Tuesday, February 21, 2017

It's That Time Again

by Maggie Sefton

Yes, folks----I'm sure I'm not the first one you've heard this from, but here I go anyway:  It's Income Tax Time.  Ugh, you might say, or maybe Yuck! would be more descriptive.  Some of you, however, may describe this time of the year in more. . . ahem. . .colorful terms.  Whatever we call it, folks, it's not going away.  This yearly reminder won't go away until we've paid attention.

And that's what I started doing today.  Yes. . .I starting sorting through all my financial records, credit card statements, receipts, going through my checkbook, and gathering all the pertinent items that indicated my business expenditures as well as income for 2016.  Once I finish, hopefully late tomorrow, then I can do summary sheets and slip everything into a new large manila envelope and take it to my CPA's office this week.  

Some of you who are reading this right now might feel your insides start to twist at the mere thought of going through all that varied and assorted data.  I understand.  I was a CPA for several years--- years ago, it seems now.  And I definitely had some clients who dreaded the thought of going through checkbooks and bank statements, etc.  Even though those tasks are perfectly ordinary and non-threatening to me, I realize many people actually hate them.  So much so, they don't even balance their checkbooks.

Yes. . .you heard that right.  They do not balance their checkbooks.   I always found that amazing, but CPA's never let on----no matter what we hear.  As for me---I think I would break out in a rash if I could not access my financial statements.    I like to know exactly what's there.  And during Tax Season, I gather everything together, summarize the data, then take it all to my CPA.  And she gets to study the Tax Code and each year's new regulations and figure out the taxes---both Federal and State.  
And I can get back to writing fiction---which is a much better usage of my time these days.  :)

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