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Tax Season is Upon Us

February 1st, 2010

I spent a few hours this weekend filling out my on-line tax notebook for our accountant. Since we own a small business, our taxes are a bit complicated. I used to do them myself, but when it comes to depreciation schedules, home office deductions and all the extra forms, I’d rather pay a professional to do it for me. I’m pretty certain he saves us at least as much as I pay him, and I don’t have to spend the hours filling out all the forms so it’s a win-win situation.

I’m pretty organized when it comes to taxes, which takes the stress out of tax season. All I have to do is print off my ledger from my accounting software and fill out the on-line forms. We meet with our tax guy so he can double check numbers and give us any advice on ways to reduce our tax liability. He also collects any necessary forms and receipts. All-in-all I spend a couple hours on my taxes each year, and I’m happy to have them finished as early as I can, which this year is today!

Do you do your own taxes or do you pay someone else to take care of them?

16 Comments to “Tax Season is Upon Us”
  1. Val on February 1, 2010 at 7:56 am

    We just bought our first house, so we have never itemized before. I have to say it has been eye openning! I never thought about all of the things we were liable for or could deduct from our taxes. Esp with state jobs.

    Taxes have been a bit of a process this year, but will get easier quickly because I will know in the future what I am looking for. I look forward to taxes only being a ‘couple hours’ again next year. Have a great Monday!

    Val
    .-= Val´s last blog ..Outdoor Play =-.

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  2. kitsapFG on February 1, 2010 at 8:28 am

    Our tax return is pretty straight forward and I am a CPA (though not in public or tax practice) so I do them myself. I use turbo tax and it generally only takes a a couple of hours to wrap it up once all the tax forms have been received. Filed my return this weekend as well. So done for one more year.

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  3. kristin @ going country on February 1, 2010 at 9:11 am

    Since my husband started his own business last year, he’s the one doing the taxes this year. I handed that chore over to him GLADLY. I imagine that once he actually starts making some money from his practice, he’ll switch to a professional, and then I really won’t have to worry about it.
    .-= kristin @ going country´s last blog ..A Thought =-.

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  4. Carol on February 1, 2010 at 9:12 am

    We have a CPA do ours as well because of the farm income and expenses. Way too much for me to figure out. I don’t want to do the depreciation schedules either! We also have adoption tax credits and related stuff that is fairly complicated. For us, he’s worth every penny.
    .-= Carol´s last blog ..Excuse me … but did you know there’s a dead fish on your head? =-.

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  5. Kelly on February 1, 2010 at 9:40 am

    Ours are pretty simple and we’ve always done them (by hand, no software, no less). It’s always an enjoyable process since my husband had his work set up his standard deduction for one stage higher than we are, so a little extra is always removed and every tax season we get a little lump sum back (helps offset the amount we always end up paying to the state).
    .-= Kelly´s last blog ..Additional Greens =-.

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  6. Ivy Mae on February 1, 2010 at 11:03 am

    We have always done our own, but it is pretty complicated this year since we will be claiming the Adoption Tax Credit ($12500 that can be spread out over several years). It’s taken me quite awhile to research how to do it all, but I think I’ve got it. Can’t wait to get the refund! Too bad it will all go to the adoption loan…
    .-= Ivy Mae´s last blog ..The January/February Slump =-.

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  7. Tree on February 1, 2010 at 11:17 am

    Our financial situation is complicated, so we do have a professional do our taxes, she also happens to be my MIL. She is a CPA and she handles our taxes for us. I am not as organized as I once was or as I would like to be, so tax time in the past has taken some time, but this year I didn’t run a Direct Sales business or any other business so we are all set to go as soon as we get all the required paperwork. I have my W-2 but we are waiting on some financial statements from various locations.
    .-= Tree´s last blog ..Snow Flurries, Sick Child and Bread Making =-.

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  8. Michelle on February 1, 2010 at 11:36 am

    We also own our own business…so we definitely pay to have them done!
    .-= Michelle´s last blog ..The Daniel Fast. =-.

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  9. the inadvertent farmer on February 1, 2010 at 11:43 am

    Even though our taxes are more complicated than most hubby still does them. He is a very methodical, detail oriented guy and would spend so much time going over what an accountant had done he might as well have done them himself!
    .-= the inadvertent farmer´s last blog ..Not Me no Bare Feet in January! =-.

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  10. Pampered Mom on February 1, 2010 at 11:56 am

    I usually do our taxes and it used to be quite a bit more complicated. 2009 was one of the simplest ones and 2010 will be even easier! I’m really looking forward to it.
    .-= Pampered Mom´s last blog ..Queen Anne’s Lace =-.

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  11. Miranda on February 1, 2010 at 11:58 am

    I used to do mine. The combo of buying a new computer, house, self employment income and now getting married has convinced me to pay my tax lady to do them for me for the 3rd year. Gotta figure otu if we should file joint or separate this year.
    .-= Miranda´s last blog ..Weekend Milk Projects in 10 Steps. =-.

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  12. Kate on February 1, 2010 at 1:27 pm

    I’ve used turbo tax the past few years, although last year was rather complicated as I made the shift from part- to full-time freelancer (percentages in home office expenses, ack.)

    After we move, marry and buy a house, we’ll likely consult a special CPA someone to see how to not lose money in federal reporting (since the government doesn’t recognize that two ladies can be in love).
    .-= Kate´s last blog ..How to write a letter =-.

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  13. deedee on February 1, 2010 at 3:56 pm

    we definitely have someone do ours… between our small business and lots of other deductions it is way worth the $ & less stressful. unfortunately every year i say i’m going to be organized, but i slack off a few months into the year. so i spent about 6 hours on saturday entering everything into quickbooks, figuring milage, etc. but today i turned in my organizer to our cpa so i’m feeling good!

    Reply to deedee's comment

  14. MAYBELLINE on February 2, 2010 at 1:11 am

    Someone does our taxes and I do the returns for the kids.
    .-= MAYBELLINE´s last blog ..Road Trip Part I – Santa Anita =-.

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  15. Allie on February 3, 2010 at 11:54 am

    We get our taxes done. We found a great guy, and it helps SO much! Since we both have kind of unconventional careers, it’s pretty necessary.
    .-= Allie´s last blog ..Writing Exercises =-.

    Reply to Allie's comment

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    Reply to Tweets that mention Tax Season is Upon Us | Chiot’s Run — Topsy.com's comment

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