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Tax Day 2018

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Just a friendly reminder that it’s Tax Day!

Are your taxes complete or are you filing an extension?

We met with our CPA a couple of weeks ago (which is late for us). I got a call yesterday to answer a couple additional questions as they wrap everything up. The issue of taxes has come up a few times here because of two reasons: 1) We owe a ton still from 2016 (we’re in a payment plan, paying $285/month for the foreseeable future), and 2) my paycheck withholdings are likely a little high. This was an intentional move because I didn’t want to get surprised by another huge tax bill for 2017. It was an odd year since hubs shut down his business and went back to school full-time. I wanted to try to create a buffer by paying extra from each of my paychecks to help off-set whatever we might owe from hubs (which should be small, but I’m cautious). I also figured that if we ended up with any type of “refund”, it would just be taken to help offset our 2016 deficit so no biggie. BUT – we (hubs and I both) are giving our CPA copies of recent paychecks for 2018 so we can get a better estimate of our 2018 tax liability and more accurately adjust my withholdings. The CPA was working on 2017 before doing the 2018 projections, so it may still be a couple weeks until I know for sure….

At any rate, I wanted to pop in with that fun reminder and also remind everyone about all the Tax Day Deals and Discounts that are out there on the interwebs! Lots of businesses hook it up on tax day to help offer relief to those of us writing hefty checks to Uncle Sam. 😉

Here are a couple places to check out:

  • CBSnews.com – lots of food options
  • Time.com – even a gym gets in on the Tax Day discount bandwagon
  • Fortune.com – office supply stores are also up in the mix!

 

We’re still on a strict food budget diet so I won’t be taking advantage of any of big food deals/discounts this year. But it’s good to know about in case it can help someone else save a few bucks! Many of the deals are available all day, but some require downloading a coupon. Happy Tax Day! 😉

Are your taxes finished? Will you be receiving a refund, making a payment, or just about coming out even?


Starting The Month Off Right

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Talk about starting the month off right! March is a 3-paycheck month for me (anyone else?)

In the past, we’ve been able to put the entire extra paycheck toward debt. But right now we’re still in a situation where we’re totally out of money before the month is over, and scrambling to pay bills that are due at the beginning of the next month. We’re still working on budgeting, in general.

It’s very stressful and not very fun. So I decided that with my third paycheck, instead of making extra debt payments, I’d create a bit of a buffer in our budget by pre-paying some of our bills that are due in early April. It may not be the most fun way to spend extra money, but it makes me feel good to be starting off April on the right foot!

I logged into my bank account’s bill pay center and paid for our phone (due 4/1), Citibank credit card (due 4/4), Wells Fargo credit card (due 4/5), and childcare (due 4/10).  I’ve also set a chunk of money aside because I plan to mail a large check to pay the remaining balance of our 2017 property taxes (payment must be post-marked by 5/1, but I’m planning to make the payment on 4/13).

The third paycheck month is coming just at the right time to help create some breathing room in our budget, especially with our property tax payment coming due. Usually, I get a lot of satisfaction out of making those extra debt payments, but I think this time the money is well spent in creating a bit of a buffer for us. It reminds me of when we used YNAB to live on last month’s income. It took awhile to build up the extra, but it helped alleviate so much stress due to budget and/or income fluctuations. I think this will be a goal we’ll have. Trying to get back to living on last month’s income again.

Was March a 3-paycheck month for you? What do you typically do with your third paycheck on 3-paycheck months?

 


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