It wasn't all that long ago when I sat down with mounds of paperwork to do the preparation for my taxes. I had to call in some help (my sister) because the task was just too overwhelming. When it was finally all finished, I ended up filing several months past the date that they were due. My procrastination cost me hundreds of dollars in late fees to the government. I promised myself that I would not let that happen ever again.
In Canada, anyone who files a business tax return has until June 15th each year to file. I usually consider this my deadline, but this year, I'm taking a different approach. This past year, I think that my income from all sources may have surpassed Hubby's income. Some of our deductions go to the lower income earner in the household, so this year it will be more of a surprise to see if it will go to me or to Hubby.
I learned some things during last years tax difficulty. I need to keep thing separated by month and not just by category. Doing this somehow makes it easier for the tax preparer. It also makes it easier for me to compare with annual numbers from past years, and to make some budgeting predictions for the coming year.
This activity will takes a few hours each day over several days to complete. Then I go over everything one final time, just so I don't miss anything. This task usually involves a lot of swearing, coffee drinking and chocolate eating to get me through it. But this year, I have healthy snacks at the ready, and the coffee pot full.
Wish me luck! (If you don't hear from me in the next couple of days, that will be because I'm buried under a pile of paperwork.)
Being a bookkeeper I understand what your talking about :). This is a very busy time of year for me.
ReplyDeleteJust a note: While the tax filing deadline for business is June 15, IF you owe anything it's due by April 30th. We always try to have everyone's bookkeeping done with plaenty of time to work out the tax return for those who owe so they know how much they need to pay. for others that we know will owe they make installemts or put a payment on their account just incase. Good luck and good for you to want to get the paperwork together nicely for the tax preparer to do. You should see some of the boxes of papers I have to deal with :)
lol! Good luck!!
ReplyDeleteGo get 'em!
ReplyDeleteWay to GO! Building those habits not only makes your tax preparer LOVE you (I speak as a preparer), but also, YOU will feel soooo good to have it done in an orderly fashion and a timely manner!! (rock on!)
ReplyDeleteOh, I don't envy you one little bit. I do my own taxes along with my 21 year old daughter's as we're connected through tuition fees, still, it's relatively easy compared to your formidable task - glad you have help!!
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