Tax Time Momma. Here’s What to Know

January 20, 2014 will be here in no time! I have some tips to hopefully make this tax season less painful and more lucrative.

1. Keep track

If you itemize deductions, start keeping track now (or gather what you’ve already spent) of whatever they are. Whether you create a folder on your computer, in your email or have an actual envelope for receipts, start putting everything all in one place so you don’t need go searching come April. Depending on what industry you work in you might even be able to deduct things you didn’t realize. For instance if you work in entertainment, your cable bill, magazines and even movie tickets can be deducted. Work in sales? If you drive you can deduct your gas, tolls, parking, even car insurance. Be sure to ask your accountant what you can deduct for your job. And don’t forget those charitable donations!

2. Ask around

If you don’t want to do your taxes yourself, or maybe you just want to try another accountant, ask around. Talk to friends and family about who they use and why they like their accountant. This way you can get a head start. Many of them even use worksheets to track your documents and deductions so you might want to request this ahead of time. One of our sponsor brands, KP Tax Service has a user-friendly platform to help you get through it if you’re looking to brave tax season on your own!

3. Review and assess

Didn’t get a refund last year? Or did you owe more than expected? Talk to your accountant and/or review your return to see why. A few things you can look into for this year:

  • Increase your withholding: Check your pay stub? Do you declare yourself as married? Change it to married but withhold at single rate. Or even just single. This means they take out more each paycheck and you owe less at the end of the year. You can also ask the state or federal government to take out extra money each paycheck. This could be as little as $10 but might mean the difference between getting hit come tax time.
  • Participate in a 401K: If your company matches, this is a no-brainer. But even if they don’t, since this is pre-tax, it means you’ll be taxed on less income and again, might owe less in years to come.
  • Participate in an FSA: If your company allows you to participate in a Flexible Spending Account, for either dependent care (child care) or medical, this is also done pre-tax and will help you get taxed on less income at the end of the year.
  • Participate in a transit program: Here in NY we have WageWorks, a program that allows you to pay with your paycheck for public transportation, up to a certain amount. Again, this is done pre-tax and since it’s something you need to buy anyway, it pays (!) to deduct this from your paycheck.
  • Open an IRA: Depending on your circumstances, you can open an IRA up until the tax deadline and may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA.

 

Wednesday Wow: Ms CEO, SAHM

“Ms Pressley, you’re pregnant!” Naaah Doc, you need to check that test again. I have 2 college degrees a great corporate job and a new car.” What in the heck am I gonna do now?”  I probably didn’t say that much but darn near close it. Because every time a doctor told me I was pregnant she/ he laughed at my response. But I was so serious. Instead of celebrating and uploading funny announcements on social media, I was thinking dang- again?!

I think this is Amen (our number 7)

I think this is Amen (our number 7)

Yes, their dad was there but I loved making my own money. (At one point, I was working 3 jobs. Just because the opportunities were there.) Each birth seemed a step back from that independence that I needed for my own sanity. But sitting there in frustration and pity didn’t seem like an option.

So I had to think Quick

Noah & I volunteering for The Ronald McDonald House charities at Time Warner Cable Arena

Noah & I volunteering for The Ronald McDonald House charities at Time Warner Cable Arena

I knew that I

  • needed to be a mom first
  • deserved to be happy during my time as a sahm
  • my children required a positive home environment
  • desired to keep money in my pocket for the “extra stuff”
  • lacked resources ( time, a big bank account, free childcare)
  • have to find a ways to leverage the skills I already had.
  • to continue to bring something to the “family table” beside my awesome looks and our beautiful healthy children. Call me crazy but I just rest relying on my husband for everything.

 SEARCH FOR VIDEO HERE FOR MORE INFO ON THIS MATTER

(It’s an incredible series! )

Today, there is a certain stigma attached to the stay-at-home mom. Little do they know, we do want more. And many others like me do more than former sahm’s, not missing a beat with their children in tow.

Margaret "Peggy" Bundy, played by Katey Sagal, is Al's wife and very lazy. She refuses to cook for the family or to clean the house. She also prefers shopping new clothes to washing them and doesn't even think of having a job. During the day she likes to watch all the day time talkshows, sitting on the beloved family couch and eating tons of bonbons (without getting fat, though). Her favourite TV show is "Oprah", but she also likes the Home Shopping Network. Peggy usually wears white trash fashion with tight pants and stilettos.

Margaret “Peggy” Bundy, played by Katey Sagal, is Al’s wife and very lazy. She refuses to cook for the family or to clean the house. She also prefers shopping new clothes to washing them and doesn’t even think of having a job. During the day she likes to watch all the day time talkshows, sitting on the beloved family couch and eating tons of bonbons (without getting fat, though). Her favorite TV show is “Oprah”, but she also likes the Home Shopping Network. Peggy usually wears white trash fashion with tight pants and stilettos.

I recently read about a woman who quit her job to start a cupcake baking business.

We live in an economy that values productivity, passion, and hard work. We also live in a time where the Mommy Wars continue. If you search LinkedIn, you’ll come up with hundreds of CEO SAHMS. If you go a step further, you’ll see what they did before they decided to stay home with their child (ren).Some were in law, technology, marketing, medicine, education, real estate, sports; you name it!  See where I’m going with this?  

 Life as an at-home mom is full of interesting moments — some have you feeling like Supermom, others leave you reaching for the aspirin.  If you want It can be done, and you can make good money. Be prepared to work very hard, but you’ll be doing something you love, and working at your own time and on your own term. 

 

Once I starting making money, we were finally able to buy a new van without payments.

Once I starting making money, we were finally able to buy a new van without payments.