Archive for November, 2011

Tax penalty scare

Our household taxes are always been fairly complicated. This is mostly due to the fact that Mrs. Stew and I have always had multiple streams of income. While God has blessed me with steady, full-time jobs over the course of our marriage, we have always had to supplement our income with part-time, self-employed and contract labor sources of income. So when I go to calculate our gross income every April, I always have to account for a pile of W-2 forms, 1099 forms and other miscellaneous income . . . and then come the deductions . . .  Add to that the complexity of the IRS tax code in this country, needless to say, I make a mistake once in a while. Usually the mistakes are pretty minor, although I did have to pay a penalty a couple of years ago when I mistakenly thought that we qualified for the Earned Income Credit.