Wednesday, December 30, 2009

Getting ahead of the tax man

Today, with all my downtime at work (seriously, NO ONE is here!), I verified all my Schedule C tax information. I've been using Outright.com to keep track of income and expenses but because it's yet another place where I have to enter information, I went through line by line to compare it to my spending tracker, which is more reliable since I balance it against accounts and the cash in my wallet at least once a week. I found a few errors but without too much effort got everything to balance out to zero!
 
So I know today that my profit from mystery shopping and dancing in 2009 is $557.38 and I will owe around $141 in federal taxes, plus state and city taxes. Seems a bit ridiculous that for all the time and effort I put into mystery shopping, I came out ahead less than $600. Yes, I got a lot of free dinners, but this really proves that mystery shopping is no get-rich-quick scheme.
 
I am so relieved that this is the last year I will be going through all this nonsense. I can't wait to file a 1040-EZ and spend less than an hour doing my taxes. Still, Outright made things so much easier compared to last year--anyone who has any kind of side income and needs to keep track of tax information should really give this a try.

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