Taxing Times
It's spring, and that means it's getting on for tax time here in the US. While most people are looking at an April 15 due date, I'm not. Our taxes are due in just a few days, by March 15. Why do I have the honor of doing ours earlier? Because my husband and I have a business format called an LLC, and those are due earlier.
Actually I do look forward to being able to gloat in April, when our taxes will be filed and most people will still be struggling..
I sometimes think I have the mind to be an accountant, but I'm glad I'm not. It's hard enough work. And there are all those deadlines! When I take my taxes to our accountant to look over, he does sometimes find errors on my part. I wouldn't want to be perfect, not my style.
I have 2020 tax forms all over my desk and on my side table. I also have my old 2019 forms there to remind me what this line and that line means. First I do the 1120-S, the tax return for an S-corporation, Related to that I need the 1125-A, cost of goods sold, a list of other deductions, and two copies of its Form K-1. Then there is the 1040-SR, where SR stands for seniors. For that form I also need a Schedule 1 and Schedule E. AARG!
But I'm coming along. I haven't been here much because of all this, but the end of the federal forms is in sight. After that... New Mexico.
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Ah, yes. It's tax time. It's a lot of work to get things ready. We are hoping that with retirement we won't be paying this year.
Yep, taxes are definitely no fun at all, Rosana! Especially when we know how grossly mismanaged the money is!
Jeff
That sounds like a great deal of work, that would make me crazy 🤪 if I had to do it.
Good luck with it and try not to pull your hair out.
Barbara
Pull my hair out? I already did that!
I wouldn't do it if I didn't choose to! I've done it for so many years now! I'm too frugal to pay unless I need to.
I feel the same way.
Luckily for a few years now, I haven't had to file. I don't earn any taxable income.
Don't be angry, I am not receiving government retirement. My only income is SSDI, LTD and VA disability. None of that is taxable.
Barbara 😊
Hi Rosana, You may be able to answer my burning question about how the taxes are handled for this business. I am currently 63% through my first training catagory so this is one of the things that keep running through my head. Could you possibly help or do I need to ask Carl or Kyle?
There are a variety of ways that people do their taxes in the United States, from different kinds of corporations to variations on the regular 1040 form. I am happy not to need to know about Canada, where Kyle and Carl live. But basically, each one of us does it in our own ways... we are not part of the Wealthy Affiliate business in terms of income taxes.
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Tax time is definitely not a pleasant time of the year Rosana!
I hope you get through all of those forms as you should do! All those numbers look scary!
Luckily, we have someone here who does all of that for us!
Have a great time my friend.