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Yesterday was a blur, but today I'm feeling light-headed

February 3rd, 2012 at 08:56 am

I didn't plan on it, but yesterday I ended up spending about 12 hours on my taxes. And it ain't done yet.

I did the whole 1040 plus Schedules A, B, C, D and Forms 8829 and 8949 and SE. For the first time, I took the home office deduction. Ended up with just a $355 refund on the federal because I didn't pay a lot of taxes on all my freelance and contract work. I did get a nice deduction also for my health insurance and other healthcare expenses since they exceeded 7.5% of AGI.

So I've done my taxes twice already, first as usual and then with the home office deduction. Now I'm going over it a third time to double-check every number.

Then I'll file electronically and move on to the state tax.

The other big news is on the job front:

This am out of the blue i got an email from the woman who hired me for the great contract job i had in Q4 2010 for the well-known financial services firm. You know, the one that paid $50/hr ($2,000 a week!) She had a colleague who worked in the marketing area of an investment management subsidiary of theirs who was looking for a contract writer for white papers and some other work.

I don't know if it's f/t or p/t right now, whether it's onsite or offsite, or anything else about it, but would jump to work there again and make the big bucks.

Here's the dilemma: I start at the p/t publisher's job next Wednesday.

If possible, I would try to work the white paper job AND the p/t job at the publisher's, which starts next Wednesday. I don't know if that would be possible.

But if the white paper job is f/t, even if it lasts only 3 months, I would still take it and turn down the publisher's job, which is 25 hrs a week at $15/hr. They would hate me for leaving them at the last minute, or possibly shortly after I started, but that's the way it goes.

Then I just got ANOTHER email from a company where I had interviewed a month ago for a transcriptionist job. I guess I didn't get that slot, but they emailed me today to say they have a f/t position and am I interested. I called and she wants me to come in there Monday to test out the transcription equipment and see how well I do with it. They clocked me at 90 words a minute last time i was there, but that was just a typing test without the transcription equipment.

There are no benefits and while it's f/t now, the hours could be reduced somewhat later; it all depends on how much work comes in. They pay by the word and as I recall, he said I should be able to average around $17 or $18/hr, so somewhat better than the job at the publisher's. However, the publisher's is an easy 20-minute drive away and I could work at least 1 day a week at home (2 days in-office), while the transcription job is 40 minutes away and I'd have to work there.

So I am very excited about the possibilities.

The other important factor is which jobs would deduct taxes from my paycheck and treat me like a regular, albeit p/t employee, vs, those who would treat me like a 1099 contract worker.

I'm assuming fin. services job would treat me like a contract worker. I noticed the timing of their reaching out to me today was exactly 1 year after I finished working for them; I had to sign a no compete clause with the agency that found me for them saying I wouldn't work for this company again for a year. That term expired Jan. 1 2012, so perhaps no coincidence the company called me, since it would save them many thousands of dollars if they didn't have to pay an agency to find me.

The publisher's would deduct FICA taxes from my check. Not sure about the transcription job.

The treatment of me as an employee or contract worker is also important in terms of unemployment "credits." i would "earn" these credits, as far as the unemployment office is concerned, if I found work as an employee, but not contract work. These credits are what determines how much you would receive in unemployment compensation should I again lose a job in the future. So this is very important, too.

8 Responses to “Yesterday was a blur, but today I'm feeling light-headed”

  1. My English Castle Says:

    Wow! Lots happening! Fabulous!

  2. Petunia 100 Says:

    When it rains it pours. Smile
    Congrats on landing the part-time job, and good luck with these more lucrative opportunities.

  3. MonkeyMama Says:

    Geez, when it rains it pours!!

  4. Ima saver Says:

    I sure hope one of these works out for you! Fingers crossed!

  5. CB in the City Says:

    Hoping the best possibility will emerge as the clear choice!

  6. Jerry Says:

    That is great that you got a tax break on your health insurance costs, I think that the prices will lead a lot of people could take advantage of that! I hope that your options offer you some great and exciting decisions in the near future.
    Jerry

  7. frugaltexan75 Says:

    Awesome news! Sometimes when it rains, it pours! Smile

  8. Dido Says:

    Glad to see some signs of spring in your financial winter! Good luck with everything working out the way that you'd like it to!

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