If You Like it Then You Better Put a Tax On It
Taxes are right around the corner. Most of us hope we get a decent return, while others just hope they don’t have to drain their savings to cover the bill. But have you ever really given thought to how much of your money actually goes to taxes? It’s amazing that we have any money left, especially for expensive like homes, cars, and toys—oh wait, we don’t.
Our biggest life expense is taxes. As soon as we receive our paycheck we are taxed. Our biggest expense is the federal tax, followed by a few other bills not always associated with taxes, but basically are like Medicare. Then, your state takes its fair share.
With the money you have left you are taxed. We pay sales tax on items that we HAVE to have to survive like food and utility bills. Of course, we also pay taxes on toys that we just want. Then we about twice a year we are asked to pay yet another hefty tax bill, coming in the form of property tax.
Taxes have you taxed? Wait, there’s more. Let’s say you are lucky enough to have a few dollars left to invest in the stock market. Hopefully you don’t make too much because your profits are taxed. If your investments aren’t in a tax sheltered account, then you pay taxes twice on the same amount. Once when you received your paycheck and yet again when you sell your investment.
As you can see, taxes are one of the biggest expenses of our lives, and it takes proper planning to keep paying the piper. Get a jump start on 2009 by appropriately stocking away money for future bills. $
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Thanks for the cheerful start to our Tuesday!