Any suggestions
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Any suggestions
| Sat, 03-14-2009 - 12:56pm |
I went to my tax preparer today and he is guesstimating I will owe 3,000.00 I receive alimony evry week plus when we sold the house I got 1/2 so I decided to go online to ing direct, so I get interest from there.I only pull in 30k a year I get 323.07 a week from alimony plus interest about 3k . $750 for scripts $550 for glasses 1425 a month for rent. $300.00 clothes for work.I don't know what to do.Would you suggest I take the money from ing out and stuff it under my mattress?is there anything that I can do to not owe this amount next year? I'm currently unemployed with no benefits I have been looking for jobs even if they are part time and have been on may interviews so I know that being employed is beneficial.

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Umm, taking your money from the ING account does not seem to make sense. Yes, you get taxed for the interests, but the tax is only a portion of the interest so you are sill "making money" per se. The $550 for glasses, I assume it is a one time deal and not monthly expense?
What would be helpful is once you start working again, re-visit your taxpreparer, or use any of the online software, to figure out how much should be taken out of your paycheck to avoid the $3000 payment. Conversely, start putting $250 a month into an account and use it for tax purposes.
Good luck in your job hunt. I hope you find something with medical insurance for prescriptions. You likely won't have to pay that next year if you are not working and incurring income but it never hurts to put some in savings when you do get a job for just in case emergencies.
Don't know how you should deal with the tax issues besides saving from every alimony check in the future. Alimony is taxable, child support is not, which is why most women opt for child support instead.
I would suggest having a friend look at both your resume and work with you on presentation skills for an interview - maybe a couple friends and someone professional if you can. Take the feedback as it is intended - to help you, and try to use it to get yourself psyched up for the next interview.
Good luck!
Go in and talk to personal about uping your deductions if you owe this year.
IF not then you are giving the government free money for a year and a half
Hey, there are not stupid questions.
There is a form (W-9, or W something, I forgot) you fill out when you start a new job or you can ask human resources, and there is someplace you elect how much to take out for tax.
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