Tax Time Blues
Uh-ph, I've got the tax time blues. I just got a call from our tax guy, Gary. We owe money big time this year. Apparently the family farm still brought in way more income than it usually does--even though the wheat crop was ruined by early summer rains and hail damage. Why does it never feel like you have more money in the bank, even if your W-2s and 1099s say you do?
So we are looking at setting up quarterly payments, and double checking to make sure we're keeping up with our charitable giving. I never tend to think of my tiny 2% of the family farm as a "small business," but perhaps I would do well to start. First step, I think, is to check out AlexVancina's list for Small Business & Taxes materials. Looks like Stephen Fishman is a writer I should get to know!
Good luck to everyone out there in the U.S. who is still searching for deductions. And for everyone not in the U.S., I know I should not be complaining. You typically pay way more taxes than we do!