Tax time...

[Dan Racette]

Any other woodworkers filing as a business?

Anyone else as bad as I am at receipt tracking and organiztion?

Anyone else wish they had a loved one who simply liked to "organize things"!

Signed, digging through the lint trap for receipts.

[Michael Perata]

I file as a business. I use Quickbooks to do my year end accounting and Turbo Tax Premier to calculate taxes.

I keep all my invoices in a one pile during the year and simply file them away after the tax filing. I use a business checkbook and I have a couple of business CC. Everything business cost/income item goes through the business books.

Don't let your MIL do your filing. DAMHIKT. :(

BTW, I have a BA degree in accounting but I would much rather be out in the shop. ;)

[Dan Racette]

Yeah, michael, advice well heeded, no MIL involvement on my end. I try to keep "business" separate from family!!

My family does not have a good small business track record, unless of course large losses count!

d

[Michael Gabbay]

Dan, Dan, Dan! You should be ashamed of yourself. :D

When I was self employed in another life, I hated tax time and quarterly filings. I ended up keeping a folder of all receipts and trying my hardest to put receipts/bills in there asap so they would not get lost.

Now I've heard that some people occasionally keep extra blank receipts just in case they lose one. I've really only heard this though. ;) :rolleyes:

[Jim Becker]

Software is very inexpensive compared to your time sorting and adding up a year's worth of receipts, etc. If you put the transactions in on a regular basis, tax time can be almost a pleasure, rather than an ardurous task, whether you use an accountant or do it yourself. (with software, of course) Invest in QuickBooks or simliar and start using it...it will also lower your tax bill by a few pennies.

[Kirk (KC) Constable]

I have a shoebox, and everything goes in there. About the end of March I get a new bottle of Bailey's and dedicate a morning to sorting through it for the CPA.

[Jeff Sudmeier]

Not yet, but next year we get to! Yippie! We are entering everything in Quick books. It really is easy. What stinks is still needing to keep the receipts!

[Travis Porter]

Ahhh, the Baileys. I have purchased a half gallon to start working on my taxes. No bus, just personal, but I still need to be lit to work on them. Unfortunately, that will be the day I cannot go to the shop.

[Andy Hoyt]

I use QB Pro. And an accountant. I am way too dumb to figure that stuff out, nor am I interested in it.