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The Magic Cafe Forum Index » » Tricky business » » Taxes Help (0 Likes) Printer Friendly Version

Magicmatt1982
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Loyal user
Southeren IL
295 Posts

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I was wondering about taxes. I just got married and am now doing taxes on my own. MY parents did it before. Can anyone help me out with dealing with taxes.
Dannydoyle
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Eternal Order
20490 Posts

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Call an accountant. Best advice you will get here or anywhere.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Father Photius
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Grammar Host
El Paso, TX (Formerly Amarillo)
17197 Posts

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IRS has plenty of publications that explains it all. Otherwise consult an accountant or tax attorney. Most personal income taxes for a married couple is pretty easy to do, unless you own a lot of property and do a lot of investing in the stock and bond markets. If you are self employed it is a bit more tricky, but there are plenty of publications, including the IRS free ones. Go to http://www.irs.gov and download away.
"Now here's the man with the 25 cent hands, that two bit magician..."
Paddy
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Inner circle
Milford OH
1571 Posts

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If you are a self employed entertainer, don't try to do it yourself. Also don't go to H & R Block or other "retailer type" tax people. Go to an accountant or tax lawyer, they will save you so much money and pain that they actually pay for themselves.

Believe me if you like getting kicked in the ...whatever, you'll LOVE the audit if you ever make a mistake. Having a pro do it is well worth it.
Non Impediti Ratione Cogitationis

I reject your reality & substitute my own

http://www.Scho-Lan.com
rossmacrae
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Arlington, Virginia
2441 Posts

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Very best:

Keep scrupulous records and receipts, record your spending regularly (daily or no less than weekly) in Quicken or Microsoft Money "Home and Business Edition" (you'll have to pay a lot of attention, initially, to the categories you assign to each expenditure: home/business, what sort of expense) but it becomes automated after a while. Then, for at least the first year, take it all to a good tax person. Find one by asking respected self-employed people who they recommend. Ideally, this should give you a model to follow for future years.

Next best: Keep records as above, then start EARLY and use TaxCut or TurboTax "small business" edition - Money and Quicken files easily export your data to your tax program, accurately categorized (if you've assigned the right categories to them when entered). Cross-check any entry you have questions about. Both programs produce Schedule C and related forms, and both have not only IRS guidelines for your situation, but user-friendly guides and videos by the software makers, to help you do it right (especially guiding you as to what is and isn't deductible). Plus, some editions come with additional software like "Deduction Pro" to find more legal deductions (I was very pleasantly surprised last year when I used this for the first time).

Not good: Throw all your receipts in a drawer, stuff 'em in a bag April 1st and try to find a tax pro who won't kick you out the door.

Worst: Throw all your receipts in a drawer and try to work it all out on paper April 14.
mrunge
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Charleston, SC
3717 Posts

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Yep...keep VERY detailed records and save ALL receipts.

Then...contact an accountant. They will save you more than they cost you and are well worth their fees. Plus, if it's business related, you can deduct the fee as a business expense!

Mark.
RobertBloor
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The Socialist Republic of the USA.
1051 Posts

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You wouldn't ask an accountant to show you a Pass or Two-None-Two sequence in cups.

So why ask magicians about taxes? Smile

Dannydoyle and others got this one right - ask an accountant.

Robert
"That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government,"
-The Declaration of Independence
Magicmatt1982
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Loyal user
Southeren IL
295 Posts

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Thanks everyone for your thoughts. I will start looking into it more . Thank you again.
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