Business taxes and fornicating forms

My wife and I just finished up our business taxes for the year. Ouch.

Here’s a piece of advice to anyone who is planning to start up a company: don’t. Well, let me be a little more specific.

Don’t, if you are going to need to do the taxes yourself. See, we have a little business. As in “not the day job” business. As in “supplemental income.”

As in: why should I pay some accountant $1500 to fill out some forms?

Probably because doing your own business taxes is very much like doing nuclear physics – in Ukrainian. Jargon abounds. Words that mean one thing in Webster’s mean a very different thing in Revenue Canada-ese (or IRS-ese, for that matter).

And there’s this weird geometric reproductive law of fornicating forms going on: whatever you’re doing will require an amendment. Another “schedule.” Another form. Forms feed into other forms, feeding into other forms, and finally funnel back to the main tax document. Forms appear out of thin air, auto-generating whenever there is the slightest chance that you could, heaven forbid, be running out of forms to fill.

So, here’s my new business year’s resolution:

Make enough money to justify hiring an accountant!

[tags] business, taxes, accounting, start-up, john koetsier [/tags]

 


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