Welcome to Tax preparation
Tax Preparation Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
No Job's Finished Until the Paperwork is Done
from: Peggy HazelwoodThat time of year is quickly approaching... I'm talking
about dreaded taxes! To make tax time easier this year
and certainly next year, read on.
As is the case with many other small business owners
I've talked with, taxes, recordkeeping, and all that
darned paperwork are the hardest and most unpleasant
parts of running your own business. However, I have
established a system for tracking my antiques and
collectibles business inventory and expenses, which
keeps headaches to a minimum.
Keeping Uncle Sam happy (KUSH) is important, too!
Numerous books on small business operation are available
today. I suggest visiting a local bookstore or library
and just sitting down with a stack (and there are stacks
of them!) to see which one works best for you. My
inventory-tracking system works for me because it's simple.
I don't like to do this part of my antiques business, so
I have to keep it simple or it would be overwhelming. But
as long as I stay on top of things, I'm fine. I estimate
that I spend four to six hours a month at the task of
recordkeeping (a little more than one hour per week).
I keep an inventory sheet that has five columns: Inventory
Number, Description, Purchase Price, Marked (Sold) Price,
and Date Sold. Using this simple method helps me track what
I've purchased and for what price as well as when it sold.
To track expenses other than inventory, I use a relatively
simple software package (Quick Books) on my computer that
totals the numbers I input. The same results can be
realized by using a good old notebook, writing down the
date of purchase, where purchased, and purchase amount,
and totaling the amounts yourself.
Tax preparation is not what I call fun, so I use a tax
preparer. For a little more than $100 a year (which is
tax deductible), he does the dirty work, and I keep my
sanity.
Good luck in the "business" end of your business!
About the Author
Peggy Hazelwood is the author of From Old to Gold: How
to Start and Run an Antiques Business, $7.95 ebook
available at the Albooktross E-bookstore,
http://www.albooktross.com/, in the How To category.
Tax Preparation News
H&R Block loss narrows on cost cuts, shares rise - Reuters
 Digital News Report | H&R Block loss narrows on cost cuts, shares rise Reuters O) and said it expects to sell about 150 more offices before the next tax season. The company's in-person and online tax-preparation services, ... H&R Block's new leader looks to win new customers next year H.R. Block, Take-Two results due in evening trade HR Block, Take-Two results due in evening trade |
Obama Tax Commission Report: Baby Step Toward IRS Tax Preparation - Americans for Tax Reform
Obama Tax Commission Report: Baby Step Toward IRS Tax Preparation Americans for Tax Reform Last week, President Obama's tax reform commission came out with their long-overdue report--buried on a Friday during the August recess. ... BROOKSHIRE v. COMMISSIONER OF INTERNAL REVENUE |
Bakersfield tax preparer pleads guilty of tax evasion - Central Valley Business Times
Bakersfield tax preparer pleads guilty of tax evasion Central Valley Business Times He is a registered tax preparer with the state of California, owning his own tax preparation business in Bakersfield known as “Income Tax Inc.” Mr. Lawson ... |
Good tax help can yield many happy returns - Bankrate.com
 FOXBusiness | Good tax help can yield many happy returns Bankrate.com So it's somewhat surprising that finding a tax preparation service can be fraught with uncertainties. When it comes to finding a tax preparation service, ... IRS To Ensure Quality Tax Preparers At A High Cost IRS Employee Pleads Guilty to Tax Fraud IRS employee in Memphis faces 3 years in prison after pleading guilty to tax ... |
'Working Girl' Big Idea Needed for 1990s Redux: Caroline Baum - Bloomberg
'Working Girl' Big Idea Needed for 1990s Redux: Caroline Baum Bloomberg For individuals, the total compliance tab, including the value of their time and the cost of tax preparation, amounts to $103 billion. ... |
Tax preparer banned from preparing federal tax returns - Central Valley Business Times
Tax preparer banned from preparing federal tax returns Central Valley Business Times The permanent injunction ordered by US District Court Judge John Mendez also bars Mr. Elmer's tax-preparation company, Associated Tax Planners Inc., ... U.S. v. ELMER |
Futures Jump on Jobs Data - Wall Street Journal
 Reuters (press release) | Futures Jump on Jobs Data Wall Street Journal Tax preparation company H&R Block climbed 3.5% after reporting a smaller loss from continuing operations than analysts expected. Campbell Soup slipped 0.9% ... US stock futures steady ahead of key payrolls data |