I hate tax time (in Australia we operate on a July to June financial year) – not just because I have to give my government almost half of what I earn (I see this as a responsibility to give something back to the land I live in) but because of the paperwork and because it exposes my lack of bookkeeping skills.
As a result – I’ll be scarce today.
Off to see the accountant.
Note to self - learn how to file! :-)
My name is Darren Rowse and I’m a full time Blogger making a living from this new and dynamic medium from blogs like Digital Photography School and TwiTip - Twitter Tips.
Back in 2002 I stumbled upon an article about ‘Blogging’. I didn’t know it at the time but that moment changed my life. Since then I've become a full time blogger and have blogged on over 20 blogs and co-founded the b5media blog network.
You can connect with me via social media sites at Facebook (friend limit reached) - Facebook Fan Page - LinkedIn - ProBlogger on Twitter (also ProBlogger.com on Twitter) - SU - FriendFeed - Digg
15 Responses to “Tax Time” - Add Yours
Jeremy Couch
July 26th, 2006 12:08 pm
Giving something back may be a responsibility you feel you have, but do not confuse giving something back freely and the government taking your money with force if you do not comply with the orders. These are very different terms.
Jeremy
Terry
July 26th, 2006 12:37 pm
That used to stress me out until I hired professionals.
Hired a bookkeeper, accountant, and tax attorney. Costs
about $700 a year but saves ALL the hassle and saves
much more than their fees.
Now I just work the sites and blogs and hand these folks
the paper. Done.
Terry
Swade
July 26th, 2006 2:03 pm
You oughta start a blog about Xav and see if you claim all kid-related expenses as a deduction!
Ah, I love sticking it to the ATO (in a legally defensible way).
Damien
July 26th, 2006 2:17 pm
Speaking of blogging and taxes, anyone know how to sort the math out for a passive income from AdSense? :S
Keeton
July 26th, 2006 2:19 pm
With the American tax system, we get to write off business expenses that accrue during our course of business. One of the beauties of the web-publishing business is that we can endeavor into hundreds of fields of interest and claim them all as legitimate business expenses. I live in the Dallas/Fort Worth area of Texas, and my wife and I are considering starting a DFW restaurant review so that all our meals out will be deductions!
http://www.howtoadvertise.net/How_to_Earn_Tax_Deductions_from_Your_Website.php
Clarke Scott
July 26th, 2006 2:55 pm
I feel ya pain Darren ;)
PreZ
July 26th, 2006 3:07 pm
pay yer taxes ozzie!
andy
July 26th, 2006 3:45 pm
Can’t you get an extension? here in the states you can automatically get one just be sending in one short document, then you’ll have the time to go over your taxes properly…
Are you operating under a company? shouldn’t that lower your taxes?
Darren Rowse
July 26th, 2006 4:35 pm
no need for an extension. I’m not saying it’s out of control or beyond me – just that I don’t like it. I have a good accountant who’s set me up with a good structure that is legal and minimises what I have to pay. I pay what I owe according to the law and no more than that. I don’t go into details of how I’m structured but in the last year have moved to have a company and trust system.
Anyway – it’s all in and is out of my hands now. So now I can get back to doing what I need to do…. blogging.
Andy Merrett
July 26th, 2006 5:01 pm
Ahh yeah – taxes. I’m now entering the murky world of filing my own tax returns. At least we can do ours online, and things aren’t too complicated for me yet. Good luck with it – one of those admin things we could all do without but important to get right.
ryderandco
July 26th, 2006 6:42 pm
great idea for a blog, you have all our support. come see us for a giggle.
HART (1-800-HART)
July 26th, 2006 7:13 pm
Keeton .. I would check with your local tax accountant .. your assumption to become restaurant reviewers and then suddenly being able to deduct 100% of your meal expenses – is not accurate –
Not everything you read on a website or in an E-Book regarding ‘tax savings ideas’ follows the latest tax laws and some research and due dilligence should be made regarding some of the concepts discussed. If you have no accountant – call the 1-(817) 978-3477 help line at IRS in your area for assistance.
While I was talking to them, I would also discuss your DieselEarth.com “tax savings” plan as you write on your linked page, but don’t mention names or else they will be watching you with fresh red pens.
Matthew Bennett
July 26th, 2006 9:45 pm
Have you tried Getting Things Done as a paperwork system. Last year I was a complete disaster in this area and now it’s all been sorted for 6 months. Works great for me.
Bryan Fleming
July 27th, 2006 1:09 am
I’d be really upset giving away 1/2 for taxes. The states don’t work like that thank god. We get the deductions.
- Bryan
http://www.bryancfleming.com
Darren Rowse
July 27th, 2006 10:30 am
Yeah – 50% is an exaggeration – my wife tells me I always exaggerate! Our top tax rate is 45 cents in the dollar (last year it was 47) for every dollar over $150k (was 95k). And you can claim deductions of course. All business expenses for example – so my computer purchase this year, office furniture and running costs etc. So in reality it’s substantially under 50%.
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