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Just realized that aunt who told me to set aside 30% for taxes was right after I got hit with a $2,800 bill last April
My aunt Sharon, who's been freelancing as a graphic designer for 15 years, warned me during Thanksgiving dinner to stash 30% of every payment, but I ignored her until the IRS sent me that penalty notice and now I even use a separate savings account at a different bank so I don't touch it, has anyone else had to learn the hard way with a specific family member's advice?
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fionamurphy3mo ago
Did your aunt also give you that look that just screams "I told you so" without saying a word... Because mine did, and it was worse than the tax bill itself. I did the exact same thing with my uncle's advice about saving receipts for business expenses, and let's just say my "fun money" account took a serious hit that year. Now I have a whole separate savings account at a credit union that's too far away to drive to on a whim, which is my own little way of saying sorry to my past self for being so stubborn. Honestly I think that first big tax bill is a rite of passage for freelancers, like a financial hazing ritual we all have to go through.
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abbyf793mo ago
OH MAN, that "I told you so" look is REAL. My grandma pulls that EXACT face every time I complain about taxes, and she's been right every single year since I started freelancing. I swear the universe sets those tax lessons up just to humble us, because I did the SAME thing with my uncle's advice about quarterly payments and ended up paying a penalty that still stings to think about.
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abbyf793mo ago
That look is worse than the IRS letter itself.
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