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finish my 2007 taxes


 

How to finish my 2007 taxes by SolitonFenix

"Hectic as expected, but by far the smoothest year yet."

How I did it:

  • Consolidated my receipts to find my business expenses
  • itemized deductions
  •  found a competent CPA
  • allocated time to the extra paperwork involved 

Lessons & tips:

  • Shop around and make good use your CPAs. If you can find a prior IRS auditor-turned-CPA-pro, go with it! The CPA costs may vary depending upon the complexity of your situation. A good CPA is worth 10x what she's probably asking.
  • Taxes are generally a good investment (IMHO), but sometimes it's best to allocate enough resource for your own near-term goals. I've obviated the need to go through public funding for at least a year of university  by being diligent and fair to myself about my tax burden. Pay your fair share, but make certain to be fair to your needs as well.    
  • And also, never give up. The worst that can happen is that the IRS will audit, and you may be asked to cough up the money you got back, and that only if they don't accept your deductions.

 


 

Oct 08, 11:40AM PDT | 0 comments | 1 cheer


Entries

SolitonFenix is putting one foot in front of the other

Tax extensions tensions 9 months ago

So, I’ve had my taxes filings extended until the last possible moment due to the mildly complex requirements for my partnership. I went to L.A. this past weekend to finish itemizing and to meet with my CPA. Good news. I’ve over paid about $2K and qualified for the stimulus check. Should be receiving about 2.5K back. And with that, I call it done.

Oct 08, 11:25AM PDT | 0 comments



 

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