[quote]hankr wrote:
It may be that the 13K is from some unusual event or situation - but failing that, and esp if this happens regularly, the below applies:
Fire your accountant. This is a loss, not a victory. A refund means you have loaned the US gov money interest free - In your case, over 1000.00 per month. It is vastly more advantageous to underpay, forecast your tax due at the higher end, and then pay the gov what you owe them. This way, not only do you earn interest on you savings, but they are there if you have an emergency.[/quote]
That is true. More money in your pocket in the beginning = more money invested = more money in your pocket in the end. I thought Karma had a job where she worked for a company and couldn’t do adjustments during the year.
[quote]HouseOfAtlas wrote:
hankr wrote:
It may be that the 13K is from some unusual event or situation - but failing that, and esp if this happens regularly, the below applies:
Fire your accountant. This is a loss, not a victory. A refund means you have loaned the US gov money interest free - In your case, over 1000.00 per month. It is vastly more advantageous to underpay, forecast your tax due at the higher end, and then pay the gov what you owe them. This way, not only do you earn interest on you savings, but they are there if you have an emergency.
That is true. More money in your pocket in the beginning = more money invested = more money in your pocket in the end. I thought Karma had a job where she worked for a company and couldn’t do adjustments during the year.
[/quote]
Guys,
You’re both absolutely right, however, I was an idiot last year. The travel gig preoccupied my mind/time and I didn’t make quarterly payments. So, I wrote a big fat check April 15 (since I’d had the $$ all along earning interest) to go along with my extension - knowing that once I got both my Schedule C’s done I’d be getting a portion of it back.
The literature the accountant gave me says that if you don’t pay 90% of your estimated tax on-time you nullify your extension and the penalties and interest kick in. Better to be safe than sorry (albeit late)… I paid the 90% of what I figured I’d end up owing (based on a guesstimate of my deductions). I did’t think I’d be getting quite as much as I am, though. Deductions added up to 42k more than I’d anticipated.
Been a month since my last body comp was done. Lost two pounds of fat and maintained lean muscle at 107lbs equalling a minor 1% BF drop. Not as much as I’d hoped but better than the alternative. Got stronger on all my lifts, too. Now I need to review the diet and training log, tweak it and let 'er rip next month!
Just got a nice little deal approved that I’ve spent the last week pushing through (where I work, if we get 8 deals done in a year its a pretty good year). And today was the last training day of week 1 on OLAD and it was a very productive Deadlifting session. I won’t post numbers so as not to embarrass myself, but I did drag myself out of bed at 6 am to do it. And I haven’t soiled myself yet today. Little victories.