It's tax season, boo hiss

I have hubby take care of taxes, but I do not stress. I am currently around a lot of people who seem to be getting a lot back, so they are happy.

I am surprised that you find tax that cumbersome. As far as I know our tax system in the Philippines was patterned after the United States, yet, we have a convenient practice in the Philippines. This is even more made easy because of electronic commerce. For persons like you who have personal businesses, the Philippine Bureau of Internal Revenue requires quarterly filing of income tax returns prescribing for a cumulative declaration, and an annual income tax return filing summing up all transactions of the business. Since the declarations are made on a quarter-to-date basis, the annual income tax return will just reflect the fourth quarter. Nonetheless, your difficulty emanates from the fact that you have to do the computing, filing and self-assessment yourself. In the Philippines, accountants can do this task for a minimal fee.

Personally Tax season can be a Big pain, and the main issues are knowing what things you can deduct and where to put them. With my online/offline business there is personal taxes I am having to pay for the Business that is thru the state, and then there are the other things I have to pay or deduct thru Federal. It really can be a lot of extra work, and hopefully will bring back money as well.

I did my taxes yesterday on line. I will be getting refunds from the state and federal. I have been getting refunds for along time. I am single,I rent and have no kids so my taxes are easy to do. I don't mind doing my taxes and tax season. If it wasn't so simple I would really hate!

Well , I guess i'm too late for responding this discussion because the tax season is probabely over but , there is a website called 360taxes.org and it has some information that you can find usefull : it gives you the instructions about how to feel the taxes , what are the papers that you need , it also has many topics about how to plan your future to deal with the tax : you go to the section "year round planning" and go to the "tax planning topics". They give you some tips like self employement taxes calculator , articles about this thing like "tax planning for self employed" (2 people found this usefull) They recommend you to see IRS publication 533 to learn how the tax works for self employed. It is very important to know everything about it. They also recommend you to read IRS publication 505 to know how the penalty works if you don't deal with your tax on time. They also recommend you to employ family members to save taxes... The article is long and maybe , even if you are a veteran in this bussiness , you can still learn something. I can only say a general thing since i'm not from the U.S.A , you better know as much as you can so you can plan better how to deal with the taxes. They give you the information. Have a nice mylotting (I hope you don't need to pay tax for the payout , lol )

here's my thought on this i think the irs should go out of business because it causes corruption and it is government related.

I really don't like it. It took over four hours this afternoon getting all the figures and records organized. I have to call the accountant tomorrow and set up an appointment. He's usually pretty fast so I should know where I stand by the first part of next week. Every year I think this: All year long I try to make as much money as I can without spending all my time doing it and along comes tax season and I'm wishing I hadn't made as much!

Gah. Fortunately I'm in Canada and I'm a small business, so I don't have to file for another 5 months, but I think I'm just going to gather everything together and get it over with as soon as my husband's paperwork is done. I have no idea why I find this stressful, but I do.

It's pretty simple for me.....not a big deal. I have worked the same job for 27 years...and my home business doesn't make enough money to be considered anything but a hobby. I haven't done mine yet......Sunday probably.

In my country, you're eligible to pay tax if your income are RM3K and above. Those who work in big private company or govt. didn't think much of their tax payment as they were done by the company that they work at. For me, who is working in the rural area and open my own shop, paying tax is not compulsory as my income doesn't even reach RM3K per month yet. But I still want to start filling for tax payment so I will have my annual income statement.

It is more complicated now than it used to be for me, but it is still something that I look forward to because we get a tax refund every year that we will use for important things that we need for our home. I've been doing my own taxes, first by hand and now with Turbo Tax since I was fifteen years old. I've also done my mother's and my siblings as well, so I do have an idea of how time consuming and confusing to get done.

tax season is not my favorite time of year. taxes were a bit more complicated this year, but not overly so. Taxes were efiled on Saturday, and hope to get the return before this friday. I do all of the taxes, so I spend a lot of time grumbling at people to get out of the office area or fear the wrath of tax stressed wife/mommy.