I am a sad, sad panda. 😦
Everyone is all like “Why are you waiting til the last minute to do your taxes?”
Well, if you owed as much as I did, you would wait until the last minute to pay it too! It took less than an hour to do them, so I wasn’t ever in danger of not doing them on time…I was just procrastinating on paying out over $2,000. 😦
Why so much, you ask? Well, I started a new job last year and ended up making much more than I had before. Over $33k more actually. But my taxes also went up about $8,400, so my take-home increase was almost $25k. A nice chunk of change that has helped immensely with paying off the student loans and consumer debt! There was a good amount of bonus money involved, and from what I gather, the bonus money was not taxed as much as it should’ve been. That’s why I owe over $2500.
Luckily I’ve been planning for this huge expense since getting my W-2 forms back at the end of January. I was able to deduct some moving expenses, at least, and so my federal amount owed was reduced a bit, but then there were the state taxes. ARGHHH!
So basically, my emergency fund is being nearly wiped out again. But that was part of the plan. I will grow it back slowly, and I think I’ll still be able to contribute $1500 this month to the student loans. I had really hoped I would be able to start increasing that amount (to a whopping $1900) but that will have to wait. Steady $1500 payments are pretty damn good, especially compared to no payments at all, like in February!
How’d everyone’s taxes go? Anyone else owe BIG? 😦