UPDATE to Tax preparation – I had to change software

In a previous post called http://lafemmeottawa.com/how-to-prepare-your-own-taxes-for-your-small-business/, I wrote that I had completed my taxes using Studio Press, and I did, but I didn’t send them in. I was waiting for Ma Man’s taxes. So, we started to do them together and…well, lets just say that we don’t see eye to eye on completing them. He has different forms than I do, and investments that I know nothing about. The software would just put up forms and you were to enter information, but you didn’t know what it was. So I suggested to him he hire a professional. When I went to complete the details in Studio tax for just myself, the information that uploaded was not the correct info I added for his salary and I couldn’t figure out how to change it. Nor would it let me remove his details.

All in all it was not an easy to use software. So, the next thing I did was send out a Facebook request to Ladies Who Lunch group asking for a tax expert and got responses, but I wanted them done that day and I know it’s not fair to have some drop everything for me, but I just wanted them off my To-Do-List. So, I decided I would try one more software. The next one listed on the CRA website was Simple Tax, and truth be told, it was..simple that is. It asked you easy questions and then let you select which forms you needed to add.

The only issue I had was trying to find how to add my business income and expenses for my part-time business, but I finally found it. It’s called “Business, Professional, and Commission Income”.

So, good news….I get a refund from CRA. Bad news is…they say 2 weeks, but we shall see.

While I appreciated doing it myself, I think next year I might pay someone again to do it simply because they know what they are doing and well, I was just trying to save money.

Lesson here..Cheaper is NOT always better. You could end up spending more time, which is dollars as well.

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How to prepare your own taxes for your small business

Taxes!!! Are you procrastinating like I am?

I am getting ready do my own taxes this year because I feel that the accountants I have used haven’t really been so amazing at saving me money and I hated having to meet them at their convenience i.e. he sometime shows up late to his own office.

So, it’s mid-April already and I haven’t done my taxes yet. I usually have everything ready end of March, but for some reason, I have found soooo many other things or excuses to do that felt way more important, or fun, like…

  • write this blog post
  • prep dinner
  • schedule in when to have a girls night
  • review Amazon
  • see what’s for sale on Kijiji

COME ON Tina!!! I know, but I just can’t seem to get into it. However, it’s crunch time. I finally sat down on Friday April 14th and read and listened to videos for a few hours on trying to figure out which software to use. I finally decided on Studio Tax. It’s not bad and they have videos to help you, which is very good, but if you’re partly self-employed, they don’t really have anything on that. So, I called a friend who use to work for them and she told me to use the Commission form as it has the income and expenses on it.

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