Whatever your thoughts on the stimulus package, it is now law. Beginning around June (or thereabouts – the details are still being worked on), tax cuts / rebates will start kicking in for many families. What will you do?
For me, it will not have much of an impact. Because I am a pastor, the church doesn’t have to take Federal Taxes out. At the church I am at now, they graciously take out whatever I designate for Federal Tax (this way I don’t have to file quarterly payments). Anyway, I probably won’t change my withholding. Most of what I have taken out goes to pay not my Federal Tax but my Social Security Tax (Pastors are dual status–employees for Federal Tax, etc., but Self-employed for Social Security – and no, it doesn’t make any sense to me either!). So if anything, I might get a little bit more back when I do my taxes next year. We will see.
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i think i’m going to pay off 50 dollars more each month on my credit card bills, maybe automatically at the beginning of each month. that way i won’t even know the money was there and won’t be able to spend it frivolously.
Great idea! Keep hacking away at that debt.