The Taxman...Errr, Tax Lady

The dreaded visit to our tax lady at H&R Block was finally over and done with on Saturday. For three days before, I was buried in receipts, invoices, spreadsheets and PayPal account printouts (thank God I saved everything!). I had a massive headache at the end of each day (I'm truly a right-side-of-the-brain person and I hate numbers!), but with minutes to spare before our appointment I was armed with all the necessary totals for my fledgling jewelry business.



The big surprise: I thought I was all set late Friday night. Wrong!! I suddenly remembered a convo that I had received from Brenda a few months ago when she was working on her taxes. Inventory! Didn't she mention inventory as one of the things she claimed? I sent off a convo to ask her how that worked into things, and with her reply I realized that I'd have to be up early to compile an inventory statement. Arrrgh!!

It wouldn't have been such a problem if I hadn't been such a slacker during 2007 with entering pieces into my jewelry designer software program as I finished them. All day Saturday I spent entering each piece that I have. The chaos could have been prevented by knowing in advance how important careful records of inventory would be.

The bottom line, thanks to my lack of sales (LOL), we have a sizeable refund coming our way. JP was delighted, and I could finally shake off the frequent stabs of guilt I have when I think of how much I spent on supplies last year! :D

It's been a great learning experience. Before this year I had only my webdesign income to claim, and that doesn't require more than payments received and a small list of deductions for business expenses. Now that I understand exactly what is needed for Mardi Studio tax preparation, it will be a far sight easier next year.

I hope!!