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Financial Peace of Mind - Part 19

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Uncle Sam’s piece of the pie

Taxes are one of those things we all have to pay wither we like it or not, even in death we cannot avoid taxes.

Do you itemize your deductions? Do you keep proper paperwork? Are you like me and have a shoe box in the closet for the past 7 years? Taxes are something that you have to think about when you are doing your budget and financial planning.

This year I was helping my daughter file her taxes, her employer only took out $20 for federal withholding so guess what? Yep, she owes money. Make sure your employer is taking the correct amount or you will end up spending money you did not budget to pay your taxes, and if you are self-employed make sure you make the quarterly estimated tax payments so that the penalty doesn’t catch you off guard.

If you use the budget sheet that I prepared you should be able to file taxes quickly and know that you are in good shape going into the next fiscal tax year.

Feel free to send me a PM if you have questions or you can add them to the comments section if you feel others can benefit from the discussion.
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