It’s officially tax season, and for some of us we can’t wait to see how much money the government is going to give us so that we can #treatourselves. Ok, lets be real. For most of us mid-twenty year olds, we are likely putting it to savings, rent or utilities. Regardless, it is the complete opposite of #treatyoself.
The purpose of this post is not to talk about the things I won’t get to buy with my tax return but to hopefully help some of the youngins in not making the same mistake I did my first year out of college…here’s how the story goes.
It was about 6 am and I was unenthusiastically walking down the stairs (still living at home at the time) trying to convince myself that despite the best four years of my life being over, my life rocked and going to work was soooo fun. Before I even touched down to the bottom step I all of a sudden am interrupted by my dad very loudly saying “Katie, what the hell did you do?” My first thought was obviously, “Katie, what the hell did you do now?” My dad then continued to say that my W-2 came in the mail and throughout the year I had not been getting taxes taken out (no wonder my pay checks didn’t look so bad). But, to naive little Katie, I had no idea why that was a big deal. I quickly turned the blame to my parents as they helped me fill out my tax forms, how was I supposed to know?? This is where I need to apologize to my parents quickly for jumping to the conclusion that they were wrong and I was right (this has been a hard realization for me that they are rarely wrong but that’s for a different blog post).
After literally panicking all the way to work (for those that aren’t familiar with Northern VA traffic that’s about 2 hours of panicking) I immediately called our help desk to ask why I hadn’t been getting taxes taken out. Here in lies the life lesson that I learned. At the company I work for, salaried employees are also called exempt employees. However, that does NOT mean that I can claim exempt on my taxes, who knew?? To say that I was more than upset when I had to stroke a nice fat check to the government that year, is an understatement. So for those who are filling out their taxes for the first time, please make sure you read before claiming exempt 🙂 It’s also important to mention that some people choose not to get taxes taken out but regardless, don’t claim exempt either way.
There’s today’s life lesson from Katie…
Now time to go call my dad to help me with this year’s taxes!
As Monica once said, “Welcome to the real world. It sucks! You’re gonna love it!”