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Your bookkeeping/tax system

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Old 12-07-2009, 06:58 PM
Doug Nelson's Avatar
Doug Nelson Doug Nelson is offline
Join Date: Aug 2001
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Your bookkeeping/tax system

Up until recently, my books and taxes were very simple: a folder for 1099 forms and 15 minutes with an online tax prep site once a year (I used That and my checkbook was the totality of my system. My expenses were less than the default deduction, I had no employees or dependents, life was simple (at least in this regard).

With the success of RetouchPRO LIVE things have gotten a little more complicated, but still not so bad. In spite giving it a bad review several years ago (still available somewhere on this site, but I'm not motivated to find it), I find myself back in the clutches of Quickbooks, solely due to a 3rd-party plugin for Paypal integration that is only available for QB.

But this got me wondering what the bookkeeping/taxprep systems are for everyone else here? Since a lot of us are in very similar boats, this could potentially end up being a very useful thread (for others, if not for us directly).

So, what is your bookkeeping/tax prep system? Do you use software, an outside firm, or prayer?
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Old 12-09-2009, 04:50 PM
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Janko Janko is offline
Join Date: Feb 2009
Location: Seattle, WA
Posts: 72
Re: Your bookkeeping/tax system

Oh God, I'm dreading this... I think I'm going to have to hire someone to do it for me this year. Any recommendations?
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Old 12-09-2009, 07:02 PM
Mike Mike is offline
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Join Date: Nov 2001
Location: Grand Junction CO USA
Posts: 676
Re: Your bookkeeping/tax system

Pull up a comfortable chair and let me tell you about what I did.

I started my business when I retired from the military. First couple of years no problem with taxes, was still building up a customer base etc. Then the business boomed and finical things started becoming serious. The third year I paid what I considered to be quite a bit of taxes and the forth year was outrageous (and more than I had in the bank!). In fact I did my taxes once, looked at the result, put it all back in the drawer, hauled it out again a month later, redid them and owed more the second time than the first!

So I bit the bullet and went out to find professional help. I hired a CPA who took pity on me....

She did that years taxes and I did not owe them $5K, they owed me about that much!!! Then she said who did your taxes last year? So she filed amended returns for all the years she could and I got a check for something like $10K.

She gave me forms to fill out and turn in to her. I did that faithfully all the time I had the business going. I trusted her completely and she never did me wrong.

Lots of us moan and complain about folks doing their own photography or retouching, why don't they hire a pro that knows what they are doing? The same applies to us doing our finances. Why don't we hire pros that know what they are doing?
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