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Thread: Tax Season

  1. #1
    Join Date
    Dec 2006
    Location
    Goodland, Kansas
    Posts
    4,834

    Tax Season

    Gloat I guess. I went the H & R Block and had my accountant there do my taxes for my clock business. I could do it but just don't have the time and expertise to feel comfortable about it especially with depreciation. Anyway she called and they were done today. Well the LOML whipped out her pen I turned for her and of course it was pink (she calls it hot pink) pen to sign the forms. The gal that does my books and taxes saw it so she asked my wife where she got it. She said oh Bernie turned it for me.

    Anyway to make a long story short she wants 24 slimlines in H & R Block green for give away to their biggest customers and then she saw my Sierra pen so she wants 12 of those for the staff and her family. So I guess I had better go out to the shop and get my pen turning skills honed up.
    Bernie W.

    Retirement: That’s when you return from work one day
    and say, “Hi, Honey, I’m home – forever.”

    To succeed in life, you need three things: a wishbone, a backbone and a funnybone.

  2. #2
    Join Date
    Nov 2007
    Location
    Near Colorado Springs, CO
    Posts
    27
    Who cares about how many pens you have to make. We want to know how much money you are getting back and what new tools you are going to buy.

  3. #3
    Join Date
    Oct 2006
    Location
    Tokyo Japan
    Posts
    15,809
    Nothing like a little word of mouth to help the business along eh?

    I've got to get some pens done too, have a couple of orders, but other things are in the way at the moment
    The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
    William Arthur Ward

  4. #4
    Join Date
    Oct 2006
    Location
    ABQ NM
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    30,020
    And here I thought this would be a thread about taxes and woodworking businesses (sorta like Travis' thread).

    I was just thinking about the fact that this year I need to also deal with a bit of Sales Tax stuff. This is my first year of owning a business in California, so I have to figure out exactly what hoops I need to jump through. It'll be easy to show losses for the business itself, but I did have some taxable sales that I will need to report.

    And congrats on the mass pen order, Bernie. That should add a tidy little sum of money into the shop fund.
    When the going gets weird, the weird turn pro. - Hunter S. Thompson
    When the weird get going, they start their own forum. - Vaughn McMillan

    workingwoods.com

  5. #5
    Yeah wooden pens are cool. I am not a wooden pen making, nor a turner, but I thought now that cigars are no longer vogue, a good wooden pen would be the perfect thing to hand out to Grandparents and Friends as a sort of token for having a baby.You know, instead of buying cigars, you hand out a wooden pen.

    It would certainly have a lot longer life span then a cigar,and nothing says the cycle of life better then wood
    I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"

  6. #6
    Join Date
    Aug 2007
    Location
    Mason Michigan
    Posts
    455
    What tool are you going to get now Bernie?

    Congrats!

  7. #7
    Join Date
    Apr 2007
    Location
    Red Deer, Alberta, Canada
    Posts
    618
    Congratulations, Bernie!
    What a great way to get some business.
    Nice to get the money back - or at least part of it - that you paid to have your taxes done.

  8. #8
    Join Date
    Dec 2006
    Location
    Goodland, Kansas
    Posts
    4,834
    Thanks guys. Well as far as tools go I have been looking at bowl coring. So we will see.

    I gave her a little break on the price but will make about $65 more than I paid her to do my taxes. Just makes me feel I got the better end of the deal. She is also my accountant.

    Vaughn if you are going to run your woodworking as a business there are a lot of deductions but probably different there than here. I am depreciating my shop building, my lathes, bandsaws, etc. I can take half the heating, electric and phone off as home business. Wood magazines, clock magazines and dues are deductable. I have had my clock business since 1980 so she told me just to add the wood part in for fixing the cases of clocks. Been restoring clocks a long time but didn't know I could take all my table saws, lathes, etc. and depreciate them but she said yes if you use them in your business.

    I guess what I am trying to say Vaughn in this long winded paragraph is sit down with a accountant. Small busisnesses account for a lot of audits. Make sure you got all the info. You can show a loss but she told me not to show it more than 3 yrs. She said they will be asking questions. Just some food for thought.
    Bernie W.

    Retirement: That’s when you return from work one day
    and say, “Hi, Honey, I’m home – forever.”

    To succeed in life, you need three things: a wishbone, a backbone and a funnybone.

  9. #9
    Join Date
    Oct 2006
    Location
    ABQ NM
    Posts
    30,020
    Thanks Bernie. The tax laws are the same, although at this point I'm not going to include things like heating, electrical and phone, but I will be depreciating the tools. I'm hesitant to start including real estate-related items in my deductions for several reasons (including the potential for CAL-OSHA to show up).

    Years ago when I was in the music business I gained a lot of experience with deductions. I was an employee for a corporation (the music store where I did repair work), a partner in a company (the band), and a sole proprietor (my teaching studio) all at the same time. Tax time was an adventure for my accountant.
    When the going gets weird, the weird turn pro. - Hunter S. Thompson
    When the weird get going, they start their own forum. - Vaughn McMillan

    workingwoods.com

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