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5 Replies Last post: Nov 4, 2008 1:33 PM by Santa Fe CPA

When do you prepare your taxes?

Oct 16, 2008 10:35 AM

Click to view Tori's profile Host Tori 79 posts since
Aug 15, 2008

Hi Community,

When do you personally prepare and file your taxes for your small business?

  • Are you proactive and have everything wrapped up at year end?
  • Do you complete everything in Q1?
  • Do you apply for an extension?

~Tori
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Click to view DomainDiva's profile Mogul DomainDiva 1,732 posts since
Oct 10, 2007
1. Re: When do you prepare your taxes? Oct 16, 2008 1:06 PM
I have an accountant that takes care of everything...on time.
Click to view macklamm's profile Authority macklamm 9 posts since
Oct 13, 2008
2. Re: When do you prepare your taxes? Oct 16, 2008 2:25 PM
very pro-active and have them ready for year end - then just leave everything for my accountant to check and file means i can concentrate on the new accounting year and whatever it brings without have the year before hanging on me
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
3. Re: When do you prepare your taxes? Oct 16, 2008 2:45 PM
When do you prepare your taxes??

Like my father before me April 14. He always waited for the last minute.

In 1969, he prepared his taxes on February 26. (Why I do NOT know)
That night he got killed by a hit and run driver.

True story, LUCKIEST
Click to view fundamentals's profile Mogul fundamentals 20 posts since
Sep 23, 2008
4. Re: When do you prepare your taxes? Oct 17, 2008 12:18 AM

Hi tori

I thought it would be interesting to respond. My typical MO is to start preparation the day after the prior year's filing is mailed. The expectation is to have as much detail nailed down by year's end. However, if I need an extension I will take it.

Fundamentals

Click to view Santa Fe CPA's profile Mogul Santa Fe CPA 67 posts since
Oct 10, 2007
5. Re: When do you prepare your taxes? Nov 4, 2008 1:33 PM
Hello there Tori,

With the proper software, a small busines is continually preparing the inout for the business tax returns. .
It should be possible to file the income tax return within a day or 2 of the year end closing and all acrruals and adjustmensts have been entered. For example a properly set-up "QuickBooks" will map transaction accounts to the proper line on the tax return if the tax preparer is using the Intuit "ProSeries." There are other software combinations that will work in the same manner. The employment taxes also are ready to file with the completion of the payroll run. The Forms 941 and 940 are completed cumulatively and deposits can be made immediatley after the payroll ruin and timely filed.

Personally, even as a CPA I have somebody else prepare my own tax returns, both business and personal. and they are ready for signature and filing within 5 days after the last document has been sent to my data entry guy.

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