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Since April is super-busy, what with Market and Easter and probably a glaze firing, I spent this week working on my taxes.
Went surprisingly smoothly, between the tax software (HR Block, and it's totally worth spending extra for the Oregon return) and our habit of tracking everything in Excel spreadsheets as they happen. (My business ledger is a thing of beauty, with columns for each space on a schedule C, and extra pages to track vehicle and home office expenses. Denise also keeps sheets for medical expenses, charitable contributions, and her businesses.)
Being self-employed, we pay estimated taxes quarterly; for those who aren't similarly blessed, you need to pay equal to either 100% of your previous year's taxes, or 90% of this year's. Since my business is so variable from year to year, I do the former. Which is all well and good, except when you have a 2020 severely depressed by global f***ing pandemic, followed by a record-breaking 2021.
I don't owe any penalties or interest, but I'm gonna be writing a couple of really big tax checks come filing day.
Went surprisingly smoothly, between the tax software (HR Block, and it's totally worth spending extra for the Oregon return) and our habit of tracking everything in Excel spreadsheets as they happen. (My business ledger is a thing of beauty, with columns for each space on a schedule C, and extra pages to track vehicle and home office expenses. Denise also keeps sheets for medical expenses, charitable contributions, and her businesses.)
Being self-employed, we pay estimated taxes quarterly; for those who aren't similarly blessed, you need to pay equal to either 100% of your previous year's taxes, or 90% of this year's. Since my business is so variable from year to year, I do the former. Which is all well and good, except when you have a 2020 severely depressed by global f***ing pandemic, followed by a record-breaking 2021.
I don't owe any penalties or interest, but I'm gonna be writing a couple of really big tax checks come filing day.