We are getting a REFUND!!
Oh my gosh! I forgot to tell you all. We are getting a tax refund! Hallelujah! Last year we owed almost $25K! I was terrified that we’d have to pay at least half that this year. It just didn’t work out that I was able to save any money this year to pay taxes. Our business took a loss this year due to losing our largest client. Mid year, the accountant estimated that we would have to pay $13K. I freaked out. Fortunately, or unfortunately depending on how you look at it, we made a LOT LESS money the second half of the year.
The day before I went to the accountant, I did my own rough figures and it looked like I would only have to pay $2,000. I was hoping and praying that I was right and didn’t have to pay 10 grand or more.
So I went to the accountant and he gave me his rough estimate. I’ll get the actual numbers this week. But he seems to think we will not only not have to pay, but will get almost a $3K refund!!!!!!! Woo hoo! Of course, we won’t actually get to keep that money since we owe so much from the previous year. But it will reduce our taxes we have to pay.
The feeling for me is a $15 thousand dollar bonus! I don’t have to pay $12K and I get a $3K refund. It is such a relief. I’m hoping that 2013 will be better financially, but I’m also preparing much better to pay taxes. If we end up not having to pay, then that will just reduce that big tax bill even more.