Taxing and Trying--eFiles and Oops!!

I missed the post to this blog for yesterday--this one will do for February 28, 2010.  I was working on my USA taxes--both federal and state taxes using TurboTax software.  (I've been using TurboTax for about 17 years and use both their Business edition and their Home and Business editions.  With these services I can file returns for a corporation (form 1120), and individual returns (1040) with Schedule C (business) and (for Mom) investments. 

It takes quite a while to gather the information together.  It would be quicker if I kept up-to-date using two other Intuit products--Quicken and Quick Books.  All of the Intuit products are great.  I just don't keep up with yearly upgrades--except in the case of TurboTax.

I also feel much better about these returns (already triple-checked by TurboTax) when I sign-up for Audit Defense (also through TurboTax).

As of now, all of the required returns have been eFiled at the federal and state levels and I have secured Audit Defense for all three returns--Moms, mine, and the corporation.

Now I am thinking about what I need to do for next year.


This year, with the economic downturn, I had some questions and used the "Live Community" (free responses to tax questions) and the "Ask a Tax Expert" services offered by TurboTax.

When I first filed my corporate taxes, I used the wrong form and the IRS rejected my return.  I used the 1120S when I have an 1120 corporation.  TurboTax for Business has both packages and I just created a new 1120 return and filed it today.

I had three additional businesses this year to be reported on my individual tax return (1040).  TurboTax Home and Business helped me with all of that and I received some excellent advice from "Ask a Tax Expert."  TurboTax also guided me through working through the sale of stock on Mom's account and finding the "cash basis" for the stock to determine capital gains.

Information Retrieval in a "Green Economy"--Paper or Digital Data or Both?

I'm still working on taxes and, as usual, am finding more success looking for information I have stored on my computer than paper files that I have stored in containers.  Some paper is missing and I went online to the providers of the paper, only to find that the Adobe Acrobat (.pdf) versions of the missing files are not available online.  Instead they are mailing me paper copies.  Because their computer gave me some initial information, I was able to go to my own data files (a Microsoft Excel spreadsheet) and confirm the data I needed.

For many years I have found it easier to find and retrieve essential information stored digitally on the computer--with supporting external hard drives--than dealing with paper.  Google Desktop, a free program from Google, has made my life much easier by indexing all of my drives and external hard drives.  I can institute a Google Search of that Desktop Index and it displays the location of the files and, sometimes, a temporary copy of the file.  If I have rearranged or deleted the file in the mean time, it cannot help me.

While I realize that it is sometimes important to retain paper copies of things (tax returns for example), I also know that I can retrieve and share information much more effectively and quickly working with digital data files.

TurboTax, by Intuit, prints a .pdf version of my tax return that I keep on my computer.  It also keeps a version in TurboTax and allows me to submit my tax returns by e-filing directly to the state and federal government.

Jobs--Taxes--Age--Government Contracts--Grants--Marketing

President Barack Obama spoke about jobs in Ohio today.  While the stimulus packages are designed to support job creation, existing limitations on selection of contractors sometimes create a "catch 22" in that the money for job creation does not go for job creation.

It is challenging to be in a position to bid on a government contract or to go for a government grant.  Many organizations promise to educate and to help would-be contractors or grant recipients for "nominal" fees of $5,000 or $7,500.  While government contracts or grants could certainly be higher than those fees, most start-ups or experienced workers laid off from their jobs cannot afford these "nominal tuitions."

What is a challenge is that, in today's economy, age, experience, and education often limit job options.  When employers are looking for employees in this economy, they often would like to find someone on the "low-end" of the experience and education spectrum who might be willing to work for an annual salary significantly less than the salaries needed by more senior employees who are trying to replace retirement funds or to support their families.

If some of those people could move to become part of a network of government contractors, they may actually be able to create jobs for themselves and their peers.

Perhaps some of the stimulus package needs to focus on helping start-up contractors and people with good ideas for grants to learn what they need to learn in order to be successful in working with the government on these contracts and grants.

Year-End--End of the First Decade of the New Millennium

December 31, 2009, according to the cardinal numbering system, marks the end of the first decade of the new millennium.  Some "purists" look at the year 2000 as the last year of the old Millennium and, for them, 2010 would be the last year of the first decade starting in 2001.  Using the cardinal numbering system, 2000 was the first year of the new millennium, so today is the end of the first decade.

ABC World News for 12/30/2009, identified technology as a major definer of the first decade, with Apple's iPhone as the most significant technology of the decade.

With the changes to the economies in the USA and in the world seen in 2009, many people are ready for the new decade with a positive outlook.  While there may well be positive changes, year-end is also a good time to "clean-house" (even for the decade).  Getting rid of receipts more than 7-years old (for the IRS) or that don't have to do with your house, may open up more room.

I'm looking forward to cleaning out lots of unused and no longer needed "things" that take-up space and crowd my thoughts.

It's also time to do lots of rethinking for the next decade.  What do I want to be doing?  What is the future of business, especially of the kinds of business I am involved in?  What do I need to plan for?  How can I build an effective support network where members can support each other?

Lots to think about this December 31st, 2009.  Enjoy your evening tonight and your year-end activities!! :-)