Because I pay taxes. In vast amounts, because, as I am self-employed, I do not get tax deducted during the year. It all comes off at the end.[1]
It's a painful process of bookkeeping, recording of receipts and details, calculating of exceptions and writeoffs, and then I take a whole pile of money I've been stockpiling for a year and give it away.
And GST accounting is just mean. Sure, I charge 5% and remit ~3.5%, but the calculation of what exactly I owe? Is a real pain in the ass.
[1]: It actually comes off quarterly, but I always guess low about my quarterly payments for three reasons: First, my income has been continually increasing every quarter. Second, it's REALLY HARD to calculate deductions from the final total in real time. Third, because if I guess low, I get to keep the interest on the difference. Meaning, I still owe money every year.
Yeah, that's one of the reasons I'm not self-employed. Keeping track of everything is too nitpicky for me. :/ My grandmother always overpaid her income taxes every quarter so she always had money back. My friend who works independently as IT puts money aside in a high-interest savings account until it comes to the quarterly time to pay. That way he's put some aside in advance. I imagine you ALREADY do that, but maybe you should put more aside each year? For example, half of what you're earning? That way if you end up owing less than you've saved, you still benefit.
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(no subject)
Date: 2009-03-01 10:02 pm (UTC)(no subject)
Date: 2009-03-02 10:48 am (UTC)(no subject)
Date: 2009-03-01 10:25 pm (UTC)(no subject)
Date: 2009-03-01 10:45 pm (UTC)It's a painful process of bookkeeping, recording of receipts and details, calculating of exceptions and writeoffs, and then I take a whole pile of money I've been stockpiling for a year and give it away.
And GST accounting is just mean. Sure, I charge 5% and remit ~3.5%, but the calculation of what exactly I owe? Is a real pain in the ass.
[1]: It actually comes off quarterly, but I always guess low about my quarterly payments for three reasons: First, my income has been continually increasing every quarter. Second, it's REALLY HARD to calculate deductions from the final total in real time. Third, because if I guess low, I get to keep the interest on the difference. Meaning, I still owe money every year.
(no subject)
Date: 2009-03-01 10:54 pm (UTC)(no subject)
Date: 2009-03-01 11:03 pm (UTC)I set a good deal aside in a nice high-interest savings account. But I hate the *process* of calculating my payments and figuring out what I owe.
(no subject)
Date: 2009-03-01 11:16 pm (UTC)(no subject)
Date: 2009-03-02 12:00 am (UTC)(no subject)
Date: 2009-03-02 01:06 am (UTC)(no subject)
Date: 2009-03-03 09:17 pm (UTC)