Paying Income Taxes - A Necessary Evil!

Well I'm almost finished filing out and completing my income tax forms for this year. I have already completed my local tax form which is called an Earned Income Tax where you are taxed 1 percent of your income.

I have also completed my state income tax forms which was the big holdup because I had to wait until I got a Schedule C form from them - which I got a few days ago. (By the way you can always go to your state website and download tax forms so that you can have them right away.)

I think I have finished my federal income tax form but I want to make copies of that before I seal up the envelope and put a stamp on it. The form(s) are downstairs and I just don't feel like getting them right now - but I should be finished completing them though.

Since I'm self-employed and work from home, filing out my income taxes this year was quite difficult and more complicated. It was a lot more easier when I was working for somebody else!

However on the plus side there were some things that I was able to deduct as far as business expenses were concerned and now I have made a mental note to save my receipts that are related to business because I never really done that before.

Of course when you're self-employed that means more paperwork as far as one's income taxes are concerned but since I have worked for both the IRS and H & R Block, I am familiar with the basic procedure of filing out tax forms. In fact it will be fun to see which business expenses I can legally deduct as far as my business is concerned.

I was also noticing when I was filling out my income tax retunrs just how many things one has to declare as far as income is concerned. Lottery winnings, grants and even the interest you get from banks and the like! Other things like social security and disability income that you get are sometimes not taxable BUT if you want to claim the special tax stimulus refund then you have to fill out an income tax form. I know someone who is doing this and they are expecting a $300 refund!

I also will be getting a refund this year - thanks mainly in part to the business expenses that I was able to claim and deduct.

I started to fill out my income taxes more than a month ago and I'm just now getting to the end of it. But once they are in the mail I will be quite relieved!