Every year my dad pays for the “deluxe” version of Turbo Tax, which is great because I’m able to use the software for free.
Despite all of the bad press it’s getting on TikTok, I am not in the mood for researching another software and starting things from scratch. I am also not interested in hiring an accountant.
Anyway, my taxes are complicated because of the multiple forms I receive from my regular job (W2), my contract job (1099-NEC) and two online selling “businesses” (Schedule K’s). Then there are all of the deductions I have to keep track of.
Currently, I owe the IRS $15,000. No, I did not add zeroes to that amount. A combination of not paying quarterly for my contract work or for the $65K in gross sales I did is the cause. I have several more fees to deduct, which I hope brings this closer to $10,000, but either way, I do not have that lying around.
Even though you can get on a payment plan with the IRS (with INTEREST), I’m scared of how much time they’re actually going to give me to pay this off. I guess it’s good I got paid out for some vacation at the job I just left and am making more money at the new job – apparently to turn around and hand it to the government. And pay you will. The Internal Revenue Service Does. No.t Play. – and like federal student loan lenders, will go to the ends of the Earth (legally!) to suck every penny you owe them straight from your secondhand pockets.
Thank god I got married at the end of 2023 so I have a higher standard deduction. LOL.
I probably shouldn’t complain and none of this is that surprising, but I’m about to go to the dentist where I KNOW there is major work to be done, which insurance will only cover $1,500. After the deductible is paid. Good ol’ dental insurance, only for the orally blessed.
This on top of health debt from last year, and oh I don’t know, the cost of everything else big and small, I don’t want to think about money anymore while not really having a choice.
Still, I consider myself fortunate as there is a roof over my head and food on the table, but there’s also no end in sight. There is always “just one more” piece of debt that needs paying, especially when you have a 30 year mortgage and student loans.
I’m living on borrowed time and borrowed, imaginary money and I gotta tell you, there is nothing dreamy about this American Dream.
Did you know my day job is financial coaching?
It’s so funny, I could cry.
Oh Is She? 