Provider_Manda 06:27 AM 02-15-2013
After dicussing it here with a few of you and my husband I feel more confident in having a CPA do them instead of me doing them with H&R block or Turbo tax at home. I was wondering though for those of you who have them done what do I need to take?
I know that sounds weird but I don't want to miss anything, and I didn't know if I should tally up everything and take it in or just tax in all the receipt and paperwork.
Any advice would be great, we are going Monday.
frugalmama4 08:19 PM 02-15-2013
Good Evening,
Well like you I was unsure about doing my own "business taxes" last year so I had a tax professional do them. And honestly I feel like I did most of the work, I was prepared with all my documents Mr. Tom Copeland said to bring in...I use MMK so all I had to do was print off the reports. Because of all the advice Mr. Copeland offers on here and his website I had a list of questions to ask the Tax Pro...and most she did not know off the top of her head (that's a big pet peeve of mine) " if I'm asking you for advice and paying you...then you should know or at least know where to find it". But anywhoo...this year I'm doing them myself using TurboTax I have been playing around with it all this week and feel very confident doing them myself. I have Tom books "2012 Tax Workbook & Organizer" and the Record-Keeping Guide and its a How-to-Guide...it list everything you need to know on how to fill out forms and claim expenses etc.
I think you can do it! If you don't have Tom books I recommend you order them and check out his website.
Good Luck!
Oh, to answer your question you'll need to bring in
Total Income
Total Expenses
Items your deprecating (home, auto, office/play equipment anything over $100.00)
Mortgage Forms 1098
W2 (for your spouse)
Total charitable donations
All other tax credit information (things you can itemize)
Good Luck
itlw8 03:40 PM 02-16-2013
Please take the time to do your totals or it will cost you a fortune
some of the catagories under expenses would be food cost,utilities supplies, toys,office supplies there are others though that go on schedule C