Tax Stuff

Emily Ann Peterson said: May 28, 2012
Emily Ann PetersonCello
Tacoma, WA
5 posts

Hello fellow teachers!

I’m compiling some helpful advice for myself and local music teachers on how to be ready for the NEXT tax season. Specifically, how do you get ready for April 15th? 12 envelopes? Write details on receipts? Shoebox all receipts? a specific computer program/app? If you just hand it over to your accountant, what do you hand over?

I know each of us run our programs/schools/studios differently, but it’d be helpful to get some organizational tips and tricks from y’all.

~ Emily Ann

Putting the “Oh!” in “Cello”
website  | twitter | facebook

Barb said: Jun 1, 2012
Barb Ennis
Suzuki Association Member
Cello
678 posts

I don’t claim to be the most organized person, and doing taxes for a home business was my main argument for NOT saying yes to teaching. But for what it’s worth…

I pretty much shoebox my receipts (in one envelope), but before I do, I enter the amounts on my Music Teacher’s Helper website… I’ve set up categories that line up with (Canadian) tax categories (and of course it records my income, too). If the receipt isn’t detailed (e.g. dollar store items) I write the details on the back. Having things already on MTH at tax time is a HUGE help for me. It’s so much faster than my first year doing taxes as a music teacher. At the click of the mouse I can generate reports and copy the numbers. I still sometimes procrastinate entering the amounts on my computer and tend to have a pile on my desk at times… :-)

Barb
Music Teachers Helper—for individual teachers
Studio Helper—for entire music studios or schools

Michele Satanove said: Jun 1, 2012
Michele Satanove
Suzuki Association Member
Cello
Roberts Creek, BC
2 posts

I go strictly by the shoebox method. If I have to record my receipts before I store them—or even go digging into folders or files to stash them— they’ll get lost among other papers. I’ve used a drawer, a box, and currently a bin that sits in an easily accessible place. Absolutely everything tax-related goes in that bin as soon as I lay hands on any of it. When I get receipts without details on the receipt itself, I write those details on the back of the receipt right at the till. I have to do a lot of work sorting and compiling it all at income tax time, but I don’t find myself with months’ worth of receipts that have gone astray, let alone missing the receipt for that one big purchase that’s worth all the other receipts altogether.

What might work for somebody a bit more routine-oriented than I am would be to sort through that box or bin monthly, but I just grit my teeth and do it all as soon after New Year’s (like April 29 ) as I can get to it.

Then to complete my tax return, once I’ve sorted and added up my receipts I use the online program UFile, which does all the tax calculations and makes fiddling with numbers really easy. UFile, I think, is only for Canadian taxes. I love, too, that I can submit my taxes electronically once I’ve filled out that form online—saves me the desperate last-minute dash to the post office before it closes on deadline day!


Michele Satanove
Music•Words•Health
• cello & piano teacher
• nonfiction editor
• health coach
604-740-0423

Carrie said: Jun 2, 2012
 
Suzuki Association Member
58 posts

Quicken

carebear1158

Emily Ann Peterson said: Jun 4, 2012
Emily Ann PetersonCello
Tacoma, WA
5 posts

Thanks guys! Much appreciated!

Barb: I’m checking out MTH right now… looks promising!!

~ Emily Ann

Putting the “Oh!” in “Cello”
website  | twitter | facebook

Priscilla Jones said: Jun 5, 2012
Priscilla JonesTeacher Trainer
Suzuki Association Member
Cello
9 posts

I also use Quicken. You have to create categories for all expenditures and income.
Then quarterly, I sort receipts and reconcilewith my Quicken records. A quarterly job makes it easier than doing it all at once.

Barb said: Jun 5, 2012
Barb Ennis
Suzuki Association Member
Cello
678 posts

Hi Priscilla! Looking forward to being your student at Idaho Institute at the end of the month!

Emily Ann—I’m so happy with MTH. It doesn’t quite do EVERYTHING, but almost, and the support team is extraordinary with help in the event of any issues, and are always listening for feedback for improving things, too. I’m trying to decide which aspect is most valuable to me, and I can’t decide—the online calendar for students, financial records and billing, lending library records, or my website?

I’m sure Quicken is good for bookkeeping. Keeping good records is important, whichever way it’s done.

Barb
Music Teachers Helper—for individual teachers
Studio Helper—for entire music studios or schools

André said: Jun 9, 2012
André AugensteinViolin, Piano
55 posts

very useful tips,especially for me i`m in Brazil
Greetings
André
Violin teacher

Violin Student(International Suzuki Association) in Germany 1987
Violin teacher (International Suzuki Association) in Dublin 1995

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