Tuesday, December 06, 2005

Back to the Cutting Board

Well . . . it's official.

After Friday, I will be able to write almost all my medical expenses from the year off my taxes. Good to know that Friday's minor surgery (let's call it a procedure, shall we?) will have allowed me to spend over 7% of my income on medical expenses.

This is a HUGE deal . . . because I NEVER thought I could write it off.
Mainly because I make too much damn money.
Which is not a complaint.
Just saying, the world of the self-employed is a funny, funny thing.

Why is any of this important??
Because I now have another $8,000 plus to write off my taxes.
That means not only do I not OWE the government a damn dime this year, but I will get a tax credit!
A credit!
A credit, did you hear me?

For those that have no idea what I'm talking about . .. I'll make it as simple as possible.

Us self-employed folks are supposed to hold out around 33% of our income for taxes.
Why do we pay the government for ourselves to work . . . I have NO idea.
It makes no sense to me.
But whatever, I'm not trying to politically debate today.
Anyway . . about 19% of it goes to actual income tax.
The other 14% goes to Social Security so I can pay my parent's retirement (because God knows there won't be anything left of Social Security by the time I retire!!!).
BUT
BUT
BUT

Because the government pays me 40 cents a mile because driving is part of my job.
And I drive at least 700 miles per week (normally closer to 900, but we're guesstimating) . . . it makes for a HUGE tax write off.
Not to mention the fax line.
My cell phone line.
My retirement fund.
My health insurance (ha ha ha!! Like they EVER pay for ANYTHING . .. why do I pay for it?????????)
Etc etc.

And now the addition of my lover-ly little medical write offs.
Had I not had write offs . . . I would owe the government a bit over $25,000.00 in taxes. Ugh. Paying them that much money just so I can work.
On top of all the sales tax and property taxes I have paid this year. Etc.
Anyway . ..

But now . . . thanks to mileage and the like plus the official tally on my medical bills this year (Insurance covered NOTHING, I paid about $15,000 out of pocket for health related thingees this year) . . . I owe NOTHING.
Nothing.
Nothing.
They actually owe me.
They are actually putting a credit on my account for next year.
Credit.

I did a dance when my accountant called.
Literally, a jig.

Does this mean I'm happy about having a "procedure" Friday?
No.
If one more doctor takes a scalpel, needle or thermometer to another part of my body, I just might turn homicidal.
But . . . at least there's some light at the end of the tunnel.

18 comments:

Eunuch said...

It's kind of like the wish from the genie...it always comes at a price. You get your $$ but you've got to go under the knife to get it?!!?

Chairborne Stranger said...

Well I'll be thinking about you on Friday.

meghansdiscontent said...

Eunuch - Yeah, just shows me to be careful what I wish for. Durnit! :)

Chair - Just on Friday? Friday only? Hmm . . and here I thought we were friendly. hahahaha

Jenni said...

Glad to hear the good news for you about the $$$ !!! My very bestest thoughts for your speedy recovery in regard to the procedure!

angel, jr. said...

good to know you've got credit!

Adam said...

That's awesome lady!! Half my income goes in tax (Half!) and after that I have to pay all the professional insurances (because no one would take me on without them) and then I have to pay the various agencies that take their percentage. It's all a bit upsetting and I'm totally, totally excited for you!


If you are going to go homicidal, the hospital is the best place for it. All works. Go on dude, do it.

mrshife said...

Well that is good news. My wife is self-employed and we had to pay those bastards $20,000 dollars last year. We are hoping to be in a better boat this year, hopefully in the boat you are in.

trueborn said...

Meg, thats great. Stick it to Uncle Sam for me!

Bozo's Monkey said...

Ya can use the medical bills as a write off. That what I have been doing for the last few years. Any visit to my doctor for a check-up, I wrote down the bills and use it on my tax write-off. Really helps when I need some moolah.

Kate said...

Procedure sounds so mysterious. What was wrong with minor surgery? Now I'll be imagining that you are getting hair plugs.

Seriously, I'll be sure a say a prayer for you.

Keep those accts. busy, they don't get much excitement in their lives.

meghansdiscontent said...

Jenni - Thanks, doll. Things will be fine!

Angel - Amen to that.

Adam - Ugh . . . oh sweetie, we definitely need to dish about this! How does HALF go in? Can that system be so different? (and I know what you mean, my liability insurance is crazy . . . CRAZY!)

Mr Shife - UGH! Sounds like you really need the name of a kick butt accountant. I had a SHITE one last year and I paid through the nose. My new one is an angel sent from heaven. I know he is. I asked him.

True - Yes, honey, all taken care of . . Uncle Sam has gotten a bit stuck this year thanks to me! :) That's what he gets for sending our men off for extended lengths of time.

Dylan - Sweetie!!! So glad that you're back . . . I got worried for a bit! Happy happy happy to see you!

Kate - Girl things. BLECK. I would go into more detail but I think the men would revolt. Let's just say that if my doctor would let me - I would have had a hysterectomy a LONG time ago. Kids or no. There's always adoption if I get the urge. No worries though, this is one of the most minor surgeries I've had. It's even outpatient!! My crazy family will be here taking care (to be read as "driving me up the damn walls to the extent that no pain pills will save me") of me until Sunday.

muffin said...

I got a bit of tax back this year as well due to my father and his lying habits.

Let's say I have a new wardrobe to prove it and I am one happy muffin.

qwer said...

YAY! I'm glad that worked out for you and I hope the "procedure" goes okay!

<3

Ang said...

Congrats on the cash and good luck on Friday! I will be thinking of you!

Ang said...

oh yeah, and I escaped that wily jobe and finally finished my meme!!

Steph said...

Any time you can squeeze the Governments balls is a good day.

Will be thinking of you on Friday babe.

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