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Taxes update

March 15th, 2013 at 10:37 pm

I picked up the taxes from our accountant yesterday. I will need to pay $6700 for 2012 taxes by tax day..and also pay $1630 in quarterly taxes for the rest of the year. *choke*..I plan to pay quarterlies in April and June and then sit down with the accountant again and see what we will really owe for the remainder of the year to pay accordingly.

CC#3 on my sidebar is still going to be paid in full by the end of the year, whether or not I have to pull from ING to do it. AND I will make a dent in the 2014 debt payoffs by the end of the year.

How?

I cancelled the cruise and eliminated the big vacation line from the budget altogether. Until debt is paid off, we wont take one. (I left the small vacation budget that provides a means of a long weekend getaway here and there...)

I reduced our allowance budget by 25%. I eliminated all but a small deposit to savings each month, since we have our emergency fund already. I shaved from just about every line item possible to come up with the $530 per month needed to pay the extra quarterly taxes. And, I am continuing the original snowball payment amount on the debt.

Thankfully, our original budget had wiggle room in it and it wasnt too financially painful. I am so grateful that we did. AND...I am extremely happy that I used all the added income last month to pay down debt BEFORE learning about the taxes. Otherwise, I am afraid I would have used this as a convenient excuse to use the money for taxes.

So...there is the plan.

I am so glad it is Friday. Tonight is date night and it is Z's turn. I am very much looking forward to one on one time with him. Gramma needs to enjoy him while I can...

2 Responses to “Taxes update”

  1. creditcardfree Says:
    1363392154

    Savor your evening. Take some pictures, make a video too if you can.

  2. FrugalTexan75 Says:
    1363402874

    You can do it!

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