Tax update

Posted on April 14, 2008 by MelHaraguchi

It turns out that I am actually going to owe money this year! Hard to believe considering all the losses I took from my stock trading. But unfortunately money from capital losses can’t offset your ordinary income. Because of this, this past weekend has been a struggle to find all of my receipts from my business so that I can at least write off my business expenses. That was not fun at all. 😦 Next time I have to really look at doing the estimated taxes. That is having my money withheld. Perhaps this way it will force me to budget my money better and not surprise me as much if I were to end up paying taxes.

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2 Responses to Tax update

  1. RyanSakamaki's avatar RyanSakamaki says:
    April 14, 2008 at 11:01 pm

    That’s too bad. I don’t know if I owe money or I’m getting yet. I gave H&R Block my stuff, and they still haven’t finished. They said they would file and extension, since we’re still waiting for my wife’s Social Security number, so I have until October to send it in.

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  2. MelHaraguchi's avatar MelHaraguchi says:
    April 16, 2008 at 10:06 pm

    I barely finished yesterday. I was scrounging my house for receipts that’s related to my business. In the end I was able to write off a lot of stuff. But I still had to pay money. It was good that I kept all my receipts, so if I ever get audited…

    Oh, you’re waiting for your wife’s ssn – is she living in hawaii already? Does she have her visa yet? I’m just curious because I will be doing the same soon enough.

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