Comments on: I hate doing taxes http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/ Money Management, Small Business, Career Fri, 19 Mar 2010 05:21:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: DDFD at DivorcedDadFrugalDad http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17290 DDFD at DivorcedDadFrugalDad Mon, 30 Mar 2009 12:05:12 +0000 http://cashmoneylife.com/?p=1492#comment-17290 Solid advice on a necessary evil . . . just be sure to get every penny back that you are legally entitled to. I always start next year's tax folders, just as I wrap up this year's folders-- it is so hard to stay organized that I try to work at it at every turn. Solid advice on a necessary evil . . . just be sure to get every penny back that you are legally entitled to.

I always start next year’s tax folders, just as I wrap up this year’s folders– it is so hard to stay organized that I try to work at it at every turn.

]]> By: Ryan http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17288 Ryan Mon, 30 Mar 2009 11:35:57 +0000 http://cashmoneylife.com/?p=1492#comment-17288 <strong>Kristy:</strong>Taxes are not my forte either. I finally got all my supporting paperwork together last night. It took several hours on top of the 4 hours I've already put in. All told, it will take me entirely too long to do my taxes this year. Ugh. I have made improvements to my record keeping system, but I may hire out next year. It will save me time and frustration, and it's a qualified business expense, which is an added bonus! Kristy:Taxes are not my forte either. I finally got all my supporting paperwork together last night. It took several hours on top of the 4 hours I’ve already put in. All told, it will take me entirely too long to do my taxes this year. Ugh.

I have made improvements to my record keeping system, but I may hire out next year. It will save me time and frustration, and it’s a qualified business expense, which is an added bonus!

]]> By: Ryan http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17287 Ryan Mon, 30 Mar 2009 11:34:25 +0000 http://cashmoneylife.com/?p=1492#comment-17287 <strong>Bob: </strong>Thank you for contacting me. I finished gathering my paperwork this evening, and I plan on running through TurboTax Premier from the beginning sometime this week. I will have a better idea of my needs after I do that. I am still using TurboTax Premier, and haven't yet determined if it is necessary to upgrade to TurboTax Home & Business. I am the sole member of my LLC and there shouldn't be anything complicated with my business structure, so I don't think my tax situation will require TurboTax for Business. But I will look into it. After my experience this year I plan on investigating QuickBooks and/or hiring and accountant. I don't want a repeat of this year! Thanks for the tips! Bob: Thank you for contacting me. I finished gathering my paperwork this evening, and I plan on running through TurboTax Premier from the beginning sometime this week. I will have a better idea of my needs after I do that. I am still using TurboTax Premier, and haven’t yet determined if it is necessary to upgrade to TurboTax Home & Business.

I am the sole member of my LLC and there shouldn’t be anything complicated with my business structure, so I don’t think my tax situation will require TurboTax for Business. But I will look into it. After my experience this year I plan on investigating QuickBooks and/or hiring and accountant. I don’t want a repeat of this year!

Thanks for the tips!

]]> By: Kristy @ Master Your Card http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17286 Kristy @ Master Your Card Mon, 30 Mar 2009 07:54:35 +0000 http://cashmoneylife.com/?p=1492#comment-17286 Yup, I'm with you on doing taxes. It's not the act of actually paying my share of taxes, but the whole process of filing that I can't stand. Matter of fact, here we are coming up on April 1, and I have yet to file mine. I've done well just to keep everything in one place, but I'll probably wait until the last possible minute to do them. I hope not, but that's just me. It's funny too, because Jonathan wanted me to write a post about taxes and I had a good laugh over that. As financially savvy as I am, taxes are not my forte! Yup, I’m with you on doing taxes. It’s not the act of actually paying my share of taxes, but the whole process of filing that I can’t stand. Matter of fact, here we are coming up on April 1, and I have yet to file mine. I’ve done well just to keep everything in one place, but I’ll probably wait until the last possible minute to do them. I hope not, but that’s just me. It’s funny too, because Jonathan wanted me to write a post about taxes and I had a good laugh over that. As financially savvy as I am, taxes are not my forte!

]]> By: Bob Meighan http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17285 Bob Meighan Mon, 30 Mar 2009 02:00:05 +0000 http://cashmoneylife.com/?p=1492#comment-17285 I'm glad to hear you use TurboTax to ensure you don't pay a penny more than necessary and get every deduction/credit that you deserve. While we can't help much in the way of organizing your information (other than recommending Quicken or QuickBooks), we certainly can help save you time and frustration. By the way, you mentioned that you need to file an LLC. Depending on the nature of your LLC, you may need TurboTax for Business instead of Home & Business. Regardless, I would not suggest you upgrade at this point unless you find a need. Many customers think they need to upgrade to H&B simply because they have a home-based business. If Premier is working for you now, then stick with it. I better get on to doing my return soon (or my extension)! Bob Meighan VP, TurboTax I’m glad to hear you use TurboTax to ensure you don’t pay a penny more than necessary and get every deduction/credit that you deserve. While we can’t help much in the way of organizing your information (other than recommending Quicken or QuickBooks), we certainly can help save you time and frustration.

By the way, you mentioned that you need to file an LLC. Depending on the nature of your LLC, you may need TurboTax for Business instead of Home & Business. Regardless, I would not suggest you upgrade at this point unless you find a need. Many customers think they need to upgrade to H&B simply because they have a home-based business. If Premier is working for you now, then stick with it.

I better get on to doing my return soon (or my extension)!

Bob Meighan
VP, TurboTax

]]> By: Ryan http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17277 Ryan Sat, 28 Mar 2009 14:44:07 +0000 http://cashmoneylife.com/?p=1492#comment-17277 <strong>Martin: </strong>Thanks for the tips. I've looked at QuickBooks and have considered it. I keep my Excel spreadsheet available on multiple computers, but I think QuickBooks has an online version. As for PayPal, I plan on going through line by line to ensure I catch everything. The last thing I want to do is miss a large portion of income and get hit with penalties or fines. I receive a lot of payments via PayPal from internet companies located in the UK, and I don't think they are required to give 1099's, so I won't have paperwork on this - they will need to be reported as 1099-MISC. I report everything though - like I mentioned, I don't want to cheat. Martin: Thanks for the tips. I’ve looked at QuickBooks and have considered it. I keep my Excel spreadsheet available on multiple computers, but I think QuickBooks has an online version.

As for PayPal, I plan on going through line by line to ensure I catch everything. The last thing I want to do is miss a large portion of income and get hit with penalties or fines. I receive a lot of payments via PayPal from internet companies located in the UK, and I don’t think they are required to give 1099’s, so I won’t have paperwork on this – they will need to be reported as 1099-MISC. I report everything though – like I mentioned, I don’t want to cheat.

]]> By: Martin http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17274 Martin Sat, 28 Mar 2009 08:22:19 +0000 http://cashmoneylife.com/?p=1492#comment-17274 I am a tax accountant and I am enjoying these posts immensely. My two cents: If you have a business, buy quickbooks software (money well spent). Its cheap and when you reconcile your accounts you won't forget or double account any income or expenses. FYI- the IRS has announced that they will be using paypal records to make sure that 1099s are being issued and reported. I am a tax accountant and I am enjoying these posts immensely.
My two cents:

If you have a business, buy quickbooks software (money well spent). Its cheap and when you reconcile your accounts you won’t forget or double account any income or expenses.

FYI- the IRS has announced that they will be using paypal records to make sure that 1099s are being issued and reported.

]]> By: Andy http://cashmoneylife.com/2009/03/27/i-hate-doing-taxes/comment-page-1/#comment-17271 Andy Fri, 27 Mar 2009 19:58:40 +0000 http://cashmoneylife.com/?p=1492#comment-17271 I hear you. I actually formed my S-corp recently after meeting with my accountant (for my personal taxes). She said if you make more than $2000 a year, forming an S-corp is a no brainer. No more self-employment taxes and the IRS is less likely to audit you as oppposed to deductions claimed in a 1040 C. Also, I just pay her $50 a month to tax care of all my taxes and transactions! Simpler. I hear you. I actually formed my S-corp recently after meeting with my accountant (for my personal taxes). She said if you make more than $2000 a year, forming an S-corp is a no brainer. No more self-employment taxes and the IRS is less likely to audit you as oppposed to deductions claimed in a 1040 C. Also, I just pay her $50 a month to tax care of all my taxes and transactions! Simpler.

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