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Cranking out the paperwork
I was light on blogging the last few days, because I needed to get tax paperwork together. My law office is a one-man corporation, and my film distribution firm for the documentary a one-man LLC, which is the same as a simple proprietorship. But for the two I needed to get out:
Two quarterly federal tax withholding reports, and two quarterly state reports.
One federal and one state unemployment tax report (just in case I fire myself).
Federal form W-2 and W-3 for social security admin.
State annual report that tracks the W-2.
Monthly state sales tax for the LLC.
Two business property tax reports (quite detailed, even tho I have nowhere near enough equipment to be subject to the tax).
Then start getting all the data together for the corporation's income tax return and begin getting it for the LLC's return (which is part of my personal tax). Reconcile several hundred deposits and payments, etc., etc.
You'd think if the government wants to up the employment rate it'd make it easy to employ people! All this for a couple of one-man operations. I'd have to think seriously before I dreamed of hiring a second person and complicating everything.
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Comments
When my son was about 10, he did a TV commercial, a couple of TV shows, and traveled with a Broadway play. Between October and June, the play showed in a number of cities and states that tax actors as they do professional athletes. His total -for federal, city, and state - was 13 filings. Plus the agents' 10% and our (managers') 15%, which we put in a college fund for him. Find a tax accountant who knows how to do this! In the long run, it really does save money.
Posted by: OldeForce at February 2, 2007 10:10 PM
Y'all have a state income tax over there? Oh joy. At least that is one evil we have (so far) managed to avoid here in Texas.
Posted by: mark at February 2, 2007 11:48 PM