Are You Ready for Tax Day?
Today is an open day here on ENALR so I thought I’d jump in. What’s on your agenda today? For me, it’s taxes.
I don’t know how each of you account for your writing expenses, but my hubby and I decided from the very beginning that it would be easier for us if I had a separate company for business and run all my revenue and expenses through it. In fact, all my royalties come payable to my company, not me. My company, Riante, Inc, is registered in Arkansas. I’m required to file my federal company taxes by March 15, so I’m lining up all my expenses with explanations. I used Quicken and have learned it’s easier to keep track of expense explanations (like a book title) when I record the expense during the year than to go back and try to figure out which book expense went with which book. At the end of the year, I can run a report that shows my expenses with explanation. Quite a time saver from what I used to do!
This will be the first year I report income for Riante, Inc. (if you don’t count the $25 I reported last year for a contest win!) It’s not a HUGE amount of money but hey! My accountant is thrilled. 
So any good tax tips you want to pass along?
Jan 29, 2013 @ 11:41:56
I work as a sole proprietor and don’t use separate accounts, but we track all of our finances in Quicken too. It makes it so easy to designate my income and expenses for the year, and I keep my writing income in a goal so I know how much money I have separate from our personal funds.
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Jan 29, 2013 @ 11:47:18
I realize I could have NOT set up a separate account but in my mind, as I make a charge or purchase, I can easily classify it. Plus I have a separate checking account and credit card for Riante, Inc which also helps keep things definitive in my mind.
Jan 29, 2013 @ 14:06:52
I keep a running spreadsheet all year of income, expenses, and mileage, in addition to my Quicken classifications. I also do this as a sole proprietorship and try to keep all of my writing/editing money separate, but it often has to pay bills, and once in a while the main account has to be used for something, too. So the spreadsheet keeps it all in one place, and makes it much easier to sort and do calculations, especially for the rare things that don’t run through the bank.
We just finished the FAFSA/CSS scramble. They were due February 1, which means pulling together tax info before anyone else is required to send it to you! The CSS asks a ton of annoying questions, too.
I’m so glad we get to do this every year for the next 8! :/
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Jan 29, 2013 @ 16:44:59
Um…FAFSA/CSS??? What does this mean?
Jan 29, 2013 @ 15:41:49
Oh, gosh. Bowing head here, and waiting for a head swack from Cyndi. I, too, have spreadsheet, and a shoebox and a notebook filled with receits and notations (mileage, etc.)… Thanks for the reminder, Cyndi. Guess I better get to work!
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Jan 29, 2013 @ 16:45:34
*swack*
Get busy. Stop admiring your new awesome cover!
Jan 29, 2013 @ 16:51:48
The FAFSA is the federal forms you have to fill out to apply for student financial aid for college. the CSS is pretty much the same thing, but supplied by the College Board (the company that runs the SAT and AP exams) and asking additional/different questions. The money through CSS comes from different sources.
Jan 29, 2013 @ 17:12:03
OH!!! I should have known.
Jan 29, 2013 @ 19:03:43
Ack! Taxes! Noooo! I did not want to read this today! LOL Now I will have to work on this because I won’t be able to think of anything else till it’s done. My procrasination is over way too early!
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Jan 29, 2013 @ 19:33:05
Hee Hee, Melissa! Sorry.
Jan 30, 2013 @ 04:13:57
LALALALALA
I cannot hear this post!
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Jan 30, 2013 @ 08:08:52
*cups hands around mouth*
TAXES!!!!!
Jan 30, 2013 @ 09:15:04
hm. look at all all fancy and stuff. I sound more like Donnell. I have a file filled with paper.
That’s the current state of my “tax prep”
my husband has been in partner the last few years with my parents and whoever does their taxes always waits until the LAST FREAKING MINUTE to get us our K1 thingy. Husband pulled out of that business this fall, so thankfully this will be the last year we’ll have to deal with it!!!
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