April 2014 Budget (With March Recap) Olsen Monthly Budget
April budget, let’s do this!
As always, read why we post our budget.
|March / April 2014||March Budget||March Actual||Difference||April Budget|
|Car tag / title / tax||0||0||0||0|
|Car gas / oil||260||304||44||250|
|Income – Spending||96||568||473||995|
- The only thing what was crazy this month was Taxes. As I said last month, we didn’t really know what to expect paying taxes this year. Carrie and I earned the largest amount of 1099-taxable income ever. We went to H&R Block to get our taxes did (yeah that’s right… did). Our H&R rep worked his magic and reduced what we would have owed from $4,000 down to less than $1000. ($1,125 was our tax bill total plus the H&R fee.) Our rep was able to do this by doing a bunch of business expense deductions. Carrie and I both work from home when we do any of the 1099-style work, so he used our home office as a business expense. Basically, he saved our ass. It was well worth the price we paid to have our taxes did (yeah that’s right… did). We plan to pay a little more each quarter this year to avoid a large tax bill in 2015.
- Our income will jump up a little for April. We should be getting $1500 back from Carrie’s work via HSA/health insurance to reimburse the cost that we have already paid for our babies delivery.
- My income went up just a little for March (I get paid a month out so it will show up in April).
- We plan to pay $1000 for Q1 taxes.
- Another $333 for delivery/newborn pics! (Yes, we are that proud, already!)
- We set aside $500 for medical, just incase.
- Paying another $1000 for business expenses. This should be the last time for a few months. We have a few products in the works that will start producing a positive profit for our business (Better Conversations).
- Even after all of that, we should end the month +$995. And if things go smooth, we could end the month +$1500.
- During May, our income will drop down again to around $2000 – $3000. I am losing a little work and Carrie’s paycheck will go down some while on maternity leave. Fun stuff!
- Our net worth actually went up by $5,690 this month! Carrie became vested in her work stock investment plan. (We release a full net worth report quarterly, stay tuned for 2nd quarter report.)
- April will be the last $256 payment for braces.
-Derek, Carrie, Amelie
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