Tuesday, March 6, 2012

Tax Time. . .Again

by Maggie Sefton

Yes, it's That Time again. Time to do your income taxes, if you haven't done them already. If so, good for you. You're in better shape than I am this year.





Somehow this year, February disappeared in writing the next Kelly Flynn mystery and taking care of all the details that land in your lap when you decide to e-publish your backlist books that were previously published by "traditional" publishers. There is SO much to do.


Anyway, as I said, February simply disappeared---and it even had one extra day! February had always been the month when I'd sorted through, categorized, organized, and analyzed all the writing expenses that I'd incurred during the previous year. Well, this year March arrived, and all I'd done is sorted through the big stack that accumulates in The Expense Drawer in my den/office and put everything in piles. Lots of piles. Well, at least it was a start.


Weekend before last, I spent all of that Sunday afternoon getting down to work. The serious work of going through credit card statements, debit card statements, cash receipts, etc. Tedious, yes, but absolutely necessary. I got a lot accomplished, but I knew I needed to devote ALL of last weekend to the task of completing all of my writing business Schedule C revenues and expenses plus all the other schedules. And, like last year, I needed to finish by mid-March at the latest.


Why? Because I started to use a CPA last year for the final task of completing several additional schedules and forms that are necessary. Consequently, I cannot be finishing my taxes in early or mid-April like I did before. Ah, no. In all fairness, CPAs have to schedule their client workload during tax season. I know that. I was a CPA several years ago, and I remember those 60+ hour work weeks during tax season----which started in mid-January. So, I want to be one of the "good" clients who gets their information in on time. Plus, that means my return will be completed before April 15th.



Thus, this past weekend was spent slogging away through expenses, revenues, categories, and schedules. And. . .I am almost there. Within smelling distance of finishing. Just a few more passes through my daytimer for automobile mileage records of all the trips to bookstores and conferences and other writing/book events. Almost there. I should be finished before the end of this week. Wish me luck. :)


Now, how about you? Have you finished? Not even started? Or just given the entire thing to your accountant or CPA?