Taxes
My colleague Wayne and I were lamenting what it's like to be independent contractors around tax time. I said that taxes are difficult for me because I have to report income from about 20 different sources."All my friends have 9-to-5 jobs," he said, "and they're all happy about the refund they're going to get."
"I have a friend who's buying a plasma TV with her refund," I said.
"I'm going to have to sell my plasma," he said.
posted
by Marty Barrett at Friday, March 31, 2006
1 Comments:
The silver lining of 20 different 1099's is that it is the way to be able to deduct your entire life. Every single thing you bought, ate, drove, lived in and looked at becomes a deduction of some sort. Perhaps not the entire thing, but a percentage.
If someone is getting a large enough refund to buy a big, new plasma tv, then they withhold way too much. That money could have been put to better use by her all year. She let Uncle Sam steal her interest.
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