. I did pay estimated taxes last year as we went along. We started out by sort of guessing and as the year progressed, got more exact. And my wonderful, wonderful CPA helped me along the way when I was stressing about it. I was so worried we'd have penalties for not paying enough in.
Do you pay estimated or just put money aside?
We ended up paying too much in because there were things that once she did our taxes brought our liability down. We have an umbrella LLC that we were both billing through. Is there a way you can guesstimate? There are some really great calculators online which is what I used. Plug in numbers - and will also add in the self employment tax, but also give you the deduction for it as well. You can estimate what you think you'll make, and it will tell you how much tax you need to pay.
Now that he has a regular job, the small amount I make with my bookkeeping business I try and account for by having it taken out of his paycheck.
Here's our savings plan -
6 months of expenses in one account. That's bare bones expenses - which we certainly learned what those were after the lack of work and lack of income when he was working as an IC last year.
Separate account for general savings that for either unexpected emergencies or those things that only come up once a year - like our life insurance policy payment or car registration.
Then a separate account for our vacations. We are specifically saving right now for the trip next summer with our son to Italy (hopefully) as his graduation present.
We had scaled things down so much because of last year, that we don't have a ton of expenses right now.
She told me her mother has never yelled or raised her voice to her. I think that is so weird. My mom always yelled as we are italian and it's part of our culture. I can get yelled at and brush it off easily.
Quote:
Originally Posted by Zimbochick
I can't fathom growing up and not being yelled at. I may have yelled at my kids once or twice too!
That is sort of odd. I rarely yell. I developed incredible self control as parent. But even I freak out now and then. Everyone has a breaking point. I apologized when appropriate.
Finster - MrCoop's in IT - not construction, but was an independent contractor last year. So I feel your angst - as it is a fine line for sure.
I do everything in Quickbooks, so I was constantly looking at our bottom line to see where we needed to be tax wise. I did pay estimated taxes last year as we went along. We started out by sort of guessing and as the year progressed, got more exact. And my wonderful, wonderful CPA helped me along the way when I was stressing about it. I was so worried we'd have penalties for not paying enough in.
Do you pay estimated or just put money aside?
We ended up paying too much in because there were things that once she did our taxes brought our liability down. We have an umbrella LLC that we were both billing through. Is there a way you can guesstimate? There are some really great calculators online which is what I used. Plug in numbers - and will also add in the self employment tax, but also give you the deduction for it as well. You can estimate what you think you'll make, and it will tell you how much tax you need to pay.
Now that he has a regular job, the small amount I make with my bookkeeping business I try and account for by having it taken out of his paycheck.
Here's our savings plan -
6 months of expenses in one account. That's bare bones expenses - which we certainly learned what those were after the lack of work and lack of income when he was working as an IC last year.
Separate account for general savings that for either unexpected emergencies or those things that only come up once a year - like our life insurance policy payment or car registration.
Then a separate account for our vacations. We are specifically saving right now for the trip next summer with our son to Italy (hopefully) as his graduation present.
We had scaled things down so much because of last year, that we don't have a ton of expenses right now.
Thanks Coop! That's really helpful. Sorry about mistaking MrCoop's profession, I must have retained the word contractor in my brain somewhere.
It's interesting to hear you have a CPA. I think that might be something worth looking into.
Thanks again for your thoughtful response. I like the way you have things set up. Looks like a great plan.
Coop - that tax calc is a great tool. Obviously I'll have to look into it a little deeper but it's given me some idea of a percentage to cover things. Awesome. I'm terrified of being in the position of not having enough $$$ next tax time.
Thanks Coop! That's really helpful. Sorry about mistaking MrCoop's profession, I must have retained the word contractor in my brain somewhere.
It's interesting to hear you have a CPA. I think that might be something worth looking into.
Thanks again for your thoughtful response. I like the way you have things set up. Looks like a great plan.
LOL! That's okay. I'm not sure I had ever said was his profession was. He did grow up in the construction world. His dad built houses. So from that aspect, there's nothing he can't do!
We started using a CPA when we started a business a few years back (now defunct). It was heavy in assets and was way beyond my comfort zone of trying to understand all that. She has been a lifesaver over the years. I totally did not understand how to do the taxes for our LLC that first year - thank goodness she redid them!
Coop - that tax calc is a great tool. Obviously I'll have to look into it a little deeper but it's given me some idea of a percentage to cover things. Awesome. I'm terrified of being in the position of not having enough $$$ next tax time.
Glad it helped! That's the tool I used all last year. So I was figuring on the high side, which is better than the other way. I knew when she did the actual taxes, there would be a lot of deductions I wasn't taking into account.
Instead of going away for a big vacation in two weeks, I've decided to make it an inexpensive trip somewhere nearby and have my yard fenced for my dogs instead.
Instead of going away for a big vacation in two weeks, I've decided to make it an inexpensive trip somewhere nearby and have my yard fenced for my dogs instead.
At Staycation! That's a good idea. And your dogs will be happy too.
I can't imagine not having a fenced backyard for ours. Now that we can finally trust her to stop jumping the fence, her preference is to be out there all day. Lounging in the sun, stalking the squirrel that gets on the bird feeder, digging a hole, etc.
I got my new glasses yesterday though and I'm really am having to get used to them. Not just having something on full time now, but the progressive thing. Really disconcerting. Anyone with good advice on the adjustment?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
