15 - 2009

Tax day: How Did Uncle Sam Treat You?

In the United States, today (April 15) is tax day. Our national federal income taxes are due and tax returns must be postmarked today.

At our house, the tax situation was the bright spot in having lower income in 2008 due to the recession. As a self-employed individual, I must pay quarterly estimated taxes of 1/4 of my annual federal and state tax due. And in 2008, Mr. Cheap finished graduate school and began teaching full-time. We had hoped that our combined income would leap (yay! we would be rich!). Instead, I lost a big client and our income went down a bit. That means, though, I’d paid the government a little too much. I’m taking the refund to put in our savings account this year.

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