Comments on: The “economic crisis” hits home http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/ An honest look at family finances Thu, 11 Mar 2010 20:22:21 +0000 http://wordpress.org/?v=2.5.1 By: Passing the Week. . . | taxguy http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1809 Passing the Week. . . | taxguy Sun, 05 Oct 2008 11:46:14 +0000 http://wideopenwallet.com/?p=251#comment-1809 [...] The “economic crisis” hits home for Wide Open Wallet. For her and her family, things are about to [...] [...] The “economic crisis” hits home for Wide Open Wallet. For her and her family, things are about to [...]

]]> By: Weekly Carnivals and Roundup | LivingAlmostLarge http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1764 Weekly Carnivals and Roundup | LivingAlmostLarge Fri, 03 Oct 2008 16:01:59 +0000 http://wideopenwallet.com/?p=251#comment-1764 [...] talks about the economic crisis hitting home, it’s starting [...] [...] talks about the economic crisis hitting home, it’s starting [...]

]]> By: Bruce http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1738 Bruce Thu, 02 Oct 2008 12:29:41 +0000 http://wideopenwallet.com/?p=251#comment-1738 Blunt Money has a good peace about just this sorta thing. The advice she gives is sound. You know that I am sure. Sounds like your income is about to change. We've never really talked about your tax situation, but now might be a good time to do that with your husband. With the change (no overtime) how is that going to affect your year end taxable income? Lower it most likely. If he's paid and receives a W-2 he might recalculate his with-holdings. If he is a contractor (I am guessing not by the post description) he should recalculate his quarterly before he sends it in. Again, look at how it is going to affect your income, and your expenditures. You recently posted about how much you could cut back to just get by on X amount. Sounds like it might be time to work that in a bit. Over all the roller coaster has just gotten started, and the ride is going to be rough, for a lot of us. Hold on as best you can. Blunt Money has a good peace about just this sorta thing. The advice she gives is sound. You know that I am sure.

Sounds like your income is about to change. We’ve never really talked about your tax situation, but now might be a good time to do that with your husband.

With the change (no overtime) how is that going to affect your year end taxable income? Lower it most likely. If he’s paid and receives a W-2 he might recalculate his with-holdings. If he is a contractor (I am guessing not by the post description) he should recalculate his quarterly before he sends it in.

Again, look at how it is going to affect your income, and your expenditures. You recently posted about how much you could cut back to just get by on X amount. Sounds like it might be time to work that in a bit.

Over all the roller coaster has just gotten started, and the ride is going to be rough, for a lot of us. Hold on as best you can.

]]> By: RC@Thinkyourwaytowealth http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1733 RC@Thinkyourwaytowealth Thu, 02 Oct 2008 02:47:14 +0000 http://wideopenwallet.com/?p=251#comment-1733 Sorry to hear about the situation, sounds like your husband's job may be OK, but someone close to you may lose theirs. Hope everything works out-Good Luck! Sorry to hear about the situation, sounds like your husband’s job may be OK, but someone close to you may lose theirs. Hope everything works out-Good Luck!

]]> By: LAL http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1727 LAL Thu, 02 Oct 2008 01:01:06 +0000 http://wideopenwallet.com/?p=251#comment-1727 Sorry to hear that. Hope that things work out for the best. Right now without credit there is no liquidity in the market. That means small businesses can't make payroll because that's how they finance payroll. UGH! Sorry to hear that. Hope that things work out for the best. Right now without credit there is no liquidity in the market.

That means small businesses can’t make payroll because that’s how they finance payroll. UGH!

]]> By: Fabulously Broke http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1720 Fabulously Broke Wed, 01 Oct 2008 16:07:45 +0000 http://wideopenwallet.com/?p=251#comment-1720 Ditto with Kristy's answer. Time to hoard the cash for a possible job loss :( I'm so sorry about that! Ditto with Kristy’s answer. Time to hoard the cash for a possible job loss :( I’m so sorry about that!

]]> By: Kristy http://wideopenwallet.com/2008/10/the-economic-crisis-hits-home/#comment-1716 Kristy Wed, 01 Oct 2008 12:58:34 +0000 http://wideopenwallet.com/?p=251#comment-1716 I am sorry to hear about this. Unfortunately, if I were you I would start looking for a job. I'm not sure how old your kids are, but it might help out financially. Good luck with everything! I am sorry to hear about this. Unfortunately, if I were you I would start looking for a job. I’m not sure how old your kids are, but it might help out financially. Good luck with everything!

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