Taxes paid last minute + 1 month ahead thanks to YNAB
I'll admit, this past month has been hectic and I was not as on top of tracking things as I have been. However, after spending today doing my taxes as last minute as I ever have and momentarily stressing out over the bill being larger than I had guesstimated, YNAB came to the rescue.
In past years, I would've crossed my fingers, made the payment, and stressed a bit that i had forgotten something else. This year, I spent an hour getting my YNAB budget caught up and realized, once I moved some money around, I can not only cover the bill in full, but it's only May and all of June's expenses are covered with a bit of money still in savings!
What a sigh of relief. As a self-employed individual, it's still sad to make that tax payment every year, but YNAB made it as easy as ever because it took away the stress of not knowing if I really had saved enough to cover it. 🎉
P.S. I promise to estimate better next tax season and hope to have a much less crazy year this year.
Just a suggestion.... estimate throughout the year, as there are penalties for under-withholding. There are spreadsheets out there (and I've built one myself that includes each individual expected paycheck) that can do the work or you could plug the numbers into previous year tax prep software knowing that there will only be minor inflation adjustments (except in years with massive overhauls to the tax code).