Started working on income taxes, corporation taxes and sales taxes this past couple of weeks as mentioned last week. Depending on the type of the corporation the taxes (companies which use a calendar year as their tax year) is either March 15 or April 15. I have one corporation to do with each due date. I also have a partnership return which is also due by March 15. Partnership is done and out. The corporation return due March 15 is the one which needs the extension – and still working on getting the paperwork to do same (for our state – Federal and city extensions are filed). The corporation return due April 15 is at least started. Sales tax return for the partnership is completed and mailed. That leaves the other two sales tax returns – at least I have until the 20th for them.
Then I have the regular individual returns which are due – as all of you in the US know – is due by April 15th. Started working on one of them also.
There seems to be plenty of time for the April 15 returns, but they need to be done and mailed to the clients for them to sign, mail and maybe write a check – for each return – Federal and state – and I know from past years (decades) that the time passes in an instant.
Then, today, we went to our eye doctor (which took up the entire day so no work done). He is in the next county so it is a bit of drive and worst of all, driving home we are driving into the setting sun – with drops in our eyes so the sun is all the worse to have in front of us. At least we had good exams with no problems and very little change in vision – don't need new glasses unless we want.
After I post this I will go back to the supermarket shopping list I started last night as we will go food shopping tomorrow – it is our once a month trip to the (Walmart) Neighborhood Market two communities away to do a full shopping trip. In between we go to one of the two Walmarts nearer to us. Normally we go to the bigger of the two as it has a larger assortment of items, but two days ago we went to the smaller of the two as an item husband needed is carried at the smaller store, but not at the larger store.
After I post this to you I will go back and add a few more items to the shopping list, I will then go over the list with husband when he comes down later for before bed snack in case he wants something else or doesn't want something I have on the list. I will then print it. The list is in an Excel spreadsheet file. I have a list of what we normally buy and which aisles the items are in, as well as a more complete list of what is in which aisle. By scanning down the list of what we normally buy I can make sure that I have not forgotten anything. Hoping we will find foods we are looking for. Store shelves/cold cases are still partially empty around here – though much better than earlier in the pandemic.
THOUGHT OF THE WEEK-
Don't put things you need to do off until the last minute. Had I done that with the business tax returns they would not be out on time. If I don't do that with the food we will run out of food.
What have you put off that you really need to?
Showing posts with label corporation. Show all posts
Showing posts with label corporation. Show all posts
Thursday, March 9, 2023
TAXES, EYE DOCTOR, FOOD SHOPPING - SO MUCH TO GET DONE!
Thursday, February 23, 2023
NO MATTER THAT ONE THINKS ALL IS UNDER CONTROL - SOMETHING WILL GO WRONG
Well another week gone past – how could it be?
I put away more of the Christmas decorations during the week. I have a couple of boxes left to go downstairs and plan to take them down tonight when I go down on trips to washer and dryer for laundry. I also have my teddy village Christmas on the second floor (boxes are up there to store the Christmas bears in), but have held back on putting it away as there is not much I put out for Valentine's Day – which is now in the past anyway – so I figure this year I will jump right to March.
Now I am getting started doing tax returns for clients. Some business income returns are due March 15. I have a partnership which owned by husband and myself and the return is almost finished – but it does no business so that it is easy to do.
I do have a problem with one client. The business returns are due by March 15. Client has not been well and I need all of the information from all of 2022 to prepare client's returns. So while neither client nor I like extensions, the business returns have to go on extension.
Federal extension – no problem – I filled in the form and it does not even need to be signed so I will mail it to IRS. Client's business is in a large city in our state – I prepared the extension form for the business's city income tax return and included the minimum tax payment as client generally has a loss lately, wrote up instructions and it will also be on its way to client tomorrow with other tax related papers for client to write a check, sign the form and mail out.
Problem is client's corporation return. If it was a regular corporation or a partnership or even a business which Somehow they have the wrong address for the business, sent the papers to that address, and cannot send it to another address! If it was owned as “a sole proprietor” it would also be no problem. Somehow they have the wrong address for the business, sent the papers to that address, and cannot send it to another address! The business is, as are lots of other businesses, what is a called “an S corporation”. This is a sort of a cross between a corporation and a partnership (to keep it simple). For some reason this type of extension and ONLY this type of extension has to be filed online. I cannot file it for client as I am not the owner of the business. Client cannot file it as does NOT use a computer at all. Client has been ill and in the hospital so cannot send me the info I need to prepare the return! I managed to get someone at the state tax office to agree that due to the circumstances of client's age and illness they would mail an extension form for us to use. Client never received it. Remember client is not at work due to illness and they can only mail the form to the business address! Someone checked her business mail for her and the form is not there!
I telephoned the state again and found out that somehow they have the wrong address on file for her business – and they can ONLY send the extension form to the address they have on file! I pointed out that they have her returns from past years and can see on same that it is the wrong address, no did not help.
What we apparently have to do – client has to give me a power of attorney for the business. I will then call the state tax office and get them same so they can let me do things and talk to me. I then will change the business's mailing address to my house – they can then mail ME the extension and I can sign it for client. After a month or so I will then again file a change of address form for the business and change it back to the correct business address!
Why this type of business has this problem in our state and ONLY this type of business I have no idea. This is something new as in past years if an extension was needed it was not a problem.
THOUGHT OF THE WEEK -
It is amazing how many odd things happen to make life harder no matter how organized one is.
Thursday, June 20, 2019
GOODBYE 2009
In between trying to get rid of ants in the kitchen and the refrigerator needing monitoring to stay in the small temperature range we need to get it to stay in, I had some time in our office to catchup on paperwork a bit - still 2 piles, but the “to do” one is getting shorter.
One job I have not have had a chance to do is store files from 2018 that I need/want to keep. Before doing this I have to clear out the oldest box saved files - in this case it was 2009 that had to be dealt with. 2009 was an unusual year for us - it was the year that we had bedbugs.
I climbed up and took stuff off the front of the shelf in the office closet - 3 boxes of computer disks stored up there (installed hardware, to set up the computers, old software that might needed, past years tax software). At the end of 2018 I stored the paid bills in an old manila envelope box (the one the envelopes came in) that I keep for this - that box had to come down also, as were 2 boxes of small manila envelopes. (Did you know that 6"x 9" or less sized envelopes go at the same US Postage rate as regular #10 envelopes and can hold more in the same 1/4" thickness allowed for same than the #10's?) Some empty, flattened boxes that I kept was the last of what was blocking access to the 3 boxes of old financial records on the middle of the top shelf of the closet. There are additional boxes of same (9 in total) on the top of the closet, but the latest and oldest are the two I try to keep in the center stack - as the other stacks require moving the center stack to take out the boxes. First, I took out the 2017 box and added some papers I had found during the past year from same (I have folder “old years files to add to box” that it has been in. ). I then took out the 2009 box.
Going through the old box is a trip down memory lane. I start taking out papers. There are bank statements, paid bills, old insurance policies, etc. in the box for us and for our businesses. I have my paper shredder ready and also have spare garbage bags.
I take the first item out - what is it? In this case a stack of telephone bills. Nothing needed from same. I go pull the first 4 off the top - checking that nothing else is mixed in - and into the shredder they go. Little by little more goes into the shredder. Items such as the phone bills and cable bills which don’t need to be checked if anything should be kept just get fed in and shredded.
In 2009 we got rid of my 1996 car and bought a new one. (Which we hated and got rid of 2 years later.) I pulled out the book (remember when the dealer handed out books with photos and info about the car that you were looking out) and the rest of the papers from the original 1996 purchase of the car that I pulled from the car’s file at the end of 2009 when I pulled files to keep from the year.) I stuck all of them in the book to go through and added same to my “to do” pile. I will keep the car registrations as I keep them forever. (We once received notice that we had not paid 3 parking tickets on one of our cars. We had never received any tickets nor was it in an area we have been to. I requested copies of the tickets and it was a different car and a different license plate. Some of the letters and numbers matched and some did not - but looked the same. I had to prove what the license plate on the car was - at the time the ticket was issued - having a different plate on the car when I was fighting this did not count. I did not keep the registrations - in this area this is a small square of heavy paper that is changed every 2 years when it is renewed. Each was tossed out after the new one was put in the car or our wallets. It was a big problem to resolve, so I now keep the car registrations - forever. I will go through the purchase papers when I get a chance.
I then looked up in my Quickbooks what income taxes we paid during the year (including final estimate and final payment for 2008 and estimate for 2009.) I saw that we had only made one payment in April. I made a note. I then checked what we had paid for our real estate taxes and made a note of them. I then opened our corporation in same and checked what and when we had paid for corporation taxes and sales taxes that we had collected and paid. I also checked for a certain payment we have to pay to the state corporation dept every other year with who is who in our corporation.
I then started with the corporation bank statements. I pulled out the statements that should have the checks issued above and pulled those checks out, paper clipped them together and safely set them aside. I will scan front and back of these checks in my computer - again due to something that has happened in the past with clients - and my dad’s business. I then started shredding the corporation bank statements, looking as I did for an unusually large amounts on them. If I had seen any I would checked what it was for.
Next I went through the corporation’s charge card statement. Again I looked for anything that is a large amount and feed the statements into the shredder.
By now I have had to change the bag in the shredder once.
I now am at our personal bank statements, again I will check for any large amounts. A lot more of these than for the corporation as we have accounts at multiple banks and each have IRA accounts. Our main checking account has a lot of checks, as well as deposit slips, so I remove the staple(s) holding them to the statement so I can feed them into the shredder in batch sizes that will not jam the shredder and also send the statement through. As I go through I make sure to pull the checks for our income tax and the four for our real estate taxes. When I come to July I find the check that paid for the bed bug treatment - gee, it was $2000 more than I thought I was!
When the bank statements are finished I go through the several credit cards statements. (All of which were paid in full every month, as is all.) Again, I have to separate the slips from the statements as there are too many to go through the shredder all at once.
Suddenly I realize that I am coming to the end of what is in the box. I have pulled some papers and set them aside to check through - maybe scan into the computer, as I will do with the tax payment checks and receipts for our real estate taxes. Last thing was I took the “2009" removable label from the box.
2009 is done and gone. I have done it in 3 sessions of shredding - too much shredded at once and the shredder will overheat and I will have to wait for it to cool off. I filled 4 kitchen sized bags of shreds. (I put them in out by putting 2 bags each into a larger black bag and setting those two large black bags out. The light colored kitchen bags can sort of be seen through and I did not want anyone noticing that the bags had shredded papers in them and it looks more like regular trash than same.)
On to storing 2018. In my file drawer the files that should be gone through have red edged labels (those that are permanent and should stay are blue edged). In our corporation’s file drawer the annual files are yellow edged labels and permanent are green edged labels. I have a folder in our file drawer that holds items I found or received during the year that belongs in the prior year. So I take anything in it - for 2017 and add it to the 2017 box.
I pull the first annual folder - bank statements from our main bank - I take out 2018 statements and put into the box. I do the same with the rest of the bank statements from 2018. I then come to statements from our medical insurance - all of the 2018 statements are pulled out. I switched medical insurance companies in 2018. I go through the blue edged folder for same and pull the papers to keep - I shred the others. 2 empty folders (the annual and the permanent for that insurance company) to be recycled next time I need a folder - put in a sorter on top of the folder holder stack on the side of my desk with other folders waiting a new use. I do this with all of the annual folders in our file drawer.
I then do the same with the corporation file drawer. Paid bills for the corporation are in folders in the file drawer and are pulled out also and fit into the box.
I then go back and pull the box of paid bills which I mentioned I had put the 2018 bills in. I then add the paid bills.
When I am pretty sure that just about everything is in the box I take out my “this year folder”. I use this folder to throw things in that I don’t know what to do with or do not go with anything and need to be held for short term. I go through it and shred whatever is no longer needed. I put in the box anything I want to keep from last year. One example of what is in this folder - we get a large postcard (sometimes two during the same year) on when and where we are to vote - including our Congressional district, State Senate district, State Assembly district, and County legislator district on it, as well as our “voting district” infos. I keep the card until we receive the next year’s card. Since we have the 2019 card, I shredded the 2018 card as it is no longer needed. (I keep it until the new one comes as 3 years ago we did not get the new card. While the card is not needed to vote, it helps when the idiots, ummm, the people working at the polls cannot figure out that we belong at the table that we say we belong at. (No, really, one year the woman at the table we were to vote at told us we were at the wrong polling place as our address was “not on her list”. We had to show her the card with the info we were to vote there and she had to go and check with one. Not sure if that is better or worse than the year we went to the primary vote and the man and woman at the table for our location and our party were not able to figure out anything to do and the fellow from the other party came and took care of getting us signed in and gave us our ballots. If one did not have to be there at 6 am we would go down and work the polls because they need us - and one does get paid.)
When I was pretty sure all of what had to be kept from 2018 was in the box - I put the lid on and climbed up and put it away. I then put back all the stuff that goes in front of the boxes that I had taken out. Anything I find now that belongs in the box, I will put in that prior year’s folder for next year.
Something I just noticed in writing this piece - I never made a new label “2018" and stuck it on the box. I will have to do so or be terribly confused in the future.
I also have a file drawer both for the files I keep for our reenacting unit and for same for my embroidery chapter. (I am treasurer of both and need to keep files). I have a metal file drawer divider so the embroidery files are in front of same and the reenacting ones are behind.
I have not had a chance to go through these files in awhile and move out old years. I started with our reenacting unit. I pulled old paid bills from the paid bills folder, ditto the bank statements and insurance policies. We have some copies of invoices that I sent to organizations that we did events for and they are pulled also if they are 2017 or before. I then sorted what I had pulled out into stacks by year and put the stacks in folders. The unit has several filing cabinets and a drawer in one of them holds the old records - more than 3 years ago - and I move the files there - by year - so I don’t have to take up room in our house for older files. As I pull the older bills I check to make sure that there are not any that I might needs - items we don’t often need to reorder, but if we do, it is helpful to have the last one, so that we know what we ordered last time and from whom. (This past Monday night these files were taken to our reenactment unit’s meeting and put in the file cabinets.)
I did not get to the embroidery chapter’s files yet - those I keep 3 years in the drawer (plus the current year) plus another 7 years in box (another of those manila envelope boxes) in the closet - well labeled.
THOUGHT OF THE WEEK -
Sometimes just short periods of time are best for getting work done. I could have put all this off, but had a bit of time here and there to shred the papers. I pulled most of the papers to go in the box for 2018 while the computer was backing up for the day.
Getting rid of ants and getting the fridge to stay in temperature range - much harder.
One job I have not have had a chance to do is store files from 2018 that I need/want to keep. Before doing this I have to clear out the oldest box saved files - in this case it was 2009 that had to be dealt with. 2009 was an unusual year for us - it was the year that we had bedbugs.
I climbed up and took stuff off the front of the shelf in the office closet - 3 boxes of computer disks stored up there (installed hardware, to set up the computers, old software that might needed, past years tax software). At the end of 2018 I stored the paid bills in an old manila envelope box (the one the envelopes came in) that I keep for this - that box had to come down also, as were 2 boxes of small manila envelopes. (Did you know that 6"x 9" or less sized envelopes go at the same US Postage rate as regular #10 envelopes and can hold more in the same 1/4" thickness allowed for same than the #10's?) Some empty, flattened boxes that I kept was the last of what was blocking access to the 3 boxes of old financial records on the middle of the top shelf of the closet. There are additional boxes of same (9 in total) on the top of the closet, but the latest and oldest are the two I try to keep in the center stack - as the other stacks require moving the center stack to take out the boxes. First, I took out the 2017 box and added some papers I had found during the past year from same (I have folder “old years files to add to box” that it has been in. ). I then took out the 2009 box.
Going through the old box is a trip down memory lane. I start taking out papers. There are bank statements, paid bills, old insurance policies, etc. in the box for us and for our businesses. I have my paper shredder ready and also have spare garbage bags.
I take the first item out - what is it? In this case a stack of telephone bills. Nothing needed from same. I go pull the first 4 off the top - checking that nothing else is mixed in - and into the shredder they go. Little by little more goes into the shredder. Items such as the phone bills and cable bills which don’t need to be checked if anything should be kept just get fed in and shredded.
In 2009 we got rid of my 1996 car and bought a new one. (Which we hated and got rid of 2 years later.) I pulled out the book (remember when the dealer handed out books with photos and info about the car that you were looking out) and the rest of the papers from the original 1996 purchase of the car that I pulled from the car’s file at the end of 2009 when I pulled files to keep from the year.) I stuck all of them in the book to go through and added same to my “to do” pile. I will keep the car registrations as I keep them forever. (We once received notice that we had not paid 3 parking tickets on one of our cars. We had never received any tickets nor was it in an area we have been to. I requested copies of the tickets and it was a different car and a different license plate. Some of the letters and numbers matched and some did not - but looked the same. I had to prove what the license plate on the car was - at the time the ticket was issued - having a different plate on the car when I was fighting this did not count. I did not keep the registrations - in this area this is a small square of heavy paper that is changed every 2 years when it is renewed. Each was tossed out after the new one was put in the car or our wallets. It was a big problem to resolve, so I now keep the car registrations - forever. I will go through the purchase papers when I get a chance.
I then looked up in my Quickbooks what income taxes we paid during the year (including final estimate and final payment for 2008 and estimate for 2009.) I saw that we had only made one payment in April. I made a note. I then checked what we had paid for our real estate taxes and made a note of them. I then opened our corporation in same and checked what and when we had paid for corporation taxes and sales taxes that we had collected and paid. I also checked for a certain payment we have to pay to the state corporation dept every other year with who is who in our corporation.
I then started with the corporation bank statements. I pulled out the statements that should have the checks issued above and pulled those checks out, paper clipped them together and safely set them aside. I will scan front and back of these checks in my computer - again due to something that has happened in the past with clients - and my dad’s business. I then started shredding the corporation bank statements, looking as I did for an unusually large amounts on them. If I had seen any I would checked what it was for.
Next I went through the corporation’s charge card statement. Again I looked for anything that is a large amount and feed the statements into the shredder.
By now I have had to change the bag in the shredder once.
I now am at our personal bank statements, again I will check for any large amounts. A lot more of these than for the corporation as we have accounts at multiple banks and each have IRA accounts. Our main checking account has a lot of checks, as well as deposit slips, so I remove the staple(s) holding them to the statement so I can feed them into the shredder in batch sizes that will not jam the shredder and also send the statement through. As I go through I make sure to pull the checks for our income tax and the four for our real estate taxes. When I come to July I find the check that paid for the bed bug treatment - gee, it was $2000 more than I thought I was!
When the bank statements are finished I go through the several credit cards statements. (All of which were paid in full every month, as is all.) Again, I have to separate the slips from the statements as there are too many to go through the shredder all at once.
Suddenly I realize that I am coming to the end of what is in the box. I have pulled some papers and set them aside to check through - maybe scan into the computer, as I will do with the tax payment checks and receipts for our real estate taxes. Last thing was I took the “2009" removable label from the box.
2009 is done and gone. I have done it in 3 sessions of shredding - too much shredded at once and the shredder will overheat and I will have to wait for it to cool off. I filled 4 kitchen sized bags of shreds. (I put them in out by putting 2 bags each into a larger black bag and setting those two large black bags out. The light colored kitchen bags can sort of be seen through and I did not want anyone noticing that the bags had shredded papers in them and it looks more like regular trash than same.)
On to storing 2018. In my file drawer the files that should be gone through have red edged labels (those that are permanent and should stay are blue edged). In our corporation’s file drawer the annual files are yellow edged labels and permanent are green edged labels. I have a folder in our file drawer that holds items I found or received during the year that belongs in the prior year. So I take anything in it - for 2017 and add it to the 2017 box.
I pull the first annual folder - bank statements from our main bank - I take out 2018 statements and put into the box. I do the same with the rest of the bank statements from 2018. I then come to statements from our medical insurance - all of the 2018 statements are pulled out. I switched medical insurance companies in 2018. I go through the blue edged folder for same and pull the papers to keep - I shred the others. 2 empty folders (the annual and the permanent for that insurance company) to be recycled next time I need a folder - put in a sorter on top of the folder holder stack on the side of my desk with other folders waiting a new use. I do this with all of the annual folders in our file drawer.
I then do the same with the corporation file drawer. Paid bills for the corporation are in folders in the file drawer and are pulled out also and fit into the box.
I then go back and pull the box of paid bills which I mentioned I had put the 2018 bills in. I then add the paid bills.
When I am pretty sure that just about everything is in the box I take out my “this year folder”. I use this folder to throw things in that I don’t know what to do with or do not go with anything and need to be held for short term. I go through it and shred whatever is no longer needed. I put in the box anything I want to keep from last year. One example of what is in this folder - we get a large postcard (sometimes two during the same year) on when and where we are to vote - including our Congressional district, State Senate district, State Assembly district, and County legislator district on it, as well as our “voting district” infos. I keep the card until we receive the next year’s card. Since we have the 2019 card, I shredded the 2018 card as it is no longer needed. (I keep it until the new one comes as 3 years ago we did not get the new card. While the card is not needed to vote, it helps when the idiots, ummm, the people working at the polls cannot figure out that we belong at the table that we say we belong at. (No, really, one year the woman at the table we were to vote at told us we were at the wrong polling place as our address was “not on her list”. We had to show her the card with the info we were to vote there and she had to go and check with one. Not sure if that is better or worse than the year we went to the primary vote and the man and woman at the table for our location and our party were not able to figure out anything to do and the fellow from the other party came and took care of getting us signed in and gave us our ballots. If one did not have to be there at 6 am we would go down and work the polls because they need us - and one does get paid.)
When I was pretty sure all of what had to be kept from 2018 was in the box - I put the lid on and climbed up and put it away. I then put back all the stuff that goes in front of the boxes that I had taken out. Anything I find now that belongs in the box, I will put in that prior year’s folder for next year.
Something I just noticed in writing this piece - I never made a new label “2018" and stuck it on the box. I will have to do so or be terribly confused in the future.
I also have a file drawer both for the files I keep for our reenacting unit and for same for my embroidery chapter. (I am treasurer of both and need to keep files). I have a metal file drawer divider so the embroidery files are in front of same and the reenacting ones are behind.
I have not had a chance to go through these files in awhile and move out old years. I started with our reenacting unit. I pulled old paid bills from the paid bills folder, ditto the bank statements and insurance policies. We have some copies of invoices that I sent to organizations that we did events for and they are pulled also if they are 2017 or before. I then sorted what I had pulled out into stacks by year and put the stacks in folders. The unit has several filing cabinets and a drawer in one of them holds the old records - more than 3 years ago - and I move the files there - by year - so I don’t have to take up room in our house for older files. As I pull the older bills I check to make sure that there are not any that I might needs - items we don’t often need to reorder, but if we do, it is helpful to have the last one, so that we know what we ordered last time and from whom. (This past Monday night these files were taken to our reenactment unit’s meeting and put in the file cabinets.)
I did not get to the embroidery chapter’s files yet - those I keep 3 years in the drawer (plus the current year) plus another 7 years in box (another of those manila envelope boxes) in the closet - well labeled.
THOUGHT OF THE WEEK -
Sometimes just short periods of time are best for getting work done. I could have put all this off, but had a bit of time here and there to shred the papers. I pulled most of the papers to go in the box for 2018 while the computer was backing up for the day.
Getting rid of ants and getting the fridge to stay in temperature range - much harder.
Thursday, April 11, 2019
TAXES! TAXES! TAXES!
A relatively short post this week. It is the “end run” of tax season.
I managed to finish the last two returns for clients on Monday - out in the mail to then on Tuesday - whew! One of them was a 2015 return for a friend of mine. If she does not have it in the mail by Monday she will lose her refund. Just a reminder - if you have been procrastinating and haven’t filed your 2015 return yet - you will lose your refund if you don’t file it by Monday (April 10, 2019). If you owe taxes though - the various governments will keep trying to collect it - so file your return also. Filing your late 2016 or 2017 returns is a good idea too! Also it always best to file the current return - 2018 on time! If you can’t finish it in time apply for an extension of time to file - Form 4868 from IRS, state forms vary by state. This does not give you extra time to pay your taxes -so if you will owe taxes, try to estimate how much and send the payment along with the extension.
I have the two hardest returns left to do - ours and our little corporation. I more or less finished ours today. I will wait to clear to my head and check it over tomorrow and then print it out.
Now that our return is done I can do our corporation return - some items are paid from our personal accounts for the corporation - and I have to figure out the cost of the use of our van for the corporation (which is why I have to do ours first). Barring some strange occurrence -which if you read my posts regularly you will know we have had a lot of lately - I should have both returns finished, printed and ready to be signed and mailed in plenty of time.
Only one problem remains. As mentioned we pay for some items from our personal accounts - particularly since the corporation does not have a credit card or have much money (I never said it was a successful business). I have to keep track of what we paid for the corporation and sometimes what the corporation paid for us (it has an online payment account and we don’t so for rare online payments we sometimes use the corporation’s account).
The amounts paid out by us for the corporation and paid out by the corporation for us should be the same (in reverse) on both sets of “books”. They are not. I spent all of last night looking for the error(s) and could not find them. So as soon as I post this I will be back to trying to figure out what is wrong. It is more than one error as I searched the books on both ends for the amount I am out and it does not exist.
And while writing this and working on our taxes - I am also doing the laundry!
THOUGHT FOR THE WEEK -
Remember get your income taxes done - now - don’t procrastinate. You will be glad you did whether you get a refund or you owe you money and won’t have to pay late fees and interest if you file on time.
I managed to finish the last two returns for clients on Monday - out in the mail to then on Tuesday - whew! One of them was a 2015 return for a friend of mine. If she does not have it in the mail by Monday she will lose her refund. Just a reminder - if you have been procrastinating and haven’t filed your 2015 return yet - you will lose your refund if you don’t file it by Monday (April 10, 2019). If you owe taxes though - the various governments will keep trying to collect it - so file your return also. Filing your late 2016 or 2017 returns is a good idea too! Also it always best to file the current return - 2018 on time! If you can’t finish it in time apply for an extension of time to file - Form 4868 from IRS, state forms vary by state. This does not give you extra time to pay your taxes -so if you will owe taxes, try to estimate how much and send the payment along with the extension.
I have the two hardest returns left to do - ours and our little corporation. I more or less finished ours today. I will wait to clear to my head and check it over tomorrow and then print it out.
Now that our return is done I can do our corporation return - some items are paid from our personal accounts for the corporation - and I have to figure out the cost of the use of our van for the corporation (which is why I have to do ours first). Barring some strange occurrence -which if you read my posts regularly you will know we have had a lot of lately - I should have both returns finished, printed and ready to be signed and mailed in plenty of time.
Only one problem remains. As mentioned we pay for some items from our personal accounts - particularly since the corporation does not have a credit card or have much money (I never said it was a successful business). I have to keep track of what we paid for the corporation and sometimes what the corporation paid for us (it has an online payment account and we don’t so for rare online payments we sometimes use the corporation’s account).
The amounts paid out by us for the corporation and paid out by the corporation for us should be the same (in reverse) on both sets of “books”. They are not. I spent all of last night looking for the error(s) and could not find them. So as soon as I post this I will be back to trying to figure out what is wrong. It is more than one error as I searched the books on both ends for the amount I am out and it does not exist.
And while writing this and working on our taxes - I am also doing the laundry!
THOUGHT FOR THE WEEK -
Remember get your income taxes done - now - don’t procrastinate. You will be glad you did whether you get a refund or you owe you money and won’t have to pay late fees and interest if you file on time.
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