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Taxes and Jobs

January 27th, 2021 at 03:46 pm

I have most of my taxes filled out and it looks like we will be getting back around $6.5k!!?? Usually we break even. 

This is a combinaition of a lot less self employment income, having a baby and also the stimulus checks for the baby which we did not get yet. 

If the numbers are correct we will basically be able to fund all our goals for the entire year which is just crazy to me. I'm not sure what we will save for this year. Perhaps retirement, or some other future large home projects we want to do in a year or two. 

Anyway, every year around tax time I always re-evaluate working. I work 2 part time jobs which are both sort of high stress. I only pulled in about $12k this year, and my tax rate is crazy high because of it being self employement income, AND it pushes us out of some tax breaks. Around half of my income seems gobbled up by taxes. Which I am just not sure is worth working a few days a week plus random weekends, evenings, late night calls, etc. Especially since we are basically getting back in taxes what I net in a year. lol.

Especially now that I have a child and finding a babysitter has been hard. Our parents watch her, but my in-laws are super afraid of Covid, so we are frequently banned from visiting and babysitting if we see anyone else. Example: They will not be babysitting for possibly the next 8 weeks because of a few engagments we have to attend.

My mom is in healthcare and works crazy hours, and although she is always willing I feel terrible making her babysit when she worked 12 hours all night and has to babysit for 8 hours and then go back to to work. It's not really fair. I also can't pay someone to babysit because I would have to pay more than I bring in. So it's just kind of lose lose. We have been talking about more children and that just seems like it will make it even harder. 

I am afraid of quitting my job(s) though. I like having a little spending money, and I also like getting out of the house a couple days a week. I think I would get extrememly bored and lonely at home all day every day. I'm also afraid I would get lazy and fall into the trap of laying around all day. If I had some hobbies, or a few things to do every week I think I would be okay. But I'm just hesitant. I have always worked. I took one year off to do only web design for a year and I kind of hated it after like a month. I was so stir crazy. But that was before I had kids, and I enjoyed my 6 weeks maternity leave so I just don't know. 

My part time office job can be stressful but it is also kind of gravy. Especially since Covid, I come in late and leave early whenever. I called into today because of snow and I'm working from home. I don't get paid much, but I also like the flexibilty and time away from the house, so I am hesitant to give that up. But part of me would also like the 2 or 3 days a week at home to do other things. I'm worried if I quit I will regret it like I did previously. But I also see quitting as possibility if I get pregnant and have a bad pregnancy like I did last time. 

Thoughts? Has anyone else transitioned to stay at home mom?

4 Responses to “Taxes and Jobs”

  1. Carol Says:

    I was a stay at home Mom and enjoyed it thoroughly. However, much of the enjoyment came from hanging out with other moms and their babies whom I met in birthing classes.So, in a sense, I wasn't just home alone with my baby. Secondly, I started doing volunteer work , both at church and in the community, in situations where there was childcare.
    They tell you how fast babies grow and it is sure true. They can be very entertaining and you have lots to teach them. It also depends on your baby. I had one good sleeper and one who slept very little.
    Eventually, I did go back to work ( taught school). It all worked out. I guess I would come down on the side of trying it out again.

  2. jp Says:

    Could you quit one of your 2 jobs and test that out? That way it's less on your plate, less stress, but still gets you out of the house a few days a week and some spending cash. Then, after a while you can decide to quit the second one.

  3. CB in the City Says:

    It sounds like you have good reasons for quitting your jobs. At the same time, being isolated at home with a baby can be very difficult. I've done it! But there is a lot of freedom, too. The key thing is, I think, to set up support systems. I went to a "Moms & Tots" class at the Y, which brought me new friends and saved my sanity. Playdates are a good idea. Yes, even if the baby is too young to play; it's really playdates for the moms! Library story hour is a great free entertainment for both mom and baby. My grandson went to a "music" class when he was about one. It was just an introduction to sounds and playing with noisemakers. But now he is a violin prodigy!

  4. LivingAlmostLarge Says:

    Quit. At least one job. You can make it back by qualifying for more tax credits, you'll find that you have less stress and can make do with less. It's an interesting conundrum. That you work for what? Sometimes making less money and you keep so much more of it and have more that it doesn't make sense. It's something people never stop to think or worry about.

    Monkeymama talks a little about it. But i think she and I need to do a more through examination of why the second income isn't as valuable as people think.

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