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Tax Day has Once Again Come and Gone
By Tishia Lee | April 17, 2008
I despise tax time! Let me rephrase that, the one thing I dread about being self-employed is tax time. This year I waited until the last minute to do my taxes. Now when I say last minute I mean the very last possible minute. In other words, I efiled my taxes, thanks to Turbo Tax, sometime around 6pm April 15th!
I know that waiting until the last minute was not a wise decision especially because I found myself stressing out and then I forgot to take my Aweber and Audio Acrobat business expenses as deductions. I don’t know that those two things would of made that much of a difference in the outcome but those two things do add up for a whole year. I’m frustrated that I forget to deduct them. (sigh) But that’s what happens and it serves me right.
This is the second year filing taxes as a self-employed person and after last year’s experience (I was audited) I was ready to run back out and find a J-O-B but thankfully I realized that all the pros and benefits to working from home outweigh this one big negative! This year, although I still despised it, taxes weren’t really that bad because I knew what was coming.
My question is - do you keep up with bookkeeping and accounting yourself or do you have a bookkeeper and accountant?
Topics: WAHM Life, Work at Home Life |
April 21st, 2008 at 2:47 am
Funny you asked this question. I have been contemplating what to do myself. Should I hire a bookeepr or an accountant? What’s the difference and which one is more what I’m looking for? I want to make sure it’s someone who understand and knows how online business work but is also qualified to help when tax time comes and in the event of an audit. So, I’m torn and confused. Maybe you’ll get some responses that will help us both out.
Nan’s last blog post..Moby Wrap Baby Carrier
April 21st, 2008 at 6:12 pm
I do my own bookkeeping, but I hire out the actual tax prep to an accountant. It’s the smartest (tax deductible) $250 I spend all year.
As far as those forgotten deductions, Tishia those are probably high enough to be worth your time to do an extension or an amendment! Those things add up.
I have a real fear of the IRS - not sure where it comes from other than maybe my parents being self employed all my life - and I get my bookkeeping done once a month and file ASAP. This year I had my taxes done by Januray 17th! It’s so nice to have it done early.
April 21st, 2008 at 6:14 pm
January. Can’t stand typos.
April 25th, 2008 at 2:17 pm
I keep track myself and then have my MIL handle tax season.
April 25th, 2008 at 5:07 pm
My FIL does our taxes but this is really the first year “in business” so I’m not sure if that will change.