Thursday, January 15, 2009

Etsybloggers Carnival - January 16, 2009

The etsybloggers carnival choices this week are:

1) What are your new year's goals for your blog and/or shop
- OR -
2) How are you organizing your business for paying taxes?
A CPA, DIY, not participating, other

Since I'm interested in how business taxes should be done, I thought I'd write about my adventures into the world of taxes.

A friend of mine, who is also a part-time artist, gave me the name of his CPA. When I spoke to her in December, she told me we didn't need to meet in 2008, unless I made a profit. Needless to say, we didn't meet...

Now it's January, and I need to get some of my business papers together. I haven't asked the accountant what she needs, but I have some folders and binders ready:

  • a Quicken generated ledger of expenditures
  • a notebook of expenses with receipts and purchase orders
  • a list of monthly sales reports
  • my checkbook and bank statements
  • printed state sales tax payments (I file electronically)
  • my inventory from 2008

I'm working on my 2009 inventory, and should have that done in a few days.

It will be interesting to find out exactly what the CPA wants. I probably have kept more files that she needs to see. Next year, hopefully, I'll know what needs to be kept, and in what format.

Hope you small business operators have all your papers in one place.


Youvegotmaille said...

You're a braver woman than I am, I wasn't going to touch taxes with a 10-foot pole! :)

BeadedTail said...

More records than necessary is always better than not enough! Sounds like you are the perfect client!

cindy said...

Hey, I thought I was the only one who wrote on the taxes topic!

Kathy said...

As soon as I get my personal stuff together it will go to the accountant. I only have my etsy expenses for this year and the tiny bit I made. If he needs something else, I'll find out...I hope not because I don't want to go back and figure stuff out. This year I will do better. I have a ledger and I will write stuff in as I go. I hate tax stuff!!! UGH!

memoriesforlifescrapbooks said...

Sounds like you're on the ball :)
I'll be writing about my tax organization later today!

Andrea said...

It sounds like you have all your ducks in a row. Good luck with the taxes. I've started mine but they won the first round. I'm heading into round two...I will prevail!

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