It's that time of year - again. *sigh*

I always have mixed feelings at tax time - on the one hand, sending payments in means my business is alive and kicking and on the other well... it's sending payments in.

At the end of the year I like to comb through my expenses to make sure I've taken all the deductions I possibly can, organize and get ready to send my outgoing 1099s, and make sure my books are up to date so that I can quickly fill in my accountant's workbook.

Do you have any particular approach to end of year taxes that helps ensure you're on track and staying on the IRS's good side? Or are you scrambling to get organized at the last minute?

__________________

Funny you should mention this. The January issue of TVE Magazine's cover article will be focused on end-of-year procedures and what should be done.

I consistently track my accounting throughout the year so there are no last-minute scrambles or headaches (missing w-9s, not enough to pay taxes, etc.) I keep my 'small business deductions' list close to hand all year long, as well, so I can refer to it on a regular basis.

My 'small business tax deductions' brochure is in the VAF document library and includes a pretty comprehensive list of what deductions to not miss...

__________________
Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"

Yes, and your brochure is an awesome resource

I wanted to post back that this is our second year with a paid tax accountant and it has yet again paid for itself.... his fees seemed high to me at $100 hourly but when we get over a thousand dollars in refunds each year, his bill is paid and we still have a little extra left over to reinvest in the business. Plus I save myself the agony and time of doing the paperwork [and worrying over the correctness of it all...]

So odd that no one else posted to this thread You all are paying your taxes aren't you?

__________________

Originally Posted by Tess

So odd that no one else posted to this thread You all are paying your taxes aren't you?

LOL - you bet! I need to adopt some kids, though. I wonder if I could get away with getting SS#'s for my three kitties and claiming them?

I'm also a tax preparer (yeah, I know the answer to my above question about my kitties), so I'm having loads of fun.

Man, I'm tired...getting late and I'm getting a little goofy. ut:

__________________
Jules, SunRise Virtual Solutions - WordPress Customization & XHTML/CSS Web Sites

Originally Posted by Office Goddess

I consistently track my accounting throughout the year so there are no last-minute scrambles or headaches (missing w-9s, not enough to pay taxes, etc.) I keep my 'small business deductions' list close to hand all year long, as well, so I can refer to it on a regular basis.

Same for me. Most of my transactions are handled via Paypal so I usually download my history and reconcile it with invoices and/or receipts throughout the year.

__________________
Shellye L. Lyons, Business/Marketing Manager ~~ The Lyons Group, LLC

I do my taxes as I too am a preparer although I only do family members now. I track everything monthly, must be the organized bookkeeper in me. Luckily I have a CPA on staff (good thing about money people in the family) so if I need advice or a good look over I only need to make a call.

Regardless if you do your own or use someone it is best to track your income and expenses throughout the year. Look over Lily's brochure it is a great resource.

__________________
Lee Drozak
My Office Assistant

lol....Tess, makes you wonder why there are not many people posting, doesn't it. I'm just starting and haven't had any income in 2009, but expenses, and I did incl. them on my return that I already finished a little over a week ago.........and guess what, I received my refund Friday, right in to my bank account.
I try to keep up with my paperwork throughout the year, so at years end, I have it all in one place and as soon as my online tax prep software is available I put in my info and within a week of checking and double checking to make sure it's all correct, I e-file it.
I'm sure once I have paying clients, my accouting details will be more involved, but I plan on staying on top of things and get my tax questions answered by my mentor at SCORE as they arise and maybe send in quarterly payments if I make enough during the year. I know running my own business can be a lot of work, but I'm so excited about being able to do it, I'm sure I will be able to do it right.
Happy Valentine's to you Ladies !!!

__________________
Tanja
http://www.englishgermanvs.com

I am in the same boat as Tanja as far as starting my business in 2009 without any income. I saved all of my receipts and I have a folder that I keep everything in. I will do my taxes this year but we have an accountant do our personal taxes so next year I will probably have them do my business taxes. I have started a new expenses folder for 2010 and once I start my Quickbooks I will get everything posted in there.

__________________
Amy
TAG Virtual Office, LLC

Amy, will you not combine your personal taxes with your business? That's what I did this time, eventhough I only had expenses, but either way I would have to do a Schedule C, but file under my own SSN. If it's that easy next year with actual income this year, it's not as bad as I thought. I just have to verify about the quartely tax payments once I make enough money.

__________________
Tanja
http://www.englishgermanvs.com

Oh yes, I will be filing tax forms this year, as always. I will have a tax professional take care of them. I am not a tax or bookkeeping person. Everyone has their strenghts!

__________________
Robin A. Holstein
Robin's Desktop Virtual Administrative Services
My Blog