So I just finished filing our taxes for '08 and learned some valuable facts. We fell just under a certain tax bracket, hence we only had to pay $30 bucks because we were both taxed correctly throughout last year. Now the interesting thing is, had I not gone to part-time work, back in August, we totally would have crossed into the next tax bracket. And instead of only paying $30 we would have owed the IRS over $3000. Crazy huh?!? The reason being that throughout 2008 we both would have been taxed as though we were in a lower bracket, like we were, and at the end of the year together we would have been over. We were blessed big time... in a mysterious way. Wow.
Motto of the story is:
1. Pay your tithing.
2. Plan ahead for income tax; if in Oct or Nov you can see you're gonna go over your tax bracket, make a large donation or something to avoid that.
P.S.-sorry, but no picture on this one.
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2 comments:
lucky you!you're blessed!
Moral #3 Have children and then you'll never have to worry about owing anything come tax time.
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