Wednesday, January 11, 2012

Taxes

Never let it be said that tax time is fun, even less so when you get a call from the financial advisor/accountant . I have spent the last three weeks tracking down receipts and logs for everything pertaining to my husbands business, he really needs a accountant to keep track of all these things for him, but he settles for me.  Got him all set and made the call to the Joe to make sure that everything was in line for making the appointment to get the papers over to him, when he hits me with the whammy.
Background info, my husbands business expanded threefold so he is now a LLC, which requires different rules and regulations on how the paper work is done, basically, no receipt or documentation, no deduction, try explaining that to a DH whos idea of paperwork is to throw it into a envelope and let the paper fairy (me) take care of it, LOL.
The whammy, we will be audited this year because we are running dual self employed businesses out of the same household, so I was told that if there was no documentation, do not even think of claiming it. Which means that I won't be able to take much of anything off in my quilt shop as expenses, but can claim everything in the supply shop, because I have all the packing lists from the suppliers.
We talked and tried to find a way, but I have no idea how much fabric or thread that I used to make a quilt. The one good thing that has come out of this, I went and put project bags together right down to the thread that is being used, and when the project is made and listed, I will be able to take it off this year. Not a bad thing, but when i counted the bags that I am hoping to accomplish, it numbers 20, I think I had better get moving on those projects.

12 comments:

  1. there are three things in life that are inevitable. back pain - paying taxes and death. lol
    i totally don't understand the tax system in this country so i leave it all up to he who pays the bills. i just keep all my records, receipts, etc, pay my own sales tax and he does the income tax for me. whew!

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  2. i meant to add, you can't be complaining if his business has grown, good job!

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  3. True dat! Congrats on the business growing three fold! wow! I`m sure the paper fairy had some magical things to do with it! :D

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  4. It's a Catch-22, but success is not always easy. Congrats!

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  5. You sound like you're doing everything you possibly can. Good thing you know what you're doing or it could be more time consuming. If there's one thing that I've learned in my life, it's that there's a silver lining to everything.

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  6. UGH, at the mention of "tax time" my eyes immediately started to glaze over! LOL Not looking forward to doing mine soon either!

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  7. Wow don't scare me. I have to file taxes for 2 business myself and I'll be damned if I knew where ANYTHING is located

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  8. I'm so sorry you are getting audited. I am a professional bookkeeper, so I know exactly the horrors. You are off int he right direction though, with keeping better records for this year. Good luck.

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  9. Hope all turns out well. Such a pain.

    I just sent in my state sales tax and am getting things together for the Feds and State Income. Paypal helps.

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  10. Just hearing the word "taxes" makes me cringe. I'm sorry to hear of the double whammy too. Ouch. Good luck getting all your projects done. I can't wait to see what you make.

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  11. Omg, is it time to think about taxes already? :( Congrats on you and your husband's businesses! Wish you the best of luck in getting through taxes this year!

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  12. Taxes are horrible. I wish I could redisgn the system!

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