For the last few years I've had my taxes done by a close, personal friend who used to be an auditor. While it was always kind of a stressful ordeal, it was always kinda fun, too. I would show up to his place with a big manila envelope filled with receipts and random tax documents in one hand, and two or three good, expensive six packs in the other (obviously I have very large hands). We would have a beer or two, spin some records, and then get down to business.
The actual doing of the taxes usually only took an hour or two. We'd plug everything into TaxACT, check, recheck, and go through to make sure there wasn't anything else we could do that might lower what I would have to pay in. And I would, inevitably, have to pay in. I am, you see, self-employed. And in being self-employed, I only pay my income taxes once a year. Oh, I could do it quarterly, but I don't, because… to be honest with you… I don't friggin' want to. I prepare myself pretty well for this once-a-year kick in the pants, though; every single month when I get paid, I drop 25% of my check into a savings account I have set up solely for paying my taxes. And every year, the amount I have in that account is just barely, and I do mean baaaaarely, enough.
This year (just yesterday, in fact) I (and by "I" I mean my wife, Amber, and I), did our taxes a little differently. This year, we went for the gold. This year, we got the gold. Rather than bothering my buddy, who I know has enough on his plate already without having to deal with me, we went and saw a financial advisor. And let me just say… damn. That guy was awesome. Don't get me wrong, the guy I had helping me in the past was good too, and I'll forever be thankful to him for all the help he's given me over the years, but going to someone who does taxes as part of his livelihood is a totally different ballgame. The things this guy, let's call him Mark (because that's his name), just straight up knew off the top of his head were astounding. Being very familiar with situations like mine, Mark knew exactly what deductions I could and should take. He knew what tax laws were good for 2012 but would be different for 2013. He even gave us some excellent tips that would allow us, just by moving some money around, to save a ton of extra cash while at the same time start saving for my retirement.
I guess what I want you to take away from this is this: You'll never know what you don't know until you talk to someone who knows. In the past I've always been extremely cautious about doing my taxes, especially when it came to what I did and did not claim. And I always felt a little nervous when we were done that maybe we had done something wrong. This time I felt much more confident that things were getting done properly, and that everything that could be getting done was getting done. Because of Mark's expertise, I'm actually gonna have quite a bit of money left over in my taxes account this year. Money I'll be able to use to pay off some debt, or to perhaps put towards the purchase of a home. We'll see. In the meantime, if you're thinking of doing your own taxes this year, especially if you're self-employed, let me just say… don't. Go to a professional. You won't regret it. I'm even having Mark look at my taxes from 2011 and 2010 to make sure we got everything back that we deserved. I'm excited to see what he comes up with.
If you live in the Twin Cities area and are looking for someone to help you with your taxes, I highly recommend that you go see Mark at Gallagher Financial Services. Yes, you'll have to pay for it, and it'll cost you more than a few six packs, but it will also be quite a bit less than places like H&R Block or Liberty or some other such place. More importantly, I guarantee the quality of service will be far superior.
Oh and Keith, if you ever read this, just know that I love you.
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