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2012 Taxes Finished?

Posted by Connie Mettler on February 27, 2013 at 11:45am in Everything Else

Excuse me while I gloat here, but yesterday I finished up my taxes and they are in the mail to the accountant. This very painful organizing is over for the year. Here's my method:

download the bank statement to Quickbooks and update each month
gather all old cash receipts and put together a list of all cash transactions and other things that don't show up on QB, such as "business use of home" with all the info about housing costs
print the Profit & Loss from QB
fill out the accountant's questionnaire that he sends every year that gathers "additional income", 1099s, rental income (don't I wish), etc.
comb through checkbook and statements for anything remotely business related to add to the cash page
gather all medical records
get all 1099s together
stuff it all in an envelope and send to our trusty accountant and wish for the best
Time for a glass of wine and maybe dinner out!

How are you coming on your taxes? Do you have any tips to add?

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Quickbooks, accounting, taxes, taxes for business

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Replies

Barbara J Carter March 5, 2013 at 2:49pm

I use the software TaxAct to do my own taxes each year. It seems to do a good job. I think it's a lot like TurboTax, which everyone has heard of. It files electronically for me when I'm done filling out the forms. It's pretty straightforward to use. Costs about $20 or so each year.

I like to wait until pretty close to the filing deadline to do my taxes. Congress has a nasty habit of changing the tax laws at the last minute, so I'd rather wait and do it once and not have to redo it if something changes. Plus, there's no reason to pay early.
Suzanne Ens March 3, 2013 at 5:57pm

Haha Connie I know what you mean, math scares me but with the app doing it for me I'm ok. Used to use turbo tax. I think a quarter century working for attorneys pretty much took the fear out of me tho, they're just forms to me now. Forms guided by law, don't think about it just follow the formula. Like algebra lol, it's ok if you don't try to understand it.
Suzanne Ens March 2, 2013 at 12:27pm

I have been using freetaxusa for last few years. Before that I used that other one, but it wasn't free for small biz the last few years. Altho my receipts box is a mess it was better this year because for the first few months I entered amounts on a ledger and had monthly totals of costs and sales, but then got busy or lazy the rest of the year. I also have a lot of email supply receipts, probably the majority are this. I file the emails thru the year in one big email folder called 20-- tax info and sort it out later. Since I'm just a sole proprietor the free online software is working for me and I don't feel I need an accountant. But if and when I do I have an awesome niece in Grand Rapids who I know would help me! I was amazed at how thorough the software is. For example I can enter the total sf of my home in answer to a question and then enter how much sf is work area to the next question and I get the home use deduction amount computed for me. Also depreciation of my machinery and things like storage sheds for work, kiln and wheel, sewing and felting machine, even trailers, and so on.
- Connie Mettler > Suzanne Ens March 3, 2013 at 3:11pm
  
  Well, that is a powerful tool, Suzanne, and a nice system you have. I'm just chicken to do it all myself. Probably could, but makes me nervous.
Alison Loewen February 28, 2013 at 1:09pm

Used a free accounting program www.outright.com to manage business expenses and revenue. Really made things easier!
- Connie Mettler > Alison Loewen February 28, 2013 at 6:49pm
  
  Thanks for that tip, Alison.
  
  Anyone else using this?
Kimberly Merck- Moore February 28, 2013 at 8:24am

Ugh, done but waiting to actually file until the last minute because I have to pay this year. I was not expecting this, but I guess it is good news, bad news.
- Connie Mettler > Kimberly Merck- Moore February 28, 2013 at 6:50pm
  
  Well, I've just sent it off to the accountant. He'll return it and I'll not open it until around April 12. Not expecting good news, or like you, I guess that is good news.
Alison Thomas February 27, 2013 at 2:02pm

Sent in, refund received. Major deduction on selling the house in Florida for a loss. Next year won't look quite so good.
- Connie Mettler > Alison Thomas February 27, 2013 at 3:08pm
  
  That was really fast, Alison. I remember years ago there was something called "income averaging" where you could carry losses and gains averaged out over several years. Think that has gone away.