Daaaang.....just got the fright of my life, figured it out and all is ok! Taxes are such a pain!
We just got a call from our accountant. She is plugging the numbers in and showed I made some CRAZY amount last year. I was physically sick for about two hours until we figured out the problem. Checks that had not cleared in January weren't in the numbers.....which made it look like I made somewhere around $100K more than I actually did. Once we figured that out the color came back to my face and I can breathe again. I hate this mess more than anything. OMG yall....running a business is not for the easily stressed.
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Sounds like you have a very stressful hobby.
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Stress is determined by the number of times you have to deal with government. Less government means less stress and no need to hire accountants.
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Its not ok THAT CHECK FOR 100k you wrote me in January never cleared!
LOL
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You should take your accountant your year to date books in November to see where you are at after October 31 and then take your November information to them in the first part of December to see where you are standing at that time. That gives you some time to do something in case you need your income to decrease. It won't be very much extra work, if any, because they would be compiling it anyway. They would probably rather have it to work on in November and December than in the middle of tax season also.
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I keep saying I'm going to start doing quarterly taxes, but we go through year after year without doing it. Shelby has quickbooks on her machine and she plugs things into that program and hands our accountant the files once she knows everything is in there for the year. This year the problem was that checks were still outstanding that were written in during the tax year, so they didn't show up when Shelby plugged things in. I need to get a second copy of quickbooks so I can plug things in as we go and its not something we are doing when we make ourselves stop and make time to do it. I don't know if getting files from two sources would mess them up or not though?
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Two people working on Quickbooks in the same business sounds like it would be a recipe for disaster! Just make sure Shelby has the info that needs to go in and let her input it.
I don't miss having my own business at all! Life is sooo much easier when you don't have to worry about government compliance with anything business related.
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Locust Fork: 31154020161563/comments/31154061020955
I keep saying I'm going to start doing quarterly taxes, but we go through year after year without doing it. Shelby has quickbooks on her machine and she plugs things into that program and hands our accountant the files once she knows everything is in there for the year. This year the problem was that checks were still outstanding that were written in during the tax year, so they didn't show up when Shelby plugged things in. I need to get a second copy of quickbooks so I can plug things in as we go and its not something we are doing when we make ourselves stop and make time to do it. I don't know if getting files from two sources would mess them up or not though?
We use QB for our three businesses and don't have to enter anything. Now you can just download transactions from your bank and credit card to QB. Then all you have to do is categorize the deposits and expenses. Saves a lot of time.
I agree with neacpa in that we try to look at YTD profit in November. I would rather spend profits on new equipment or put more into a pension then pay it in taxes.
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