Christmas - A Good Time to Start Thinking About Income Taxes
2007 at 1:48pm | by Jay
Ahhhh, Christmas… time to head out to the malls and shop, shop, shop, ’til your credit card stops working… or you drop. But for those of us who are self-employed, whether working online or offline, now might also be time to spend an evening and get a rough idea of how much income tax you can look forward to paying.
It doesn’t have to be a full blown audit, just a rough idea of how much money you made, which in turn will tell you which tax bracket you should land in.
This past weekend, I sat down with my trusty calculator and was rather shocked to discover the extent that all my performance bonuses, commissions and the sale of my first ebook business have had on my bottom line.
I don’t care to share numbers, but I can say I will be paying the government more money this year than I earned in all of 2006.
While it’s probably the last thing you want to do this close to Christmas, do your budget a favor and get it out of the way so that when you buy this year’s presents, you can do so without regretting it come March.
