Tuesday, February 23, 2010

Tax Season

Marty Sunshine and I own a corporation and three LLCs. Additionally, I am self employed. When it comes to filling out our tax forms, we haven't done a 1040 EZ form in eons. I am guessing I am competent enough to muddle my way through the mountains of tax forms necessary and figure things out myself. But I only have until April 15. Or, more likely, October 15 (if I file an extension).

Though Bliz has a variety of talents, including walking on water (especially because it is raining a lot where she is), she politely and assertively refuses to handle my tax preparation. Yes, she helps me with taxes by putting everything in nice, organized profit and loss columns. She is invaluable when it comes to navigating Wells Fargo's web site and faxing me the mortgage interest statements necessary for the IRS. But, she draws the line on organizing all the expanded data that goes with my tax season preparation.

If she did, it would be phone calls like this:

Bliz: "What do you have a receipt dated June 16 for $4.18 from the grocery store?"

Me: "Oh that! I bought eight stamps and a Dr. Pepper. I think. Can't we write off the Dr. Pepper under entertainment?"

Bliz: "Put it under supplies. Here's my bill. That will be $500 an hour."

I am guessing she feels tedium should be saved for more productive tasks.

This past week I have sorted, sifted and cursed through a small tropical rain forest of papers getting everything together for Diamond Jim. I have everything I need except one mortgage interest statement document that our former business partner, Vance, happens to have. Marty Sunshine is tasked with hunting this one down.

There are those who question my organizational skills. But really! I have a system. I have a spreadsheet that itemizes every receipt I acquired in 2009--whether for business or personal. Because I have a home office, I can write off a portion of my pest control, electric bill and pool maintenance. I can write off my Home Depot receipts if I so desire.

Why go through all this? Because every tax deduction helps. I want my money back so I can do something more interesting with it.

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