I’ve always done my own taxes. It’s never been too complicated. I started using Turbo Tax a few years ago, and I’ve been happy with their user-friendly step-by-step process. As a small business owner, I decided to try filing my first year’s business taxes on Turbo Tax as well.
Turbo Tax offers a Home and Business option for just over $70 (more than I wanted to pay), but it was cheaper than going to an accountant any possibly paying $200. P.S. My business is an LLC, which means I file my business taxes along with my personal taxes; I didn’t have to set up a separate TurboTax account for my business.
My first time through the business tax filing process was a fail. My outdated computer was part of the problem. The flash web page kept reloading and wouldn’t move forward. I ended up buying a $20 upgrade for my MAC, which still featured the 2007 software I bought it with. I’m still two upgrades behind the latest available software, but taking this one simple step brought my computer into functionality with flash sites, allowed me to download Google Chrome, and helped take care of a couple of other bugs.
Now that my computer was capable of performing the task, the next step was helping myself upgrade from totally frustrated about taxes to peaceful and taking it one step at a time. For me, that meant enlisting the help of my sister, who has worked in banking for years and is now taking steps towards her CPA license.
Note: if you are frustrated, get help! You don’t have to have a sister who is an accountant, but you do need someone who knows how to follow directions, who has common sense, and who is far enough outside of your situation to not be frustrated.
As with all things, the first step in properly filing taxes yourself is emotional regulation. If you are frustrated, stop! Don’t waste your time and energy running on frustration. Find someone to assist you and you’ll find the process is much less daunting!
DIY Business Taxes blog series
Part 1 TurboTax (you’re here!)
Part 2 MISC 1099 & W-2s
Part 3 Organizing Financial Information
Part 4a Author Media Webinar
Part 4b Author Media Webinar (still to come!)
Rachael Hartman is an experienced writer and author. She has worked as a full-time newspaper reporter, and as a freelance contributor to magazines. She writes high school Sunday school material for Word Aflame Press as well as lessons for Project 7 (P7) student-led Bible Clubs, and blogs for Lady by Design. She enjoys health and exercise, reading, art, and playing with her two dogs Darla and Danny. She owns Our Written Lives of Hope, an online bookstore and publishing house in which she helps others share the message of the hope of Jesus Christ and promotes holistic health. Check out her web site at www.owlofhope.com and link to her on Facebook.