Death and Taxes

Ok, so more about taxes than death, but where there is one....

So we have done our preliminary tax prepartions and it isn't looking good. Unless the accountants can come up with something that we haven't, we are going to owe federal well over 12,000 dollars. Not a pretty sight to see that number pop up. Its about twice what we were expecting that we would have to pay. And the really bad part is that is just federal, TaxAct doesn't have the Mississippi forms ready yet, so I have no idea how bad that will be....

So we are dropping back and punting. Prior to yesterday, we thought we had the mortgage balance down into the 32Ks, but we are going to have to divert some monies to the taxes. We have about 21K in the Vanguard account but we really don't want it to drop below 10K, so we are going to take 3000 for each of the next 3 paychecks and move it over to the Vanguard account in order to have plenty to pay the taxes. We will also have to have enough to not only pay last year taxes, but we will also have to have enough to make the first quarterly estimate payment in April. Fun, fun!!!!

So we will be ok, kind of funny to say when I start thinking about a 12,000 dollar expense. We will be cutting it close on paying off the mortgage in 2008 now. We need to come up with about another 4800 to pay off the mortgage this year. Of course, we will also have to come up with the quarterly estimates, so that will have to be added on to that number.

Do I think we can do it? Yep. Do I know we can do it? Hmmmm Are we going to do it? Heck yeah!!!!!