Money Quote Friday – Sucked Out Of Money Syndrome.
Have a great weekend everyone…
I am very lucky to both A. have a brother who is an accountant, and B. have a copy of the tax book I gave you guys a discount on the other day…but what I don’t have is an affinity for doing my own taxes. Sure, I used to do them back in the day, when I filled out out all that paperwork, sent it in, and hoped for the best. But if I didn’t have my brother to do them now, I would be filing them online somehow, and I just saw that TurboTax now has free federal tax return filing for those of you who use the 1040EZ form. You fill out all the info, print out a copy for yourself, and push the “e-file” button – done. If you have deductions or investments, you would need to use one their other paid versions, but those come with free “e-file” as well, which is pretty cool. State returns do cost money, but many times people can do those on their own as they are much simpler than Federal returns.
Can I just tell you that I hate when pundits call me a consumer? Last time I checked I was not a consumer but rather a person who happens to buy things once in a while. My sole purpose in life is not to buy enough stuff to prop up failing companies or line the pockets of some corporate big-whig. I buy what I need, when I need it, and then I work to save the rest of my money. But for some reason, the news likes to peg me as a consumer and run stories about “consumer confidence” – my supposed confidence in spending enough money to keep the economy going. However, that’s not what I was put on earth to do and I have worked pretty hard to escape that kind of mentality that seems to be the norm. I get up in the morning, I work for a living, and I buy the things necessary to my life – that does not make me a consumer but rather a human contributor to society. So please stop trying to make me responsible because I don’t buy enough stuff…
I think the best purchase I made in the last couple of months in terms of my self-employed career has been June Walker’s book “Self Employed Tax Solutions“. If you call yourself a 1099 Worker, a Sole Proprietor, a Freelancer, a Subcontractor, a Free Agent or are just Self-employed, you definitely need this book asap, especially with tax time coming up soon. Since all of my salary is now from 1099′s, I need to take good care to make sure I keep very thorough records of my income and my expenses, and this book could not have come at a better time for me. 2008 was the first year when I was not on payroll for someone else, and I needed to learn how to start thinking like a small-business owner. What could I write off on my taxes? What kind of taxes would I owe? How should I keep my records? Well, this book covers all this and much, much more. For example, did you know that as a self-employed individual you have to pay self-employed taxes that pay for Social Security and Medicare which is normally paid for by your employer?
I just saw on the news this morning that 17 waitstaff workers at a pancake house in Michigan have told their boss that they will be working for tips only in order to help keep the place in business. Of course, along with this, they also get to keep their jobs too! And once their customers heard about this, they stepped up to the plate and started leaving bigger tips, as without the waitstaff doing this their favorite place might not be in business anymore. So my question to you is – would you do it too? I think I would if A. everyone else was doing it and B. it was a small, family-owned local business that my community patronized often. What do you think?