Saturday, March 8, 2008

Taxes making me smile?!

I've spent the last several hours doing my taxes and....is this possible? I'm getting a refund from both federal and state?! Plus the $600 credit this summer? PLUS the money that I set aside to pay taxes I was sure I was going to owe?! REALLY?!

Well, I'm not holding my breath just yet. I'm going to stop for a while and come back to it, review to make sure all the information is correct before I file. However, it's conceivable. I made quite a bit less mystery shopping in 2007 than in 2006, and while I showed a profit from the dance company, it's a very small profit--and I had unreimbursed day-job related expenses as well as a few education expenses that I did end up paying in 2007. Hmm.

2 comments:

  1. Maybe you can get an even bigger refund if you claim all the deductions possible from your mystery shopping jobs. if you need info on possible deductions, visit http://become-a-secret-shopper.com/tax-deductions.html

    There are a couple of free ebooks available there as well - they will help you maximize the deductions you can take as an independent contractor - which is what you are when you mystery shop1

    ReplyDelete
  2. Oh, yes, Karen--I take all the deductions available to me. Transportation, cell phone charges, postage, fax costs, etc.

    I set my withholding from my day job right to the edge so that I won't get a refund, or if I do, it will be less than $50. So when I add mystery shopping and other freelance income, there's no way I qualify for a federal refund, which is why I was so shocked when I wrote this post. I typically have to pay a few hundred dollars because of that income, but believe me--I take every legal deduction I can!

    Thanks for the links to the ebooks--I frequently instruct people how to begin mystery shopping, and I bet there's information there I won't have to repeat anymore.

    ReplyDelete

Thanks for commenting!