PictureImage courtesy of Stuart Miles at freedigitalphotos.net
Lately I have been both struggling to figure out taxes (as an independent contractor for my day job they are more complicated than the typical tax return for the average joe). This is my first year having to deal with increased tax complexity. I can't say that I enjoy it that much. 

Interestingly, I am currently listening to a book entitled, "The Darwin Economy" by Robert H. Frank. His predominant theme throughout has been on the necessity of taxes for the continual operation of society. I guess he has a valid point. My taxes are technically paying for my usage of the public facilities here in U.S. This is a topic that I have, of course realized to some

degree throughout my life, but not something that is popular to talk about. Indeed, personally, I feel that lower taxes for myself would be awesome. It would leave more income for me to pay down debt with. :) Of course, for society as a whole, someone has to pay taxes. If everyone's tax burdens were reduced, our roads, utilities, and national defense would be compromised. This would be inherently harmful for me personally, as well as for society.

After all, I enjoy my freedom due to our armed forces, I make a living delivering pizza on public roads, and I survive thanks to the clean water provided by Seattle Public Utilities. These factors are all influenced by the taxes I pay and are freely accessible to all citizens of the U.S. So, despite having a hefty tax bill this year, I'll be doing my best to pay it down. 

Perhaps the most positive aspect of this entire experience is the recognition that I need to set aside even more money for tax purposes. Fortunately, I had plenty of billable expenses to help offset much of my tax bill, but it is still far larger than I have ever experienced before. Thankfully, my emergency savings will be able to kick in and absorb the entire tax bill. It will take a month and a half to rebuild the savings to their minimum threshold, but this is their purpose in my personal finances. 

Naturally, due to the tax payments, I've had to rework my budget for April, so I shall post this as soon as I've figured out how to work in the adjustments. In addition I will be posting a listing of my final total expenses for March. It is looking as though I shan't make a lot of headway on the payment of my credit card debts this April. Mostly I'll be aiming to keep my budget in the black and looking to cut a few more expenses to streamline. Keep an eye out for those updates!
 


Comments

08/06/2016 1:02am

Government imposes the different tax and then collects the all tax then spends the public facility. Mostly government charges the text on rich people because poor people not bear the tax.

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02/25/2017 10:46pm

Everyone has to pay their taxes. If we didn't do it, then it would be disastrous. We exchange our wages for social services and projects. We are constituents under the government and we should do our role. Anyway, thank you for sharing your thoughts, keep blogging!

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03/16/2017 4:49am


Thanks for publishing this details. I simply wish to let you know that I just look into your site and also I locate it really fascinating and useful.

Reply
04/08/2017 6:08am

Taxes are everywhere! Soon we will have some taxes on water or air too.

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