At the beginning of 2014, I put my partner on the medical coverage I receive though my full-time employer. It was a godsend, as going without health insurance and trying to buy your own health insurance in New York City are both surefire paths to the poorhouse. For domestic partners who aren’t married, or for those forbidden from wedding by law, it is perhaps the best work perk you can come by.
“redistributionists” are a plurality of this country, outnumbering almost 2:1 the free-market true believer Ayn Rand-types.
“In marriages without children, the largest bonuses occur when couples have income just under $100,000 and only one earner.”
In which I share my 10 emotional responses to paying my taxes and having $41.51 left over.
I was walking home from work the other day when I realized that it had finally happened. I had reached the day where I couldn’t reasonably put off doing my taxes any longer. That got me thinking, how many other jerks are in the same boat? So, in an almost perverse fit of procrastination, I started digging around online for somedata. Instead of, you know, firing up TurboTax.
My wife and I lived in a home for more than 10 years. In August of 2014, we moved out and put it into service as a rental. We intend to sell the house when our current tenants move out (their lease is up at the end of August of 2015, but we’ve told them they can move out earlier if they want and they’ve indicated that they may).
“I agree that my federal taxes are too low. I don’t think someone living off of dividends and capital gains ought to be paying a lower rate than a middle-class wage earner.”
Perhaps if I had actually earned all this money myself, I would feel less anxious about having to deal with it when tax time rolls around each April.
I think the answer is: pay what I can on April 15, pay 20 percent over the rest of the year, and keep my eyes open for places to catch up, because I’ll need to catch up at some point.
The only thing you must do is file together, so you can figure out what makes sense for you both individually and as a team. This is where having an accountant really proves its worth.
Every month, I need to put 20 percent of my income towards taxes, 20 percent towards debt, and 10 percent towards savings.
Now, just to be clear, I think taxes are great. I’m happy to pay my share. But sometimes you can get a number like that and think “wow, that means I’m going to have to spend the entire year staying in the same place.”
“Having a high tax bill is always good news for me, because it means I had high income.”