Received my tax forms back on Saturday and in order to not ruin my weekend I waited until today to open them up.
A quick rough calculation tells me that my personal tax freedom day this year is around June 19th. According to the numbers on the forms, 46.3% of my taxable income last year went to the Federal or State government via my "income tax" forms.
Obviously this is not totally accurate since there are more taxes that get paid through the year that are not accounted for there, like sales taxes, real estate taxes, gas taxes, etc, etc. That would be too depressing to figure out while writing out the checks. I'll wait for the pain to subside before making an attempt to figure that out, probably pushes the date into July.
I didn't include the cost of having my taxes prep'ed either since the cost of my sanity is worth more than my accountant friend charges! I decided after doing my taxes the first year of being self employed that if I continued to prepare them I would end up in Montana bunker on about 50 acres surrounded by barbed wire, owning a herd of dobermans with Ted Kazinski as my neighbor.
I was wondering %-wise if you guys ever figured your personal Tax Freedom Day?