Tuesday, April 14, 2009

Uncle Sam

I knew there was a reason I put off doing my taxes. Having to pay Uncle Sam is not my idea of fun.

We've had people in college for so many years that we never had to pay and always got some back.

Our income has increased and we haven't changed our deductions and there's no one in college.

Recipe for disaster.

We had previously decided to open a Roth IRA instead of a traditional one but now I'm not so sure. Steven's going to talk to the financial adviser this week to see what we need to do. Right now I'm thinking we need to max out our traditional IRA contribution to reduce our adjusted gross income but that may just be because I just sent a payment to the IRS.

Our increase in income had more than 1/3 of it confiscated for taxes. That's unbelievable.

Guess I should be thankful that I have the means to pay.

No comments: