Sunday, April 01, 2007
Spent several hours today getting all my tax paperwork and receipts in order. I'm going to have to make an appointment to see an accountant. My taxes have gotten too complicated.
As an independent contractor, no money was taken out of my pay for taxes over the last year. I maybe had a total of $100 taken out from some random acting work here and there. So, now, at tax time, I'll have to shell out a lot of money to the government. Plus, independent contractors are taxed a much higher percentage, as much as 30 to 40% if I remember correctly.
My taxes could very easily be in the five figures. Luckily I've set a lot of money aside, knowing this would happen. In fact, I've set aside an amount of money more or less equal to my entire income the first year I moved to Chicago back at the beginning of the decade. Then again, my first year in Chicago, I made very little money.
