My accountant called me the other day and requested our paperwork. I currently own 3 businesses and it is a real chore getting all of the information together for the IRS.

Tax Tools:

H&RBlock
Turbo Tax
MSN Money Tax Tools

For Business:

I have to do a an inventory for 1 of my businesses which takes at least 8 full hours of my time. I need to print the balance sheets and profit and loss statements for all 3 companies. 2 businesses go through a C corporation and the other business goes through my schedule C which is attached to our 1040 Federal Income Tax.

For Personal:

We need to get together our vehicle tags, mortgage interest, health care payments beyond our insurance, interest income,W2’s, charitable contributions, property purchase and sale documents (we bought a new house this year and sold a condo investment). I also have to get the information together for my internet income and the accountant will put this information through a schedule C which goes through our 1040 Federal Tax form. Schedule C is where you put all of your sole proprietor income and expenses. The other businesses go through a C corporation.

It is amazing that it takes so much time to get this information together for the local, state and federal government. Not to mention payroll taxes, sign taxes, usage sales taxes for state and for city. We do most of these taxes in house. At the end of the year we provide all of this information to our accountant and he fills out all of the necessary forms. He also lets us know if we forgot anything which saves us money. I have an accounting degree, but I don’t have enough time to keep up on the tax code, and like a lawyer(only a fool represents himself).

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