Monday, February 11, 2008

Keeping it legal

This blog is posting late today...and there is a reason.

Today I finished my taxes. Yep, after only 15 hours and a TurboTax program I have finally given Uncle Sam his due.

I've been thinking about different business structures to set up my business. There is the Sole Proprietorship which is what most writers are. And then there are more complex structures.

Since I'm not a tax person I'm not going to make this about the differences in structures, my husband understands those much better than I do, but I am going to remind you to keep it legal.

By that I am not saying that I think you are cheating on your taxes or any such thing. What I'm saying is make sure you are documenting and keeping receipts on everything.

I use TurboTax but whether you use that, H and R block or some other tax preparer-find out what documentation you should be using to maximize your business deductions. Make sure you have the correct forms filled out, make sure you have every necessary receipt-and make sure you know where to get information if you need it.

I know taxes are not a fun topic for anyone [except those of you who work in tax prep. In that case this is a WONDERFUL time of year] but for everyone else, make sure you have someone who knows about tax laws as part of your business team. Keep records and keep it legal.

I'll see you tomorrow. Tiffany Colter


Sharon A. Lavy said...

This is a necessary evil, isn't it?

Your Coach for the Journey, Tiffany Colter said...

Yes, unfortunately it is.

I never dreamed that it would take me well over 10 hours to do my taxes this year [and this even with my husband to help me tally numbers] but it did.

I've learned to keep better records than I have in the past and that has been a huge help.

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