Well, this weekend was actually a good one!
The garage sale went MUCH better than we thought it would and we got rid of a ton of large furniture that we were holding onto way too long. I was surprised how many showed just from a free Craigslist ad.
We did our taxes on Sunday. It was a chore! We both got frustrated and thought of giving up, but usually one of us was ready to stick it out, so we pulled each other through. The main problem was I consulted a tax accountant early on in the business, but they really did not tell me anything helpful. I am seriously bummed about that, but we learned. Since I actually do use one room in my house for the business, we claimed it - at $5 a sq ft. (using the easy route). We also claimed the mileage, depreciation on the machines, advertising expenses, and travel expenses (for the conference I went to).
My goodness - depreciation! The best thing ever!
Even though I was in the black for my business this year, it dropped our taxes in an amazing way! Usually, we owe anywhere between $1,500 to over $7,000 depending on the bonus year. We can never predict, so we are always surprised.
So, after 12 years of owing, not being able to claim our kids and stressing - we are getting a return! To the tune of $2,800! It really could not have come at a better time. I could not stop dancing.
One more thing, I am NO LONGER sewing patches! WOOHOO!!! What a load off! I don't have customers calling me all day, showing up whenever, etc. I feel free actually - just free!
With all this good, I have slept - 2 nights in a row, I slept without waking. It feels wonderful!
one husband......four kids......debt......sewing...... saving......cooking......yoga......sweet......chaos......life......
Nice to get a tax refund! I always owe (because of my self employment income), so keep putting it off. I did adjust my payroll taxes to have more withheld from my regular job, so I'm hoping this year more of my deficit is covered.
ReplyDeleteThis gives me hope! I started a business in Jan of last year. Bookkeeping has been my main headache, so much that I actually hired someone to take care of the state sales tax. Every state seems to have a different requirement so I was having trouble sorting it all out. Now I just need our accountant to do his magic with the rest of our taxes! lol Congrats on the nice refund.
ReplyDeleteThat's great news! So happy you had such a lovely weekend. I'm getting our tax stuff uploaded & sent off to the accountant today. And then. . . dreading what we owe! As usual. :-)
ReplyDeleteSo happy things are going well for you! It is always so nice to get a refund when it is completely unexpected.
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