Taxes in August?
Taxes in August?
August is almost over….are you thinking about your taxes? I am! I have done my own taxes every year since I started working. Last fall I was facing a 10/15 deadline and a year of transactions I didn’t know how to deal with. Another online seller put me in contact with his CPA in NY and I hired him. “Sometimes you just gotta pay someone to dig you out of a hole.” We got 2015 done and before long we were talking about 2016. I always file an extension and I filed for one in April. 2016 was the first year I was 100% self-employed. I sold my home, moved to another property and increased my online business. After selling the second home in June 2017 I wanted to buy an investment property. I wasn’t sure if I could qualify because I was now self-employed. This is when I learned how really valuable a CPA is and where filing an extension could be beneficial. I contacted my CPA in July and he agreed to give me a great deal on inputting all my 2106 transactions because he had an office full of staff that just aren’t that busy in July. He was able to adjust my bottom line (he didn’t take all the deductions he could’ve, so I showed a larger profit) and worked with me to fine tune that number so I could qualify for the loan for that house.
That house fell through and I’ve made a few more attempts at buying other homes, but so far nothing has worked out. My 10/15 deadline is fast approaching and if I don’t find a home to buy, no big deal. We will take all possible deductions, adjust my bottom line and I can home shop in January. If you haven’t considered hiring a CPA for your business, I encourage you to do so. Every time I think about how long I didn’t do this, I kick myself a little harder. I’m sure I’ve spent more money on my taxes over the years than I needed to. Hiring a CPA that understands what we do as online sellers is critical. I wasted about six weeks last year trying to find a local CPA that could just answer some inventory questions. If you are looking for a CPA, reach out to me and I’d be happy to put you in touch with mine. He’s done some amazing things for me and if you’re a new client, now is the time to talk to him….before the flood gates open up in Jan 2018. Don’t wait to introduce yourself to a new CPA during the busiest time of the year. Do it now when your CPA has some time to get to know you and your business.