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Tax Time

I can’t believe it’s the end of February, and I’m already behind in preparing my taxes. For the past three years, I’ve used the Super Bowl to start sorting through receipts of writing expenses and travel. The games were usually such yawners, that I would sort through the games and watch the commercials. The only entertaining thing going on. I was usually able to get a head start on the onerous job of “tax preparation” which hangs over all of us at the beginning of the year. Especially those of us who operate small businesses (like writing novels for fun and profit). We have to file all the regular returns plus a Schedule C — Sole Proprietorship. (Read: small business–one owner). That one form has two sides and lots and lots of lines for every kind of business expens known to man or woman. Sigh.

However, the New York Giants threw a wrench into my tax prep routine. I found myself watching the game as well as the commercials. Imagine that? And I barely got anything done on the taxes. I may have assembled the credit card statements, but I can’t remember. Darn those New York Giants! <g>

Now—-I find myself with shrinking time periods available for the onerous Tax Prep. I’m about to leave this Thursday for two back to back mystery conferences—Sleuthfest in Ft. Lauderdale, Florida, and Left Coast Crime in Denver—and won’t return until March 9th. Then, I’ll have ten days before my eldest daughter and family arrive for a short ski vacation during their spring break. Up to the mountains. Then the following weekend, another daughter arrives for a long weekend. Then the following week, another daughter arrives from Germany for a few days. Then in the latter part of April, it’s time to leave for Washington, DC, area for another mystery conference Malice Domestic. Then, I’m off to another. . .well, you get the picture. By that time, April 15th is Long Over.

So—-I’m now scheduling “nighttime” Tax Prep. Sorting, categorizing, all that tedious stuff that goes into keeping track of business expenses and revenues. Comes with the territory of owning and operating a small business of any kind—hair salon or writing career. Same rules.

One might wonder why I don’t dump all this stuff on a friendly neighborhood accountant. Well, I AM the friendly neighborhood accountant, and having been a CPA, I’d much rather pay myself to do my taxes than pay someone else. Yes, it’s time-consuming, but I’d still have to do all this sorting and categorizing even if I dumped it on someone else’s desk.

Why at night? Well. . .for a very good reason. My “day job” is writing novels, and I have a mystery due at the end of June. So—-I have to be productive during the day. And that only leaves nighttime for the taxes, I’m afraid. I did make some progress during the Academy Awards show last night. I found the show a bit slower than previous years, so I got a lot sorted.

What about you folks? Have you started your taxes yet? Finished them already?

16 Responses to “Tax Time”

Taxes, not only do I do mine, I do my BF and this year, his brother’s. Have I started pulling together the medical bills from last year? Yes, but then I found three more months of files I hadn’t pulled this weekend. And mileage is my big expense since the hospital is 40miles away so now I have to pull together all my treatment days.

I’m tired of the snow (it’s back today), I’m tired of work, I ‘m tired of dieting, I ‘m tired of thinking about taxes, and I’m tired of bills. I think I have the February slump. Or I’m coming down with a cold.

Sounds like you have a busy couple months coming up. I’m off to Vegas in April and have a weekend away the week before, but other than that, same old…. So taxes have to be done by the 10th according to my calendar this year.

I did sign up for a sample cardio salsa class next wednesday. Maybe that will break my slump.

by Lynn on February 26th, 2008 at 8:20 am
My hubby and I both have our own businesses. How’s THAT for stress?!?! Mine is very part time but I still have to file that dang Schedule C. Thanks goodness hubby has an accountant and all I have to do is get my month end totals and he takes care of the rest. Numbers make me sick. Math was never my thing, ya know?

Lynn, I hear ya on the February slump. I’m sick of everything too. Yesterday was a balmy 40-ish and I got a tease of spring. BUT….with spring comes the endless practices and games of softball and baseball. My little man turns 3 so that’s something to look forward to, right??!?!

Maggie, my crochet afghan is calling to me so while I sit with my recuperating nephew, I’ll bang out some rows. Now that I’m completely recovered from my carpal tunnel surgery, I don’t cringe at the thought of working on the afghan that was supposed to be done YEARS ago. Can’t rush these things…….

by debbie on February 26th, 2008 at 8:40 am
Yes maam, my taxes are already done. I was raised by a very loving but strict mom & grandmother. “A place for everything and everything in it’s place” was their favorite saying. I file stuff as it comes in and then it isn’t quite so hard to do the taxes. Now if only I could get the rest of my family on board with this idea….lol.. My hubby is the “take care of it when there is no more floor space to walk” kind, and our daughter takes after her daddy.. Oh well, they do say that opposites attract.

by Ealasaid Cameron on February 26th, 2008 at 9:46 am
Our tax man is coming to our place this Saturday to do our taxes. He is a rather odd little fellow (makes a great character!), but he certainly is a great accountant.

by Linda on February 26th, 2008 at 4:41 pm
We have one salary and 2 small businesses that are combined for tax purposes. (Completely legal, I’m assured, and works easier with the tax program for the vehicle use.) We use TurboTax Deluxe, and we LOVE it. We haven’t filed yet this year. Computer guru (me, haha!) hasn’t installed the software yet.

by Jan on February 26th, 2008 at 5:12 pm
Lynn—-boy, do you have a lot on your plate. Not only doing your own taxes but those others as well. I do two of my four daughters’ tax returns but they’re simple w/just w2’s and 1099s (interest). Get to use an EZ for them. But for those of us (and you) who have mucho expenses to report—-it’s a big deal. Good luck.

And , good idea for the cardio salsa class.

by Maggie on February 27th, 2008 at 12:19 pm
Debbie, you lucky duck. Tax time sounds easier at your house. Ohhhhh, don’t mention all those games and practices (which I loved) but they ruled my life for years and years and it was hard to find time to write.

Hey—-you’re crocheting an afghan. I’m featuring crochet in the Kelly Flynn mystery I’m writing now (out in June 2009). First, I have to learn to crochet, so when I return from those conferences, I’ll sit in on one of those Lambspun classes. Maybe make a washcloth or something. Whatever’s easy.

by Maggie on February 27th, 2008 at 12:23 pm
Ealasaid—bless you! You were my favorite kind of client. An organized one! They’re a rare breed, as you know. Keep on track, girl. At least your part of the taxes will be correct. Tell your hubby that he may be “losing track” of expenses that can REDUCE his taxes because he’s not keeping things in one place. Heck—shove everything into a manila envelope.

by Maggie on February 27th, 2008 at 12:27 pm
Oooooo, Linda—what a great picture. Odd little accountant. I wonder what would make him kill? Heh heh heh. Evil Author Mind. Can’t help myself.

by Maggie on February 27th, 2008 at 12:28 pm
Jan—Good for you. And keep all your records. That’s good advice for everyone. You can sit back and relax soon.

by Maggie on February 27th, 2008 at 12:30 pm
Maggie,

Did you have to remind me?

Karen (who’s got two books due in June… back to the keyboard now)

by Karen on February 27th, 2008 at 3:02 pm
We’re getting there, but you can hear a lot of “I gave YOU that form!” being thrown back and forth in our house. The kids have been hiding in a cardboard box since Sunday…

by JB on February 27th, 2008 at 3:29 pm
Maggie, I begin to dread adding receipts sometime in early December. This year I’ve started an excel program to help keep me organized. The only trick is to remember to plug in the numbers!

I do keep a 13 pocket file for all my receipts, so it’s fairly organized, though always a chore to sort through. Congrats on getting yours started!

by Heather on February 27th, 2008 at 8:56 pm
Karen—I know, I know. This may be the year you guys have to take stuff to a tax person. It’s better than stressing out when you know you don’t have the time. Good luck.

by Maggie on February 28th, 2008 at 1:02 am
JB—LOL at the kids hiding in the cardboard box. Cowering, no doubt. Poor babies.
Listen—-just go over to the Fed bldg or post office or wherever Richmond keeps forms and get lots of them. Even tho Feds & state mail the forms to us every year, I still go over and get extras for each form + the forms I’d need to do my daughters’ taxes.

That way I have a “working copy” that I fill in first, after I’ve calculated totals (on separate sheets paper). Once I’ve got working copy done and checked, then I can transfer to copies I send in. No, I don’t use tax software, because writing careers always have expenses that don’t fit into their program. And I don’t like to spend the money for upgrades every year, when I already know how to do it.

by Maggie on February 28th, 2008 at 1:07 am
Heather—good for you! A 13-pocket file! I’m impressed. I still shove everything into two big manila envelopes and sort it all in the new year. You’ve got a head start.

by Maggie on February 28th, 2008 at 1:07 am

Tax Time

16 Responses to “Tax Time”

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