Happy Dance

[Amiens]

We met with the accountant today, and this will definitely be THE last year we will receive a refund. Nonetheless, we are receiving a refund.

:wee: :happyrain:

We also got an estimate of what we will have to start paying quarterly to the IRS starting in September, and it is going to be a hefty sum of money, because dh will be partner in July and no longer an employee. I am trying to have the mind set now that even though we will be making more, I can't touch the moolah until after we have taken out money for taxes. I am glad we have this estimate so I can start setting aside small chunks of money now, especially considering in 2009 we are going to get hit with a double quarterly payment that made me about have a heart attack when I saw the amount. Plus we really want to avoid penalties. I think in the fall we might meet with the CPA again to get a better estimate.

I guess it's welcome to the world of self-employment.

:rah:

That is nice not to owe!

Quarterly taxes are an adjustment. I got into a groove on that but now I don't pay them anymore. I'm sure that will be on the horizon again in a year or two. I wish I could have held on to the money over a year and paid it all at once on 4/15 without the penalties.

[migirl]

That's great, Crystal!

I wish I would have known about underpayment penalties, we're getting socked with them this year for the first time. Six months' of DH's salary last year was paid with a training grant where they didn't deduct taxes, so I just tucked that "extra" money away to earn some interest in our money market account thinking we would just pay it all at once on 4/15. Little did we know, NOT paying taxes as you go is considered underpayment.

yea, for refund now!!!

[Michele]

:rah: