Tax Time - Eww

What do you do to get ready for tax time?

Do you fill out your own tax forms?

Turn it all over to your accountant?

Are you tax receipts all neat and organized? Or do you have them stuffed into every nook and cranny? What's a cranny?

I start looking at mine and getting them all "pretty" for the IRS long about this month. By the first of the year, I'm good to go. I don't usually get a refund, but pay out the wazoo...When I do get one, I get Intaxication.

What's that? Oh that is when you experience euphoria at getting a tax refund, and it last just until you realize it was your money to start with...

Accountants work for me. My eyes glaze over when I look at the forms, even though I've tried so hard to understand. Throw in a dose of paranoia and you have me heading to the accountant's office.

So far have been doing my own tax return. It's ok if one's finances is generally straightforward. I can sympathize for those who run a business that is registered....

I don't understand why some college/university educated, literate people even use accountants when their finances are so straightforward and they don't have much money anyway.

Tax planning, to reduce legitimate/legal personal income tax...requires managing one's money in certain financial instruments many months in advance... Yea, takes time. Unfortunately.

lol JJ. "Intaxication"...as in "Intoxicated"?

I use turbo tax online. It's relatively inexpensive, and free if your income is below a certain amount (don't remember what the limit is). It's interactive and asks questions so you get all the deductions. My taxes are pretty simple, even with my business, so I've been using this for several years now and love it. Especially since it's been free the last year or so!!

Some days I think I'm on a profit-sharing plan with the IRS...Lordy, I dread tax season...

I do my taxes myself too, and I am sure that I miss deductions because of it. But my salary is so small, that even missing a deduction wouldn't matter too much.

I hate the whole process. As soon as I recieve the W-2's showing that over 1/3 of my income is going to the government, I start getting cynical and angry. I wouldn't mind if I saw the benefits of giving so much, but it all seems to be wasted on this or that and nothing much that really matters.

Oh, there you go, JJ, getting me all wound up so early!! I am not suppose to be thinking about any of this until late January.

Well good grief....how the heck am I suppose to start hitting all of you up for a loan if I dont' start NOW? Geeish....okay, okay, just joshin...honest injun. teehee...

When they get through with me every year, I just call myself, IRS (I R Stupid)

I'll second that - EWWWW!

Yucko to tax time! We usually gather everything in February and
hand it over to our accountant. Having an LLC plus the personal
taxes is a bit much to handle at tax time; drives us up the wall
just even dealing LOL.

Anyone have a tax person who understands authors and the book business? My last one said I don't make enough money to take deductions for my book expenses. I'm told that isn't true and I need to find a tax person who "does" authors.

My regular stuff is separated during the year and very simple. Now that I've sold some books (not many) I need to use my deductions for writing a book. I'll ask around here, too.

I use schedule C for my business expenses. You figure out your deductions on Schedule C and then adjust your main tax form accordingly.

Oh, Mrs. M. you're so competent. I've never done my own taxes even though taxes were included in a course I took at college. Bravo.

Saundra, pick up a copy of schedule C at your local library or post office (it's probably in your big tax book as well.) You'll need all your receipts from the year, and just ENTER THEM. It's pretty self-explanatory. Then if you want, you can give your filled-out C to your tax person.

What do you do to get ready for tax time?
I hired a bookkeeper who shows up at my door on the 3rd Monday of the month at noon. She does my personal and business stuff.
In June and December I check her work to make sure that everything is in the right expense account.


Do you fill out your own tax forms?
No. I have an accountant do it. It's worth the price as she sends me clients throughout the year.

Turn it all over to your accountant?
Not all of it. My bookkeeper does my sales tax and I pay a state business tax quarterly. Accountant checks bookkeepers work once a year and then does my taxes.

Are you tax receipts all neat and organized? Or do you have them stuffed into every nook and cranny? What's a cranny?

Not very neat at all. They're stuffed into pendaflex folders. I'll fix what needs fixing before I put them into my 7 year box (I save 7 years of taxes)


RE: I'm good to go. I don't usually get a refund, but pay out the wazoo.

What I recommend my clients do is that every check they get, they put 25% in a savings account to pay for taxes.

What do you do to get ready for tax time?
I hired a bookkeeper who shows up at my door on the 3rd Monday of the month at noon. She does my personal and business stuff.
In June and December I check her work to make sure that everything is in the right expense account.


Do you fill out your own tax forms?
No. I have an accountant do it. It's worth the price as she sends me clients throughout the year.

Turn it all over to your accountant?
Not all of it. My bookkeeper does my sales tax and I pay a state business tax quarterly. Accountant checks bookkeepers work once a year and then does my taxes.

Are you tax receipts all neat and organized? Or do you have them stuffed into every nook and cranny? What's a cranny?

Not very neat at all. They're stuffed into pendaflex folders. I'll fix what needs fixing before I put them into my 7 year box (I save 7 years of taxes)


RE: I'm good to go. I don't usually get a refund, but pay out the wazoo.

What I recommend my clients do is that every check they get, they put 25% in a savings account to pay for taxes.

Ok Ladies I have to pipe in here. Tax time is both a dreaded and good time of year for me. As a bookkeeper who is also a tax preparer - lot's of work and 15 hour days ahead for the next four months. But the income I earn doing tax returns pays my self employment taxes - kind of a double edged sword really. I even considered not doing tax returns this year but...opportunities have presented themselves for an expansion of my business and working with two incredible local CPA's so....tax season here I come...
As far as "how to get ready for tax time" Organization is the key - There is such a thing as an "organized mess" and my definition is the shoe box, paper bag or files where all the receipts and tax related documents have been thrown. But of course the best scenerio is that all have been categorized to some degree. The most frustrating thing from a tax preparer's point of view is not having all the documents from the taxpayer that are needed to prepare the return. The more phone calls I have to make to the taxpayer for information equals more time to prepare the return which equals more money out of your pocket for preparer fees. So organization equals $'s saved...If you are taking your taxes to a preparer. If not than consider how organization will eliminate much of the frustrations you might otherwise experience when preparing your own return. And yes, if you are preparing your own return and you have qustions, send me a PM and I will help however I can.

I'm all about organization and preparing my own tax return, together these allow me to plan and educate myself on the tax laws. Yet, the only drawback to filing is awaiting the appropriate documents from work, financial institutions, etc.! I'm ready for my refund!

Will the AMT delay affect any of ya'll? I understand the 'patch' will allow filers affected to file 2/11?

Now if they made it where you didn't have to PAY and payment to THEM was delayed....THAT....THAT might affect me. Wahhhhhhhhhhhhhhhh.....