My taxes are filed, the check has been written and surprisingly I feel excited about it. Something about knowing that this is MY business and that I dot my own ‘i’s’ and cross my own ‘t’s’ feels empowering! But of course on the flip side as I filled out electronically (because my sun colored all over the form and was no longer usable – should picked a safer spot!) I realized that there were things I should be doing to be more prepared and even more in control,
Here are a few things that I will be keeping better track of:
Filing receipts by categories based on write-offs! (here are a few)
Differentiating between Sessions and Sales!
In my state (WA.) the session fee is taxed at 1.5% as a B&O tax where as products (prints, albums, etc.) are taxed as Retail at almost 10%. At the last minute I was scrounging to separate the session fees from the products as I don’t want to miss any opportunities at 1.5%. So this year I will make that easy to read and see.
I also have lots of clients from Oregon and Canada I also need to mark them separately as I do not charge resale tax for them.