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View Full Version : SO not looking forward to tax time



SunnyDaye
01-30-2005, 07:58 PM
Hi ladies,

I'll try to make this as short and sweet as possible. Up until now, I've never had problems with my taxes - as a single person, no dependents, etc., I always did my taxes by telephone - wham, bam, check's in the mail three weeks later.

Anyhoo, last year I started a small home based business. Herein lies the headache - the paperwork. I AM SOOOO CONFUSED. I started off with a partner...that dissolved within a few months, and I began working as a sole proprietor, etc.

After a long, drawn-out conversation with an IRS representative, I was informed of all the tax packages I'd need to prepare (including the short period of time of the partnership, whatever monies were involved, etc); also tax packages for the sole proprietorship and whatever is involved with that. Then, I'm still confused about how to do about doing taxes regarding the earnings from my other job(s). Arew they combined with my home business taxes, or what???

Already I'm feeling really discouraged, just at the prospect of filling out all that paperwork. It's scary! Sometimes I wish I'd never gotten into a home business, but that would show lack of appreciation for the sense of accomplishment and a dream fufilled.

Have any you ladies been through (and survived) the first year tax blues as a business person? If so, can drop a sister some serious advice? It would be SO MUCH APPRECIATED!

Agape'! :hug:

naturalmama
01-31-2005, 11:41 PM
Well having a partner does make it a little confusing. I would advise that you get a CPA depending on how complicated your business is. I personally did our taxes with turbotax the last three years but this year our business revenues have gone up and things got a little more complicated so I am going to probably hire a CPA.

HTH

Lokii
02-01-2005, 05:28 PM
@SunnyDaye,
I feel you. This is my first year too so I don't have anything to share but I am nervous too. If its any comfort, my sister who has been self employed for years says its no big deal and she keeps telling me to just take my receipts, etc., to a professional and let them handle it.

@ naturalmama,
It's encouraging to hear that it is doable with turbo tax. That is where I'm going to start since I have to buy it anyway to help my parents with their taxes. If I get stuck or confused I will turn mine over to a professional.

SunnyDaye
02-02-2005, 03:05 PM
Thanks, y'all...I really do appreciate the advice and encouragement.

:bolt: for all my receipts and off to get some tax H - E - L - P!!! :P