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Nathaly Burnett 253-732-9535     Email Nathaly

Government Shut Down – Lesson Learned

government shutdown

As a Realtor, we are 1099 employees. So basically, we are all self-employed.  The great part of being self-employed is being flexible with your time and the sky is the limit when it comes to your income. The bad side of the job is that you have to pay all your own expenses, including taxes. As a matter of fact, I was bitten by the tax bug my second year in real estate. I didn’t put aside enough money and landed with a $10,000 tax bill. Needless to say, I have been tax shy ever since. Even though I have gotten refunds from the IRS for many years, the negative feeling associated with taxes owed my second year in the business is still branded into me.

 

Each year the cycle is the same:

March:

Accountant: “When can we expect your tax information”

Me: “Please send in an extension. Attached is my 1099”

Sometime in June or July:

Accountant: “When can we expect your tax information”

Me: “I’m working on them”

September:

Accountant: “When can we expect your tax information. We need them by the 15th

Me: “I’m working on them”

 

My tax information finally gets to the accountant towards the end of the September.

I received an email from my accountant that I will be receiving a refund! WOOT!!! Oh, but wait a minute – the government is shut down because the our elected officials can’t negotiate. I’m wondering if I will get my refund. But now that the US Government is back to work (I use that word loosely) I hope to get my refund before they shut down again in January 2014. <fingers crossed>.

Lesson Learned: Finish taxes by April 15 (just in case the government shuts down in October)

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