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The First of the Inevitable and Certain Truth is Now Upon Me

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Services for Real Estate Pros with Personal SEO - Website SEO and Real Estate Marketing

Benjamin Franklin said it, Mark Twain wrote it and thousands have come to know the truth of it for centuries... There is nothing certain but death and taxes and it is that time again when I debate which one to deal with....

Of course I will deal with the taxes and then consider the other after I have a chance to process the results. ... no, no, just kidding. I just don't like this part of owning a business. Everything else I love! Working from home, in my PJ's, setting my own hours and working just as hard as I want.

But this part I tend to put off and procrastinate about. My husband keeps saying, just do a little at a time. But because I use Turbo Tax and it automatically tells me how much I owe in big, screaming, bold, red numbers, I prefer to do it all at once and get it over with. Granted, we don't have a lot of overhead and try to put as much back into the business as we can but I just can't justify entering the income and going to bed peacefully knowing that number is super high.

I know it will go down once we enter the deductibles but in the mean time I sit and stress over that unusually large number. I am not so good with quarterlies and Missouri requires no quarterly B&O taxes unlike Washington where we started the business, so I know the number is going to be high. We have saved and prepared for it but it's the fear of the unknown that I stress about. Sometimes this week though I will set aside several hours and devote to the dreaded taxes.

Why don't I pay someone to do it? Because I cannot justify paying someone an extra $100+ for one extra form here and there... SO not worth it to me. I have been using Turbo Tax for years and have grown accustomed to and familiar with the system. It certainly isn't broke, so I don't want to fix it or re-vent the wheel... I just gotta break down and do it.

How do you deal with tax time?

 

Posted by

Personal SEO Tim and Tammy Emineth

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Tim and Tammy Emineth have owned Personal SEO since 2004. We focus on SEO first whether it's blogging, images, website design, IDX solutions and calls to action. We operate with a Storybrand philosophy to encourage more traffic to your site, more eyes on your content and more leads to your business. Call us or email us for a free website audit.

Tim: 425-443-8372  Tammy: 425-344-0677

Comments(23)

Rob D. Shepherd
RETIRED - Florence, OR
RETIRED

I have my CPA do them as my returns are about 30 pages long and I would miss too many tax credits and benifits. I have my fingers in too many small potatos. There are things such as my website that I am better paying those in the know!

Feb 13, 2012 05:04 AM
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Frenchtown, MT
Content Marketer, SEO Teacher, Website Fixer

Almost didn't recognize your pic Rob! Awesome.. that a t-bird? I agree, once it gets too long it's just not worth the time.

Feb 13, 2012 05:10 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I file for an extension.

Oh I so feel your pain...i have a ton of similar types of paperwork and audits and stuff and I HATE it.  Eventually, I will hire someone to help me.

Feb 13, 2012 05:18 AM
Peggy Hughes/pha logistix, inc.
pha logistix inc - San Francisco, CA
SF NYC LA

Even though I get hired to organize financials for other people; for my own?.... I hire a CPA!!

Feb 13, 2012 05:28 AM
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Frenchtown, MT
Content Marketer, SEO Teacher, Website Fixer

Debbie, that only makes me procrastinate more. I like the pressure and tend to work better under it. HA

Now that's funny and so true, Peggy! HA.. that's great!

Feb 13, 2012 05:38 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Tammy

Just b e thankful the number before deductions IS STILL SO BIG! In these times there are far too many out there that are starting with far too little. Congrats on having a good year, cheers cvc

Feb 13, 2012 05:51 AM
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Frenchtown, MT
Content Marketer, SEO Teacher, Website Fixer

Curtis, I mean the amount I OWE is so big.. I never get anything back! HA HA... And you are right, there are too many that start out with little to nothing.

Feb 13, 2012 06:42 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I package it all up and drop it off at our accountants office. I'm a Realtor® not an accountant and don't want to deal with the grief and dangers of doing my business and personal taxes myself. 

Feb 13, 2012 06:50 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Tammy -- that is one of the issues with the way some states handle their taxes.  Due to complexity of my taxes (I have a second job which has convoluted tax rules) I don't trust tax programs to get it right, so I do my own by hand.  We'll see how well I have been doing, after the IRS Compliance Review tomorrow.

 

Have a great week -- and good luck in getting through the taxing process.

Feb 13, 2012 07:34 AM
Rob D. Shepherd
RETIRED - Florence, OR
RETIRED

1960 corvette!

Feb 13, 2012 07:34 AM
Marge Piwowarski
Phoenix AZ Horse Property - Phoenix, AZ
Phoenix AZ Horse Property, LLC

I have started mine, will get them done ahead of time.  Putting them off doesn't change the numbers.

Feb 13, 2012 07:44 AM
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

Tammy, look at the bright side, owing a lot in taxes means you had a positive and profitable year.  Make this one even better and just get those taxes done!

Feb 13, 2012 08:48 AM
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

The $100+ is marriage counseling therapy at our household!

Feb 13, 2012 10:18 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Tammy,  Even though I use Quicken and have organized files I still do tend to procrastinate putting the final touches on the entire package and prepare for my visit to my CPA.  My appointment is two weeks from today. This next week is do or die time for me.  I'm going with the do part .... for now.

Feb 13, 2012 11:34 AM
Melissa Brown
Helen Adams Realty - Charlotte, NC
Realtor - South Charlotte NC Homes for Sale

Tammy, I'm still gagging over our 2010 taxes, which we filed an extension for, because my husband doesn't get his K-1 form until early April.  We always file an extension, which only prolongs the agony in my mind.  Good luck!

Feb 13, 2012 12:52 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

 

Hahahaha

Holy Cow! I didn't hink I would ever hear this story told. It is my story. I have a degree in accounting, with a Masters in Tax Procrastination. I use Turbo Tax too. I sooo know that feeling of the big numbers that update as you enter the numbers. Crazy Large numbers in the beginning few minutes, then days chizeling away with the deductions.

Thanks for the post Tammy, sleep well.

Feb 13, 2012 06:57 PM
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Frenchtown, MT
Content Marketer, SEO Teacher, Website Fixer

Sorry for the no response.. finally got a new computer yesterday so I was out of commission for several hours ( but cha-ching on the deductible for 2012!) ha.. Love your answers and there are such a variety of them. I hear all the FREE tax prep now and think... where was that when I was 20 and only had ONE W-2? sheesh.

Feb 13, 2012 11:24 PM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Hi Tammy.  I always file for an extension and I have a CPA do mines.  I also had my CPA prepare an estimate of what taxes to take out during the year, pay it, so I don't have a lot if any to pay come tax time.  I know the more we make the more we pay.

Feb 14, 2012 01:03 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Tammy, I am a procrastinator when it comes to doing my taxes, and sometimes I have to take that extension too. But, Turbo Tax has bailed me out and saved a lot of time when it comes to completing my taxes. I am with you. I guess I had better start organizing everything, so I can be ready by April 15th.

I don't think anyone really enjoys doing their taxes.

Feb 15, 2012 04:19 AM
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

I agree; TurboTax it is, lol

Feb 21, 2012 05:13 AM