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2014 Final Tax Numbers

July 15, 2015

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It’s only been 3 months (to the day) since tax day and I finally got the last bill for my back yard project. While it wasn’t fun to write out that big check, I like the fact that it’s not hanging over my head anymore. Whew!

Because a lot of my household project was the be paid for with my 2014 “tax return” (and the money I had saved up “just in case”), I can finally give my final report on how I spent my tax money this year. I’m so happy to report that I used it a lot more wisely than in years past.

I didn’t spend a single cent of it on shopping or eating out.

Accountant Fee$450.00
Car Expenses$78.71
House Project (so far)$1,302.29
TOTAL SPENT$1,831.00

The unfortunate part of finishing my back yard project is that I don’t know if I’m going to get another cent out of my cheapskate neighbor. I am going to give it another try by asking as nicely as I can muster nicely if she plans to contribute anymore toward the project.

If she doesn’t I’ll have a small bill to pay off on my credit card (about $250) and a loan to pay off (from myself). Sigh! The best I can hope for if my neighbor won’t chip in is that I’ll be able to pay myself back by the end of the year, or that I won’t need that money for taxes after all, which would save me from having to pay myself back and have another large “refund” of tax savings next April.

One downside of not having my full-time job next year will be that I won’t get the bonus they usually give out every year in early February. I will miss that little windfall, but I know that I’ll still be far happier working for myself than at an 8-5 desk job everyday. If everything goes right, I’ll still get a small amount back every year from my tax savings anyway and hopefully I’ll be making more money working at home in my pajamas than I was sitting a desk in business clothes. 🙂 #livinthedream

If you are self-employed and you used to get a bonus, do you miss receiving that lump sum every year? I’m hoping you say no 😉

*Part of Financially Savvy Saturdays on brokeGIRLrich, A Disease Called Debt and Shoeaholic No More*

This blogger shows how she spent her refund to start her business and pay off debt!

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16 responses to “2014 Final Tax Numbers

  1. I hope your neighbour helps out. I think that if the project benefits both of you, then you both should pay. Also when I left my old job, they direct deposited my bonus after I left. I was surprised and happy because I wasn’t working. So hopefully, your company does the same.

    1. I agree that she should help out at least a little bit more than what she has (not even 20% right now…). Wow! That’s a nice surprise about your bonus. Was it nearly time for it when you quit? We get ours February 1 so I don’t know if I’ll get it or not.

    1. I think I’ll miss it too because I usually used that lump sum to do some house repairs and maintenance projects so I didn’t have to save up for them every month ya know?

  2. Just to play devil’s advocate a bit, I think you should cut your neighbour some slack. As the initially agreed to contribute some amount of money to the project, I do think they should do so; however, if I remember correctly you didn’t tell them the full cost of the project at the start and just assumed they would cover 50%. As they were not involved in selecting the fence and weighing the cost of different options, I think it is unreasonable to expect they would simply fork over the money. In this situation, I would personally be more than happy if neighbours contributed anything at all – next time, if you want to undertake a joint project with neighbours, I would suggest working together throughout the process and not just expecting a cheque at the end. Honestly speaking, I would not be particularly happy if a neighbour came to me asking for money for a project like this. Just my two cents…

    1. I would be inclined to agree with you had I not tried SEVERAL times to discuss costs with her ahead of time. She was not willing to take the time to discuss costs and indicated that she’d be going in 50% on the project since it’s her fence too. If she wants to foot the bill to put up a fence on her own side to keep in her dog that roams free back there then she can see how much it really costs when she has to pay 100% on the long side. Just sayin’

  3. I think that you’ll be making so much money by focusing on your writing that you won’t even miss that bonus check =]

    I hope your neighbor chips in a bit more! That’s a big expense for sure.

  4. “I didn’t spend a single cent of it on shopping or eating out.” Congrats! That is quite impressive. My annual bonus is quite small and wouldn’t be missed if I didn’t receive it.

  5. Have you considered staying with your job for a couple extra months to get the bonus? I’m not sure if it is worth it, but just a thought.

    1. Well, I’d have to stay until at least Februrary 1, which would probably make me feel a little guilty and I’d end up staying even longer than that, so probably won’t. But I HAVE thought about it before.

  6. I’ve never gotten a bonus. They always seem like a myth to me. Although when I worked on the cruise line, I did hear that several positions stopping right above mine would get them when our performance ratings were really high and it always irritated me that the people who would make the most had the least impact on the actual success of those ratings.

    1. Yeah, ours is based on performance of the office as whole – efficiency, growth, etc. – some people get more than others though because they are on a difference percentage scale. Plus it’s also paid out as a percentage of our whole year’s salary.

  7. Not a free-lancer here. I get a bonus most years and it is usually around Christmas. It helps with the bills and goes into savings. I used to have a job where I would get substantial (for me, at that time in my life) overtime 3-4 times a year and I would make it a point to use that money to buy something tangible that I couldn’t afford out of my regular earnings. It made me feel like there was a point to all that extra work.

    1. Yeah, those lump-sum bonuses are nice. I wish we got overtime, I’d be more inclined to work longer during our busy season if we did.

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