When it comes to doing your taxes, what time of year do you normally get around to submitting them to the IRS? Most every year since I became self employed, I have filed my taxes in April. If I made quarterly payments like I’m supposed to, then I probably would file them earlier, but I’m always on an installment payment plan. Of course, the bigger reason why I wait until April to file my taxes is I’m not a hurry since it simply means I owe more money.
Why race to the finish line to owe money to the government? Of course, I file my own tax returns, and the tax laws keep changing. I wouldn’t call them tax returns in my case of course. The tax laws are always changing, and even using a simple software when you’re a self-employed individual that itemizes deductions can be a pain. It is just always changing, that’s the best way to put it. If I made more money, I would have likely already wanted to have someone else do my bookkeeping.
Of course, I don’t make that much money, so I do my own financial planning, including my taxes. When it comes to how I handle my accounting, I do my bookkeeping the old-fashioned way, writing everything down, keeping short quick ledgers. Of course, I also have online access to everything and use a software to do my taxes as mentioned. It’s really difficult not to take advantage of technology when it’s available.
How do you handle your taxes? Have you noticed the changes in the tax laws? One of them involving healthcare as we all know charges you unless you have health insurance. I was able to secure health insurance before the tax penalty increases for the third year.