:::: MENU ::::

Posts tagged with: Taxes

Updated Numbers

by

I’ve updated the debt and savings numbers.  I am overjoyed to only owe Bank of America $7.954!  I’m also excited about my extremely low signature loan rate but still somehow more thrilled about the Bank of America aspect.  Whatever motivates you, right?!  While the overall debt amount remains unchanged the savings in interest is no small gift!  I am motivated!

And it’s a good thing I am because I owe $3,950 to the IRS by March 28, 2013. Totally stinks that adding that in takes me back up to $45K in debt but it is short term (very short term…76 days in fact) and I have at least a partial plan to attack.  My goal is to “find” money to put toward that without detouring from my regular monthly debt payments. 

I have moved $1,150 from my emergency fund because I had stockpiled that for taxes when I learned of the debt. Please note:  I have created a separate “asset” item called the IRS savings account but for some reason it isn’t showing up on the sidebar.  I’ve got an email out to Jeffrey for a solution.  I received a small commission check from Pampered Chef for $100 and I sold some of the kids’ clothes at resale shops for $80.  I found a lot of random things to sell and they are selling.  As of now, I have $300 coming in from Ebay.  There’s sterling silver jewelry, purses, kids’ items, craft items and they all have bids. I do not yet have that $300 added into my IRS savings.  So I am currently at $1,330, $2,620 to go.  I really pray that I will get at least that for my wedding ring.  It is a 1-carat princess cut diamond, platinum setting that I have all the documentation for including the receipt showing the $7,000 paid for it and the appraisal at right around $10K.  I have zero emotional attachment to this ring and will spend a little time getting as much as I can but honestly–I’ll be happy if the tax debt is paid.  I do want to share for the record that I did not participate in the selection of this ring at all.  Zero input.  I wanted a plain band, no diamonds and was never very comfortable wearing the ring.  That’s not bitterness talking…just the truth.  The ring only lost more appeal when I learned of the 401K withdraw used to buy it. 

Anyway,  I have two real food workshops on the books for January with prospects for a few more.  I’m confident I can do this….but….IF I can’t “find” the money I DO have the option of making minimum payments for just the months of February and March and using the overage to knock it out.  I think I will see what comes of the wedding ring sale research and plan on revisiting my plan on Feb. 1.

Have a great weekend!


Ebay items are selling!

by

I’m making some sales on ebay for my IRS debt fund!  When I update the numbers later this week I will include separate entries for what I have saved toward the IRS debt and yes…the total amount owed to the IRS.  I don’t want to do it but I know I need to do it.  I’m motivated and I hope to be further motivated by the readers.  I called the IRS earlier this week and must say they are extremely reasonable and easy to deal with–and even if they are faking their sympathy for my situation, I’ll take it!  I’m kidding.  I don’t think they are faking it b/c they can see on their system what I’ve done to right the ship.  Anyway, I got $1700 knocked off due to the extension my ex-husband filed being only linked to his tax return and not mine. Because we filed that extension jointly but then ended up filing taxes separately, I had a late file penalty on my side. Once again it never hurts to ask questions!

Separate quick note…took DD to the orthodontist yesterday.  That’s going to cost $2800 divided by 2 (because her father and I split everything).  That was a slight bummer given my good news on other $ issues, but the orthodontist has no interest great payment options that should result in very manageable monthly payments.  BUT I HATE the idea of yet another monthly payment!  If my kids weren’t dealing with cross bites that if not addressed now could result in surgery down the road, I’d be giving this second thoughts.  It isn’t only a cosmetic issue for them and two dentists that I trust and the orthodontist have confirmed this.  Always looking for a silver lining though I am glad we will be done with orthodontic treatment for each of them by the time they are in 9th grade.  At least we aren’t going to be paying for braces that much closer to college?!  Okay so I’m grasping…work with me!  😉  DS’s second round of braces will start this summer and estimate for his is $3800.  Some of that should be covered by insurance but I asked for worst case scenario from the finance gal at the orthodontist so as to properly prepare.

Have a great Wednesday!