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Tax Time Is Here!!!

by John Cabral
13 replies
Well its almost that time were you will soon be doing your taxes. Are your prepared? Do you know what to do? Are you going to do DIY or hire someone?

Do you have all your records in order? What you don't have things in order yet? Well you better get started. As a business person which I assume 99.99% of warriors are you should be doing this on a daily basis or at least weekly so you are not overwhelmed at tax time.

You should be using some kind of accounting software or hire someone. As an accountant, the biggest mistake I see is people who are not tracking their expenses and income or who wait till last minute.

Do your bookkeeping on a regular basis and you will avoid and hassles at tax time. Trust me you don't want to mess with Uncle Sam.

I am not a tax accountant but have experience with dealing with financials and taxes in a business environment.

Get your stuff in order now.
#tax #time
  • Profile picture of the author Kim Standerline
    Taxes in the UK are filed 31st Jan, and just for once I have to brag that all mine are up to date. My accountant is pretty awesome lol, after 3 years she now understands how business on the internet actually works.

    I would always advocate having a professional do your taxes if possible, mine finds me tax breaks I otherwise wouldn't think of

    Paying my taxes is something I take very seriously, Her Majesty's inland revenue can be pretty ruthless as well as incompetent (but that's another story)
    Kim
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  • Profile picture of the author Dennis Gaskill
    Originally Posted by John Cabral View Post

    Well its almost that time were you will soon be doing your taxes.
    Well gee, thanks a lot, John. I was having a good day until you hit me over the head with that.
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    • Profile picture of the author webwriter
      I try to make tax time less painful by recording expenses year round. I place receipts in a manila envelope marked "2009 Expenses and Statements" and keep a running record of expenses and earnings on the face of the envelope. True, I have to organize my receipts at the end of the year, but at least I know where they are.

      Doing this makes it easy to anticipate how much I'll owe Uncle Sam next year, as I can estimate my earnings, consult last year's tax tables and plan accordingly. For example, I can decide how and when to contribute to my IRA and SEP.
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      • Profile picture of the author theemperor
        Originally Posted by webwriter View Post

        I try to make tax time less painful by recording expenses year round. I place receipts in a manila envelope marked "2009 Expenses and Statements" and keep a running record of expenses and earnings on the face of the envelope. True, I have to organize my receipts at the end of the year, but at least I know where they are.

        Doing this makes it easy to anticipate how much I'll owe Uncle Sam next year, as I can estimate my earnings, consult last year's tax tables and plan accordingly. For example, I can decide how and when to contribute to my IRA and SEP.
        Hey! How come you don't computerise it? Why not use a spreadsheet. I do it is a lot easier, plus you can see at a glance your profit/loss.
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        • Profile picture of the author webwriter
          Originally Posted by theemperor View Post

          Hey! How come you don't computerise it? Why not use a spreadsheet. I do it is a lot easier, plus you can see at a glance your profit/loss.
          Well, I probably could, but what I'm doing still works for me.

          Thanks anyway.
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  • Profile picture of the author greff
    We took on a CPA last year. I am not sorry for having spent the extra $400.

    1. I feel protected
    2. She saved me more than that on my taxes

    Here is something to know about CPAs. They are very respected by the IRS. Why? Because if they cheat or lie then their license is on the line. So, the IRS knows this and I think (in my opinion) the IRS agent is likely to give you a pass if there is doubt.

    Just my 2 cents.
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  • Profile picture of the author Christophe Young
    Yep, got everything on my little awesome Excel spreadsheet.

    Then I use Turbo Tax to get my Big refund!
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  • Profile picture of the author thescribe
    I have found that keeping good records throughout the year makes tax time so much less stressful. I tend to keep everything electronically organized and also print out hard copies for my files as well.
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  • Profile picture of the author samstephens
    I'm glad Aussie tax time is the end of June - tax time at Christmas time would be a nightmare!

    Best of luck guys!

    cheers
    Sam
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  • Profile picture of the author Dustin_M
    Tax time...Sweet! Time to make some extra money
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    Are You Ready? It's Coming!

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  • Profile picture of the author Michael Kohler
    I always use an accountant. I am terrible with receipts, etc. Finally had to resort to envelopes with different receipts, separate folders for online expenses, which, I'm assuming what smart people do anyway. For me, tax time is similar to what most people describe when going in for a colonoscopy. Oh well, it's only once a year.
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    • Profile picture of the author Alan Mc Donald
      can wso's be written off as expenses guys?

      95% of my income comes from sports trading so i dont have to pay any tax on that
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