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$20 Challenge/Tax Season...

December 27th, 2007 at 12:00 am

This past year (2007) I did some freelance work that never had taxes taken out of it. I know I will have to file it all when I do my taxes this year. What I don't know is how much I am going to have to pay. When I was making my 2008 $$ Goals, I realized I want to have some money set aside for when I have to pay taxes in April. I don't want to worry about suddenly coming up with it or having to take it from my EF.

That being said, my personal $20 Challenge will be saving for taxes. I have 4 months and I want to come up with at least $1,000. I will be putting on hold extra CC payment via the $20 Challenge until I have saved up enough.

As a reminder, my $20 Challenge money comes from my half.com and ebay sales, any tarot readings I do, spare change, survey checks, refunds, and a few other small places. It tends to add up rather quickly, so I'm hoping to hit my $1,000 goal quickly and get back to paying down the debt.

Current Challenge Balance: $64.32

2 Responses to “$20 Challenge/Tax Season...”

  1. ceejay74 Says:
    1198779402

    I'm not a total expert at predicting taxes and I don't know how much freelance $$ you took in, but you were laid off midyear, which means you initially had taxes withheld at a rate that expected you to be employed full-time, but then ended up not being. There is a chance you'll turn out OK. Still, it couldn't hurt to have some money socked away just in case.

  2. Amber Says:
    1199028340

    Good for you on saving for your taxes, I have a friend who does not do that and every year she is crying

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