Friday, June 28, 2013

Tax Series #2: How the heck is my tax calculated?

Here’s how it works. You make money—maybe lots, that’d be neat. The government wants a piece of that action, so they ask you to file a Form 1040 that calculates what their share is. And if the 1040 could speak to you, this is what it would say:

  1. Income: Okay, first we've got to figure out how much money you made. I hope you kept your W-2's and 1099's because they'll tell you the exact number. Don't try and mess with me. The person who sent you your W-2's and 1099's sent the IRS a copy too, so we know how much you really did make.

Tuesday, June 25, 2013

Tax Series #1: How do I make estimated tax payments?

As mentioned on our taxes page, taxes are technically due in four quarterly installment throughout the year (not one lump sum on April 15th). Most people don’t even think about this because it’s automatically done for you by your employer before the money even hits your bank account. But if you’re self-employed or have income from other sources, you may have to make these “estimated payments.” They’re estimated because you don’t actually know how much you’ll really owe until you file your tax return and come up with the final amount.

How much do I need to pay?

Monday, June 24, 2013

Fun Funds

So if I had to give just one piece of financial marriage advice it would be "the fun funds." Oh, the fun funds. Regardless of how "one" your souls have become, the fact will always remain that there are some things you will value differently than your spouse, be it a new set of golf clubs, clothes, crafting supplies, or a $400 blender. We know-- we've all been there.

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