Monday, April 14, 2008

Taxes

Mine are done!!!

Getting taxes done this year were a little more complicated than usual. Grad school, student loan interest, and making half of my income as a contractor added to the normal joy of doing taxes. I actually completed 90% back in March, but then had questions about how to claim certain mystery shopping income and needed to pull together deduction info.

The numbers:
  • Federal: -$13
  • State: $113
  • Filing Fee: $10.61 (state return)
  • Net: $89.39
I'm still trying to decide if that is a snowflake or will go towards the cost of our wedding bands.

Are you like me getting things done at the last minute? Or did you file back in January?

2 comments:

L@SpillingBuckets said...

How did you handle the mystery shopping income?

I guess, since we got cash in PayPal all of the shops we did last year I just ignored it. However, I did get a check this year, and didn't even think about it being more than cash (aka more taxable)

I am curious as to what your result was with that.

sara l said...

Any income you receive is technically taxable, even garage sale profits. I know with some, if not all, of the companies I work with I've signed a contractor agreement or otherwise given them my social security number. So if any of the companies get audited, the IRS knows/could find out that I made money with them so I reported everything. My rule of thumb is if my social is involved I report.

I called because approx half of what I made last year was in reimbursements. I go to dinner, they pay for the cost of dinner etc. I wasn't sure if that counts as a business deduction or doesn't get claimed at all. The folks I spoke with said when its a reimbursement it isn't income.