Well I did it !!

[crafty]

Well... I did my own taxes this weekend. First time as a business owner. I'm really proud of myself ... Hope I did it right. I'm getting some back Yippi ! When you look at all the numbers ... kinda depressing haha I made practically nothing ! Well it was my first year ... took me 9 months to fill up.

Anyway ...just wanted to let you know that you can use turbotax online (home and business) and there is a section where you just enter the % of the house you use ( and it does tell you HOW to calculate) and then you enter what you paid in Hydro and all that stuff for the year and it does all the calculating for you. You can also just try it out and you don't have to pay until you are actually ready to file. So go check it out if you are debating to do it yourself or using an accountant. I found it was pretty easy. Ok it took me 4 hours but I am confident that I got it done right.

Happy Monday !!

[DisneyPrincess]

Do you have to pay to use that program ??

[crafty]

Yes for me and my husband it cost 67 or something. The regular tax return program is like 17,99 but the business is 44. But you don't have to pay until you a re ready to file so you can get on there and start your taxes see if you can do it.

[DisneyPrincess]

Oh ok... you can have fun trying it out and pay zero... oh thats cool, I'm not ready yet because of my expenses but I'll take a look at it

[bright sparks]

Thats fantastic crafty. I think Im going to try that. I didnt file 2010 or 2011 and was given 30 days notice to file so had to go with an accountant in order to meet the deadline. It cost so much money due to all the time it took and while I have definitly learnt my lesson, i dont want to give my hard earned money to someone else unless its absolutly necessairy.

My CPP for 2011 was so high which sucked and I had close to 3k to pay including a small amount of tax, so while I made more money that year vs 2010 i payed 3x as much :-( my husbands refunds and my child tax credit just about cover all that I owe but obviously i still have to pay out for accountant fees and i cant write off that whole amount as an expense in 2013 only the business part which kind of sucks, but on my head be it.

So glad to hear that turbo tax worked for you. How is it that you got a refund when you should always owe even if its not tax you should always have cpp contributions that you have to make? Just curious....

[crafty]

Well I have made some contributions as in 2012 I was still employed for a few months before I started. So I over payed in taxes and my deductions for CPP is really small. Will definitely have too put some aside this year. Things are picking up financially now. My families are stable and all so hope nothing changes. If I would have had the same salary but all while being self employed I would have owed close to $3 000.

[bright sparks]

That makes sense