Thanks to those of you who asked, My neck is feeling better. Seriously, I went to shake/flip my hair out of my face one slightly windy day and put my neck in spasm.
I have all my tax documents in a folder. All I have left to do is go over my mileage logs and double check my "office supply" receipts and then I can sit down and do my taxes. I think I will either owe a small amount or get back a small amount. I'd of course, love to get back a large amount and not owe anything, but don't think that's in the plans. I keep good records, but this past year I started using a program called Neat Receipts. It's a program that scans in your receipts, keeps a running total on your expenses and makes up expense reports if you need them. The nice part is I can print out my expenses and then plug in those numbers to my tax forms. It does have the capability to import the data to Quicken as well. I'm sure the more organized amongst you have spiffy excel spreadsheets with all those columns and fields and diligently scan all your documents. I'm not that excel proficient nor do I diligently scan. The nice thing with this program is it saves me the step of inputting the data in a spreadsheet. I have a pile of 2010 receipts to input, I’m slowly learning better paper management!
This year I think I will actually touch base with a CPA or some other person to find out the best way to pay myself via my LLC. I'm filing out a Schedule C, but I do have a "company" that I "own" listed with state as an LLC and want to make sure that in the future, I put this part-time 1099 income through the LLC and then pay myself. I have no idea if it will be a tax advantage for me or what, but time to talk to a professional once the tax crunch is over.
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Monday, February 22, 2010
Wednesday, February 4, 2009
Taxes Are Done, Shopping List Made
I finished my taxes last night. Thank goodness! I did print out a copy and will look them over this evening to make sure I did not forget something, despite Turbo Taxes, error checking program. If it all "looks good", I'll transmit them tonight after supper. The way it stands now, I will get back a refund of about $850 between state and federal.
I'll probably apportion out most of the refund to my E-fund, use part of it for a pre-trip hair cut and part of it to offset the cost of my vacation.
I'll probably apportion out most of the refund to my E-fund, use part of it for a pre-trip hair cut and part of it to offset the cost of my vacation.
Tuesday, February 3, 2009
A Pretty Compelling Reason to Get My Taxes Done Sooner, Rather Than Later
From Dimple Divine Domain-if you E-file your taxes and are due a refund, the refund schedule.If I get on the stick and get my taxes done in the next few days, IF I am due a refund, I will have it by the time I board my plane.
24 days and counting!
Transmitted ; Accepted (by 11:00 am) between... Direct Deposit Sent* Paper Check Mailed*
Jan 16 and Jan 22, 2009 Jan 30, 2009 Feb 6, 2009
Jan 22 and Jan 29, 2009 Feb 6, 2009 Feb 13, 2009
Jan 29 and Feb 5, 2009 Feb 13, 2009 Feb 20, 2009
Feb 5 and Feb 12, 2009 Feb 20, 2009 Feb 27, 2009
Feb 12 and Feb 19, 2009 Feb 27, 2009 Mar 6, 2009
Feb 19 and Feb 26, 2009 Mar 6, 2009 Mar 13, 2009
Feb 26 and Mar 5, 2009 Mar 13, 2009 Mar 20, 2009
24 days and counting!
Transmitted ; Accepted (by 11:00 am) between... Direct Deposit Sent* Paper Check Mailed*
Jan 16 and Jan 22, 2009 Jan 30, 2009 Feb 6, 2009
Jan 22 and Jan 29, 2009 Feb 6, 2009 Feb 13, 2009
Jan 29 and Feb 5, 2009 Feb 13, 2009 Feb 20, 2009
Feb 5 and Feb 12, 2009 Feb 20, 2009 Feb 27, 2009
Feb 12 and Feb 19, 2009 Feb 27, 2009 Mar 6, 2009
Feb 19 and Feb 26, 2009 Mar 6, 2009 Mar 13, 2009
Feb 26 and Mar 5, 2009 Mar 13, 2009 Mar 20, 2009
Slowly Starting My Taxes
My last 1099-misc came in the mail yesterday, so I started in putting the basics into Turbo Tax. I'm using a different computer than the one I used last year, no importation of last years data to this year!
I do have to give myself a pat on the back for spending the time this past year semi-organizing my reciepts. I at least have reciepts sorted out by category and by part time job. I know from past experience not all my reciepts are tax deductible, but I know many are true part time business expenses. I will go through my file box where I'm keeping the reciepts and get it "up to date" tonight. I am also grateful that I had the foresight to get a tracking system in place NOW for this years business expenses to make next years taxes a little less daunting.
My goal is to get most of the tax information done over the next two nights, head off to the weekend job, come back and hopefully finish and file the return. I'm also hoping for a substantial refund. Right now with no deductions listed, I owe about $550 to the Federal Government. Last year I had to turn back to my BK Trustee all but $300 of my state and federal income tax refund. I'd like to be able to use part of this years refund to go towards my trip and toward my E Fund. We shall see how it all pans out!
How are you doing on your returns?
I do have to give myself a pat on the back for spending the time this past year semi-organizing my reciepts. I at least have reciepts sorted out by category and by part time job. I know from past experience not all my reciepts are tax deductible, but I know many are true part time business expenses. I will go through my file box where I'm keeping the reciepts and get it "up to date" tonight. I am also grateful that I had the foresight to get a tracking system in place NOW for this years business expenses to make next years taxes a little less daunting.
My goal is to get most of the tax information done over the next two nights, head off to the weekend job, come back and hopefully finish and file the return. I'm also hoping for a substantial refund. Right now with no deductions listed, I owe about $550 to the Federal Government. Last year I had to turn back to my BK Trustee all but $300 of my state and federal income tax refund. I'd like to be able to use part of this years refund to go towards my trip and toward my E Fund. We shall see how it all pans out!
How are you doing on your returns?
Monday, February 2, 2009
Keeping Track of Expenses for the LLC
I posted sometime in the fall that I have made myself into an LLC for the purpose of my assorted part time jobs that are primarily paid to me in cash so I can write off some legit business expenses.
I was wandering around in Staples over the weekend and got a very nice expense tracking book. I should join the 21st century and really use a program like Quick Books, but I don't. I'm a bit of a Luddite when it comes to upgrading myself to new technologies.
I had an envelope full of reciepts screaming out for attention. I sat down, sorted them out by date and sorted out the expenses by weekend. I filled in all the little colums, calculated milage and I am up to date! I know I could input this information into Quick Books, let it export to Turbo Tax next year, spit out nice reports, and save me the "chore" of hand calculating these figures next tax season, but I did not. Perhaps in the future if my grand plan of going to more self employment investing in and using Quick Books may be worth the time and money.
It's the little things that I am relearning and redoing that are making a big difference in my life. When I was in fiscal hell, I did not track as many expenses as I should have, I had overwhelmed myself and it probably cost me at tax time. Keeping track of my business expense for the various part time jobs is one thing I am re-learning to do.
I was wandering around in Staples over the weekend and got a very nice expense tracking book. I should join the 21st century and really use a program like Quick Books, but I don't. I'm a bit of a Luddite when it comes to upgrading myself to new technologies.
I had an envelope full of reciepts screaming out for attention. I sat down, sorted them out by date and sorted out the expenses by weekend. I filled in all the little colums, calculated milage and I am up to date! I know I could input this information into Quick Books, let it export to Turbo Tax next year, spit out nice reports, and save me the "chore" of hand calculating these figures next tax season, but I did not. Perhaps in the future if my grand plan of going to more self employment investing in and using Quick Books may be worth the time and money.
It's the little things that I am relearning and redoing that are making a big difference in my life. When I was in fiscal hell, I did not track as many expenses as I should have, I had overwhelmed myself and it probably cost me at tax time. Keeping track of my business expense for the various part time jobs is one thing I am re-learning to do.
Wednesday, January 30, 2008
The Tax Man Cometh
It's tax season. As Benjamin Franklin once said, the only two certain things in life were death and taxes. I'm hoping to avoid the former for a very long time, but the latter is coming up soon.
Part of Bankrupt Betty's discharge involves the Court Trustee getting most of my return. I called my attorney's office the other day to let them know I was still waiting on some tax forms and probably would do my taxes in Mid February. The paralegal told me that when they amended my BK petition, I get to keep part of my tax return. $400-not much, but better than nothing. That is already earmarked for my Emergency Fund
My previous couple returns netted me a decent return, mainly because I had a lot of non reimbursed employee expenses and costs that I got to write off. Not the case with my new job. A lot of my expenses are employer paid and therefore I can't write them off. Ah well.
MSN Money has a 15 Point Tax Return Check List that is worth looking at, written by MSN Contributor, Jeff Schnepper . Even if you are organized about your taxes, it can't hurt to read the article just to make sure no stone is left unturned!
Part of Bankrupt Betty's discharge involves the Court Trustee getting most of my return. I called my attorney's office the other day to let them know I was still waiting on some tax forms and probably would do my taxes in Mid February. The paralegal told me that when they amended my BK petition, I get to keep part of my tax return. $400-not much, but better than nothing. That is already earmarked for my Emergency Fund
My previous couple returns netted me a decent return, mainly because I had a lot of non reimbursed employee expenses and costs that I got to write off. Not the case with my new job. A lot of my expenses are employer paid and therefore I can't write them off. Ah well.
MSN Money has a 15 Point Tax Return Check List that is worth looking at, written by MSN Contributor, Jeff Schnepper . Even if you are organized about your taxes, it can't hurt to read the article just to make sure no stone is left unturned!
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