T minus one and counting… Tax Day is almost here April 13, 2009
Posted by Jill (@bonnjill) in Business practices, Random musings.trackback
I have had my taxes finished for about a month and a half now, but I choose to wait to mail in my returns until April 15th since – like most freelancers – I always owe the government instead of getting a refund like everyone else in the world. I’ve known this day was coming and have had the money set aside (unfortunately I had to dip into my “house down payment” savings account to cover the bigger-than-expected federal tax bill and my accountant’s fee), but it still hurts to write all those checks to the U.S. Treasury, State of Ohio and local city tax office – plus my first quarter estimates. The returns are signed, the checks are written, and the envelopes have been stuffed and sealed. I’ll be mailing them out on the 15th.
I was surprised to see that business really wasn’t as bad as I thought it was in the first quarter. My revenue compared to the first quarter of 2008 is down only $200, but I think my second quarter revenue is going to be down quite a bit compared to 2008. It’s already down about $7000 compared to this time last year. This overworked translator misses being overworked!
Musings from an overworked translator 
Yes, April 15th is a double-whammy with the first quarter estimated taxes due and any amount due from the previous year. Because of my husband’s business and the already slowing economy in 2008, our estimated taxes exceeded our actual taxes due for the year, but rather than get anything back, that excess is simply carried forward and deducted when calculating our 2009 estimated tax payments.
Although I do miss the days of getting a check back from the treasury, it all comes out in the wash, and getting money “back” only means that we overpaid in the first place, doesn’t it?
So, Kopf hoch! We’ll get through tax season and the recession, too.
I’m with you, Jill. I refuse to even write the cheque for 2008 taxes until 15th and still have to print out the last few forms tonight. While I have to write a pretty sizeable cheque to the federal government as usual, I managed to get a refund from the State of Missouri for the first time!
You also reminded me that it’s time to sit down and look at where my financials are compared with this time last year, but I have a suspicion that they are just about flat.
I hope you are feeling suitably overworked really soon.