I got my stimulus check this past week. While I was originally given the $600 as promised (it seems that some people were shorted) my check came up about $130 short of the mark.
After doing some searching and calling the IRS hotline, I found out that contrary to some of the things I'd been told, the amount that I owed for taxes was in fact taken out of the stimulus check.
While it was kind of a bummer not to have the whole amount, it's also a really good thing on my part. I had signed up for an extension to make my payment and now I don't have to worry about it. Since I won't have anymore accrued interest, I'm saving some money in the long run (not to mention the mess I would have been in if I'd forgotten about it altogether).
As far as taxes go, I'm paid up for this year but due to some problems I had filing this past April, I will have to invest in an accountant for the next year to help with state and fed taxes. I'm okay with this, or at least I am now. I'm confident that both me and the BF (who also had some issues) will get them all worked out in the spring. Just a note on a littel faux pas I made. Having been told that I could take up to 2 dependents as a single person to give myself a little extra money out of every paycheck, I had went that route this past year.
While this may work for some people, and some might even need it, I won't be doing this again. Had I been a little bit better with my money in the first place, I doubt if I would have even missed the little bit extra that taking 0 dependents would have cost me. I would have had a refund and I would not have been so stressed out at tax time.
This round, I made sure that I'm claiming zero dependents. While past tax mistakes may actually eat up any big refund I would get in 2009, at least I'll be working towards the top of my hole, not digging myself further.
So what am I doing with my check? Over half of it went into savings, the rest into checking to help pay bills and give me a little "free" money to have fun with. However, the amount in savings will also be going to my trip to Michigan in a couple of months...a great investment for me and my personal situation.
Coming soon… a new way to save!
5 months ago