I cannot get our taxes done. I am so sick of this pile of paperwork - I can't get to the end of it. Most of it confuses me. I know there are personality types that can mentally engage in organized paperwork and make sense of it all. I'm not that personality type.
I have to send out forms to our sub-contractors. It is a form that I'm finding out that maybe I should have been sending in the past, but haven't so I'm reading the IRS instruction forms to make sure I'm sending the right number of copies of the form to the right recipients. This is where I don't get the logic of the IRS. We are in the construction business, and are sending a form to another construction business. The form is not particularly long, and I'm using one we received from another contractor as my template so I'm not sure I need to read the 10 page instruction package that goes along with it. NO, I"m not exaggerating. This is a 1/2 page form with 10 pages of instructions !! Anyway, I glanced through the instruction novel and found this on page two: "If you are in the trade or business of purchasing fish for resale, you must report total cash payments of $600 or more paid during the year to any person who is engaged in the trade or business of catching fish. " And then it goes on to explain that 'Fish' mean all fish and other forms of aquatic life.
It gives instruction on using the form for deceased employee's wages, royalties, coin operated amusements, Indian gaming profits - but the 'Fish' business seemed so weirdly specific.
I don't believe I'll ever understand the taxation industry.
As much as I dread finishing these taxes, I dread even more the check that we have to write. It's one of the horrible downsides of being self employed. No matter how much we try to estimate the quarterly payments, there is still a chunk of money to hand over at the end of the year. Another downside to being self employed is keeping health insurance for our family. It is crazy expensive. Oh and keeping liability insurance on our business - crazy expensive and hard to find in our industry. Our last insurance company sent us notification that they are no longer carrying our particular type of business in the future. Luckily, they gave me several month's notice because it has taken that long to find a new carrier. I hate the research and the applications and the forms that go along with finding new insurance companies. I want to find one that suits our needs and stick with it forever.
There are so many good things about running our own business, but like anything there's the good and the bad. Unfortunately, all the bad has piled on my desk this month. It's exhausting. Dave's been overly busy and exhausted this month too, otherwise I'd make him sit here with me and finish up our taxes and paperwork.
We both would rather be working on Roxanne's wedding plans. The plans for her adorable reception are coming together and we are all getting excited.
2 comments:
Seriously - buy turbo tax. They do the forms for you. I love love love it, and you don't miss anything like those forms you were supposed to send out by January 31....
Self-employment - a love/hate relationship. If you're not self-employed, you simply don't get it when it comes to taxation, forms, etc. I feel your pain. We set our business up to end the fiscal year in June. I couldn't handle doing our personal taxes AND the business taxes at one time. Best of luck.
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