It's become a bit of a tradition around here to talk about what I learned while doing my taxes each year. It seems each year I have to learn a new schedule or form. This year there were a lot of new things to learn. I made some mistakes too, which isn't unusual, whether you do your taxes yourself or pay someone else to do it. Let's get into it.
Learning New Tax Forms
If your financial situation is pretty stable, you can pretty much just copy last year's return with new numbers. Unfortunately, our financial situation has never been stable and this year was no exception. There were several forms that were new to me this year. Early in the year, we declared that WCI, LLC was going to file taxes as an S Corp from now on. We did this primarily in order to save on Medicare taxes. An S Corp splits its payments to its owners into salary and distributions, and pays payroll taxes only on the salary. We figured this would save us $20K or more in taxes this year. So I had to figure out how to tell the IRS that. At first I thought that mean Form 8832 and Form 2553, but in the end it turned out that Form 2553 was enough. If you're on a calendar year, you have until March 15th to turn in that form.
I also had to start filing Form 941, “Employer's Quarterly Federal Tax Return” and its state equivalent. Unfortunately, I screwed it up. Which meant I got to learn form 941X too. The IRS knows the tax code sucks and that people are going to screw it up. So for every form you can file, there's a way to fix it. I've filed plenty of 1040Xs in the past and this year I got to learn how to file all kinds of other correction forms too. I screwed up the W-2s as well. So I got to file a Form W-2c. Unfortunately, you don't file those with the IRS like the W-2, you file it with the Social Security administration. That was fun.
During the year I got a notice that I'd screwed up Form 1065 (partnership return for WCI) on my 2016 taxes and I owed $800. I disagreed. So I told the IRS why they were wrong. They agreed with me and it went away. Apparently, they have as much trouble calculating my taxes as I do.
The big new forms I had to learn this year were the corporate tax return, the 1120S for an S Corporation and in Utah, the TC-20S. It really wasn't much worse than Form 1065 for a partnership, and in some ways much easier. As an S Corp, you don't have to obtain nor enter 1099 forms from the various companies that paid you. So I got to ignore a whole big stack of paper that people sent me throughout the year. It's a five page return that the IRS estimated would take me 240 hours to fill out.
I'm pleased that they were wrong. It probably took me 1/100th of that time to do the form, and I did it by hand. Of course, I probably should have spent a little more time on it, since I screwed that up too. There is no 1120SX, you just file Form 1120S again and check a box for “amended return.” This return was due on March 15th for WCI, and by March 29th I had to fix it. My big error? I used profit where I should have used revenue on the first line! So I'd deducted all the business deductions twice. Oops. What tipped me off? When I started plugging my personal numbers in to Turbotax and it told me I was getting a huge refund instead of having to make the huge payment I was expecting. Since there was no significant deadline on turning in the amended form, I decided to just hold on to it until I was done with my personal return in case I screwed something else up. Which was good, because not only did I screw up this form once, I did it twice. It turns out you don't deduct your business mileage on your corporate return the same way you do on a partnership return- you reimburse the employees for their mileage and then deduct that reimbursement as a business expense. I also forgot to put all the payroll taxes the business paid for Katie and I on to the form as a business expense. The first time with any form can be painful. I often discover that the state tax forms are even more painful than the federal ones. The TC-20S has 13 pages compared to the 5 pages of the 1120S. Luckily I only had to fill out 6 of them.
The corporate return also has another requirement that partnership returns don't have- you have to report a balance sheet for the business to the IRS. Since we're just flying by the seat of our pants over here at WCI, we'd never actually made an official balance sheet. So I got to learn all about balance sheets. I should have been a business major I guess instead of a molecular biologist. Luckily, this business doesn't own much, so it wasn't too hard. Assets? Well, the bank account and the paypal account. Liabilities? Well, there's a credit card account that we put a few expenses on. Inventory? None. The only other real asset is the website itself, which is pretty tough to value, so I just made something reasonable up.
By the time I'd finished all this corporate tax stuff up, I was about ready to hire an accountant to do it all for me in 2018. It wasn't that the screw-ups bothered me; I stopped worrying about errors on tax returns a long time ago. It was simply the time required to do it all. So that may be in my future, we'll see. Certainly all this stuff is way easier the second (and third) time.
Safe Harbor Screw Up
But wait! There's more. Just when you thought I couldn't screw up even more on my taxes, I found out I had a $1,000 penalty due. I'm quite familiar with the Safe Harbor rules. Heck, I've written a blog post about them. A lot of people don't realize the difference between what is withheld and what is actually owed, but the IRS requires you to withhold a certain amount of money as you go along throughout the year no matter what you owe at the end of the year. Since that can be hard to calculate, especially with a variable income, there are some rules that if you follow you will be able to avoid any penalties, although you'll still have to pay any taxes due on April 15th. Basically, the safe harbor rule we use is paying 110% of what we owed last year as we go along. But this year it wasn't as simple as prior years, when I had just taken what I paid last year, multiplied it by 110%, divided it by four, and sent that amount in once a quarter as an estimated quarterly payment. Not only did I have to make those estimated quarterly payments, but I also had to send in money with Form 941. I overestimated how much I would have to pay with Form 941, and thus made quarterly estimated tax payments that were too small. By the time I realized the error, it was too late. The penalty for underwithholding works out to be about 2.66% per year, and since I underwithheld about $50K, that worked out to be a penalty of a little over $1,000. The only good news is my portfolio did much better than 2.66% last year, so I actually probably came out ahead “borrowing” this money from the IRS to invest. I'll make larger quarterly payments this year to avoid that penalty. I was actually amazed how little I was required to withhold with Form 941 once I calculated it correctly.
The Home Office Deduction
In previous years I've never taken the home office deduction, simply because we didn't qualify because there was no space we used regularly and exclusively for the business. Well, this year we set up a bedroom downstairs as the video/podcasting studio. Since it was such a big pain to set up and take up, we just left it up and our use of that room by the business became exclusive. And since we make podcasts every month, well, our use became regular. Voila! We qualify. I love the new simplified version of this deduction. It's $5 per square foot for 2017 and you don't have to keep track of utilities, insurance, mortgage interest, or depreciation. 30 seconds with a tape measure and the $775 deduction was mine. It might not be much, but it beats a kick in the teeth.
Bunching
Our effective tax rate this year was 30%, which is actually LOWER than last year despite having a higher income. This is for two reasons. The first is all that Medicare tax we saved by becoming an S Corp. The second is due to all of the bunching we did at the end of the year due to the changes in the tax code for 2018. Regular readers know we gave away more than we spent in 2017. In reality, we gave away twice as much as we spent for 2017, because we bunched 2018 charitable deductions into 2017 to take advantage of the change in tax rates. In addition, I paid my 2017 Utah state taxes in December instead of April like I usually do. This effectively doubled our itemized deductions, significantly lowering our taxes. We'll be taking the standard deduction for 2018, especially given the SALT limitation and the fact that we no longer have mortgage interest. In reality, our 2017 taxes look artificially low and our 2018 taxes will look artificially high, but overall, we'll come out ahead for bunching those deductions.
K-1 Annoyance
If you've been involved in partnerships, either for your practice or for investments, you know that K-1s seem to take forever each year. You haven't even started your taxes and other people already have their refunds. In fact, lots of partners file an extension for their taxes simply because of this issue. While W-2s and 1099s are supposed to be distributed by the end of January, K-1s don't have to be distributed until March 15th. However, since the penalty for distributing K-1s late is only $50 per partner, it happens all the time. I had one K-1 from Equity Multiple that I was still waiting for the week taxes were due and its not uncommon for K-1s to come AFTER April 15th. If you get into a lot of “accredited investments” be prepared for this hassle and expense. One more great reason to stick with index mutual funds I suppose.
Minnesota Tax Return
I also got to learn the Minnesota tax return this year thanks to my investment in Physician on FIRE. I just used Turbotax, and while it cost me $50, it only took a few minutes. In general, Minnesotans like their government a lot more than Utahns and send them a lot more of their money. However, they have a pretty cool little provision for non-residents that if your “Minnesota Gross Income” is less than about $10K, you don't owe any taxes. I still had to file the return because PoF withheld some taxes for me, but I should get them all back. A nice little boost to my ROI I can't wait to file a “West Coast” return next year for PIMD.
Utah Tax Return
Speaking of getting money back, I'll be getting a few thousand back from Utah too, despite the fact that I'll be writing a big check to the feds. That estimated tax payment I made in December was a little too big. But that's a good thing because the income that gets added back into my 2018 taxes due to that refund will be taxed at a lower rate. I probably should have written an even bigger check!
Looking Forward To Next Year
2018 tax planning is the most exciting it has been for years. Not only will we benefit from all these lower tax brackets, but we also expect a huge deduction for the pass-thru business deduction for WCI, LLC. A reader tells me the ideal amount for us to pay ourselves as salary is 28% of profit, which seems about right. That maximizes our pass-thru deduction while minimizing the Medicare tax due. We'll be hurt by not being able to deduct our state taxes anymore (at least beyond $10K for state income and property taxes combined) but we won't be doing that anyway this year as we'll be taking the new higher standard deduction. I think when you add it all up, our effective tax rate will be about the same for 2018 as for 2017, but it's really a guess at this point. Last year, I budgeted 32% of income for taxes, and it came in at 30%, so that difference was a nice “windfall” to invest this month. Maybe we'll see another “windfall” next year.
What do you think? What did you learn this year doing your taxes? What mistakes did you make? How much of your taxes do you think are worthwhile doing yourself? How much do you pay for tax prep? Comment below!
You are a better man than me, WCI. I think I would have hired an accountant in your situation given the complexities. I am all about learning how to do it yourself so that you understand the tax law better, but it seems like this was quite the hassle!
Given that my taxes are not complicated yet, I still use turbotax. Makes life pretty easy, IMO. Should my side hustles ever get large enough, it seems that an S-corp might be the way to go to take advantages of salary and distributions.
Is there a number where an S-corp simply makes more sense than a sole proprietor?
More than any time in years, I’m actually considering hiring one. Mostly for the corporate stuff and just to use the time spent doing this doing something else. It’s interesting the first time, but after a while it will probably feel like busy work.
How on earth did you figure out all those mistakes so quickly? I probably would have hired an accountant to double check my work at this level of complexity though it’s interesting to see someone trying to figure it out on their own.
I’ve always believed it is best to fail quickly and get it over with. The withholding screw-up became obvious when I went to do the 941. The 941/W-2 screw-ups became obvious when I went to do the corporate return and the corporate screw-up became obvious when I went to do the personal return. They all feed forward to the next return.
On a bright note, I didn’t screw up the 5500-EZ. 🙂 Seriously though, a form is so much easier the second time it’s like cheating.
I’m with Physician Philosopher, I always do my taxes by hand and I love to see what’s actually happening but your situation is pretty complex for me. Kudos to you – but yet another piece of evidence to support my hypothesis that you don’t sleep much 😉
I didn’t sleep very well last night. I was thinking about an upcoming canyoneering trip. Too bad it’s so hard to use that sort of “found time” productively.
I just converted my businesses this year to S corps. I found this post enlightening. I do have an accountant and now I better understand why we are paying the safe harbor 110% divided into 4 quarterly payments of last years tax. I try to understand the accounting.
In this blog post you said you overestimated how much you would have to pay with for 941 and sent in quarterly payments that were too small. Did you mean you underestimated?
I had the same question – you had to have underestimated your estimates if your payments were too small!
I did a large IRA conversion and I assume that if my payments towards Federal Taxes are 110% of my liability for last year’s tax, I can owe a large amount of Federal tax and still not be penalized? Is this correct?
No, at the beginning of the year I overestimated how much I’d pay with the 941. So I made my estimated quarterly a little too small. Remember the total of money withheld plus estimated payments must equal 110% of last year’s burden to stay in the safe harbor. When I got to the end of the year and did my 941, I realized my error and knew there would be a penalty, but it was pretty much too late at that point. It won’t happen again this year.
Learned a new word (Utahn). The rest is quite interesting, but I haven’t yet earned the privilege of complicated taxes. Your halfway to your CP, so maybe “White Coat Accountant” can be your next venture.
Not very useful for me. I use an accountant and wasn’t very interested in all your gyrations. First article I skimmed quickly.
I am a CPA and I found a lot of inaccuracies in the information you are disseminating. I recommend you have an EA or CPA proofread the article before putting it online.
Thanks for your recommendation. Why not just point out the inaccuracies and I’ll either fix them or we’ll have a discussion about why I don’t agree with you about them being inaccuracies. I’m also curious why you read my stuff if you think it’s inaccurate.
I’m amazed that everything else I’ve ever written was useful enough to you to read every single word. I’m going to take this one as a compliment!
well said. Love it
I do my own with TaxAct, which I originally found to be more intuitive and less expensive than TurboTax and now use because it is easier to import past data (e.g., depreciation). I do want to emphasize that it is important to understand what is going on under the hood of the software because it is easy to make an error answering the questions unless you know how the answer will be applied. I learned by working through the forms manually, but now I am comfortable with the key decision points in entering the data. WCI’s experience raises one other point: the IRS is often wrong in their letter audits. Treat these as requests for information, which they are, and not court orders. It once took me three tries to get the IRS to understand how to read Form 1098T correctly.
Yes – another fan of TaxAct here. It easily let’s me see what’s behind the curtain and I can adjust anything very simply.
I have received letters from the IRS 2 times.
First time, they were simply wrong. They said I hadn’t used my HSA for medical expenses. I sent them a copy, which they already had, showing I had. This had bumped me from being able to deduct part of student loans to not, so they had to correct themselves there as well. And then, the penalty and interest were removed.
Second time was my first year as a partner. I messed up a little on the partnership portion. Owed a small payment plus penalty. Was a fairly inexpensive lesson that was far cheaper than hiring a CPA would have been.,
Good to know that I am not alone in hating k-1s.
The inconvenience of K-1s is part of why I use direct real estate investments instead of third party. Although I am aware of the irony of that statement as I am in the middle of replacing a storm damaged roof on one of the properties.
Ha ha. I’d rather do dozens of K-1s than take care of a single family rental any day. If I were a long-term direct real estate investor, I would DEFINITELY be using an accountant. That was by far the hardest thing I’ve ever done with taxes.
LOL…It always seemed to me that I had to do all the work organizing the records anyway, so I might as well plug them in to the software. It may be just familiarity, because I would be intimidated by the business tax forms you described in this post.
Thanks to this website I did my own taxes which included 2 LLCs and an S-corp. I have had 2 accountants in the past because I did not want to “deal” with the headache of taxes. I realized that as a fairly new physician with minimal net worth, I was not a priority. In fact, both accountants I used were slow to repsond to any of my questions and both made mistakes on my taxes. By doing my taxes myself,
1. I found more deductions for myself than my accountant.
2. I saved a LOT of money by not using an accountant.
3. Its highly unlikely that my mistakes will cost me more than using an accountant.
4. I am now knowledgable enough to direct friends and colleagues to appropriate tax resources.
I hope that I just had 2 bad experiences with accountants but after talking with colleagues, I think it may be more common than I thought.
I’m curious why your net worth had anything to do with poor service. Accountants generally aren’t paid AUM fees like many financial advisors. Usually if you have a complex return, you pay more.
I’ve had six accountants (CPAs and basic accounting) over the years for different businesses.
All of them have made tax filing mistakes significant enough to fix after I pointed them out. All of them. Some honestly didn’t know the rules, some didn’t care enough to research them properly, some were grey areas we disagreed about. In the end, it’s your money going to pay taxes (and your personal liability), so it’s worthwhile being familiar enough to ask questions and spot potential errors. If it wasn’t cost prohibitive, I’d probably have two different firms prepare the business taxes and compare results.
Tax forms make my head spin. If the great WCI can’t do it without making a bunch of mistakes and refiling forms with Xs at the end, and even the IRS can’t get it right (I had to argue a bogus penalty a few years ago, too), I am happy to trust this task to a professional.
I still look over all the forms afterward and do my best to understand what’s going on, but the money I spend on a CPA is money well spent and a lot of stress prevented.
Best,
-PoF
My sentiments exactly.
The great news about tax prep is it is far cheaper than hiring someone to manage your investments. At your level of assets, that would likely cost $30K+ a year for a typical advisor. I’ll bet you paid less than $1500 total for both personal and business tax prep. It’s just not in the same ballpark. Take one more call and you’ve paid for it. You might work a whole month to pay for investment management.
I certainly have no problem with a doc hiring out their tax prep. I do like showing it is entirely possible to learn how to do it on your own if you want to. I also want to show that making a few mistakes isn’t the end of the world. I would feel more reassured about hiring it out if I would quite running into docs who have done so and had CPAs screw up their taxes for them! I can’t believe how many screwed up 8606s I’ve seen over the years, for instance.
Unfortunately the professionals make a lot of mistakes.
Not on our business taxes(well not to my knowledge), but just our routine business accounting(partnership payment rules) our practice’s accountant made at least a half dozen errors that affected me over the years. So either I was extremely unlucky, or he actually made hundreds of errors over the whole group over the years.
Great post — thanks for giving us all some insight into the complexities of a successful ‘side hustle’.
Quick question regarding 2018 taxes. You said you plan to take the standard deduction for 2018, but won’t your huge amount of charitable giving each year make it worthwhile to itemize, even given the SALT limitation and absence of mortgage interest? My understanding is that charitable giving is still deductible and in fact is even better now that the Pease limitations have been eliminated.
Gave most of what we’ll give for 2018 the last week of 2017. The rest we’ll give the first week of 2019. “Bunching” made sense for us this year, but probably won’t again for a long time.
You are correct that charitable giving is still deductible, although I felt it was more worthwhile to get a deduction at a 45% marginal tax rate than a 42% marginal tax rate. I’m sure the charities don’t mind getting the money a little early either.
Thanks for your humility, sharing your mistakes. I had remembered my first 2017 estimated payment wrong. Luckily the IRS sent their notice prior to the taxes being due (received April 16) so I just didn’t pay the $3 penalty anyways.
Thanks for sharing. Good post. Been doing taxes past couple of years, and learning a lot, but man – what. a. chore. Will be going to CPA soon.
in my mind a multi millionaire should have a cpa do it; no ifs ands or buts about it
There’s one other benefit to me doing it that makes me a little different fro a typical multi-millionaire- I got material for 3-4 blog posts out of it.
Hahaha love it.
I hate that I love thinking this way now. Anytime something interesting finance, tax, or wellness related can turn into a post.
Appreciate your honesty about it.
one of the benefits of being a W2 employee with a high income: I can do my taxes in a few hours. The income side is easy (enter one W2), the deductions are easy (I dont qualify for much), vanguard imports all my data for brokerage acct. Not much else to do…the most time-consuming part was entering each of the 2 dozen charities we gave to and all the goodwill receipts. Even that should be easier in 2018 as we started a Donor Advised Fund
Envy is an ugly emotion, but I’m feeling it right now. 🙂 You’re right though that there are very real benefits to a simple financial situation- one W-2 job, one brokerage account etc.
On the flip side, many of the advantageous things in the tax code are for business owners, farmers, real estate investors, and other folks who aren’t wage earners working for “the man”. As a W-2 employee with a taxable brokerage account and some charitable giving, you have a pretty straightforward tax return, but at the cost of less favorable tax treatment.
absolutely…simplicity has its price! But thats what I made the comment. Much of this site is dedicated to 1099 and K1 docs and all the tax advantages that can be had being self-employed.
I’ve been doing my own taxes for over forty years, first via paper and pencil, then via software since the 80’s (1st edition of MacinTax). IMHO, the time spent filling out the forms and filing the returns is fairly insignificant, especially once decent software became available and tax law changes reduced some complexity (I still remember keeping every single receipt and adding them up to get the sales tax deduction, not to mention the old home office deduction). The big time suck is learning enough about tax law to make wise tax decisions and maintaining an effective organizational system. If I ever decide to have a CPA “do” my taxes, how well I know the laws and how well I organize my records will help me better judge the competency of the CPA and keep the costs reasonable. The bill will be much larger if I hand over a huge pile of unorganized records and/or need a great deal of planning support.
I have found one side benefit to learning to do my own taxes; I am in a much better position to help other family members with their taxes. This extends the the value of my educational investment.
Excellent points. I totally agree the organization is far worse than the actual preparation.
I agree with this sentiment; the cost savings aren’t limited to the difference between your personal “hourly rate” minus the accountant’s. The majority of the benefit is having an understanding of the tax code and making rational decisions based on that. Nearly all of my family uses a CPA and multiple times when I’ve talked with them, I’ve come up with additional deductions they qualify for (or can qualify for by changing this or that). The differences have been many thousands a year even for people without physician incomes. No one knows more about your financial situation than you. Furthermore, a lot of the CPAs I’ve seen have also been “financial advisors” and directed people to put money in some tiny non-vanguard brokerage account/IRA that they get a kickback from.
Jim your time is worth at least a couple hundred bucks an hour (and probably a lot more than that). I respect the desire to know the code and getting the satisfaction of handling taxes by oneself, but after buying a kit to handle changing to an S Corp and learning that I’d have to deal with state and city tax returns, I gave up and just hired a CPA. About $650 and additional $150 a quarter for the payroll returns. Some of the best money I’ve ever spent.
You may find I’m right there with you by this time next year.
Ugh…city taxes. Yuk! The state ones are bad enough.
I have a CPA. – he charges me $600. The last time I did my taxes on my own from start to finish, it took me 12 hours (about a third of which was collecting data). I still have to collect all the data, but handing it over to the CPA, that 5 or 6 hours …I’d rather be doing something else.
This year I have W2 income (2/3 of all my cheese), self employment moonlighting (1/3 of my cheese). The main question I have for 2018 is: should I stop using my SEP-IRA (where I usually just plunk the max) and open a solo 401K? Sounds simple but the devil is int the details.
I have no other tax deferred accounts this year (work 401K) and my SEP or Solo 401. The problem is that the new boss said he would give me a $10,000 401K match…but neglected to mention that the plan has a five year vesting structure. So, the $10,000 match is useless to me as I will be moving to NC in less than two years. I explained to him that the match was presumed immediate by me. He said he can give me the $10,000 outside the account….which is then taxed and loses the deferred tax on earnings forever.
Anyway, I figure I will put $10,000 in his 401K to obligate the $10,000 match and work out how he pays it to me unless he doesn’t “make me” as his 401K also stinks (poor funds, high fund fees). That leaves another chunk of 401 money (elective deferral of additional $14,500) and the “Employer” contribution in the Solo 401 option or I can just use my SEP-IRA again and put the usual $30,000 in there. The $30,000 that goes in the SEP reduces taxes on my moonlighting income. A new solo 401 could put $14,500 and then a calculated amount for the “Employer (me) profit sharing contribution”.
I’ll have to have the CPA run all the possible scenarios taking into account the possible use of the 20% pass through on the moonlighting business (for which gross receipts are $160,000 and profit is about $150,000).
I think that’s a good summary- hiring the CPA might save you half the time. It certainly doesn’t eliminate all of the chore of tax prep.
The new 2018 over 6,000 pound work vehicle is great. 100% deduction first year! If you have multiple cars, can maximize deduction and then give to family member and buy another one, the next year. If you sell or trade in, you lose the big tax savings. I guess this is a stimulus to the car industry? Either way, a good way to get a savings on a large vehicle, if done properly.
I guess, if giving a car a year away to family members is part of your financial plan.
Wow, your tax situation sure does sound rather complicated! Do you have the best tax scenario filing as an LLC? Or perhaps your situation could be improved further by filing under a different classification? From what I know, having a good CPA on your side can really help you to actually save money on your taxes. Consider it an investment; the question is not so much how much will they charge you for their services, as much as it is how much can they save you on your taxes?
Luis
You can’t file as an LLC. WCI files as an S Corp (1120S). WCI used to file as a partnership (1065), and before that, as a sole proprietorship (Schedule C) on our personal return.
When investing with 3rd party real estate sites like equity multiple would I have to file state taxes for the state the property is located in? Assuming equity or interest profit from investment.
Thanks
For debt investments no. For equity investments yes. My Equity Multiple property is in Texas- state tax free, although I do have to pay Utah state taxes on it.
How come you have to pay Utah state taxes on it if the money was earned in another state?
Same reason you have to pay federal (and state) taxes on money earned in another country- because you’re a resident of this one. If you pay tax in another state on income there, you can take a credit on your state taxes most of the time.
There is no better teacher for taxes (and tax strategy) than doing them yourself
Good article and kudos for writing about your mistakes.
I use an accountant. Our return, two returns for our children (minors), the mother-in-law’s return and a nanny W-2/W-3. I don’t think any of it is overly complicated, but he is a great resource, promptly responds to tax-related questions throughout the year, has been a great source of advice about major slightly atypical tax situations the last couple of years and conveniently located. Plus, I like having someone there to handle any audit scenarios. Yes, I make sure everything is very organized before handing it over, but that might be an hour or two on a Saturday morning. As I see it, we make a lot of money, save tens of thousands by being DIY investors, and our time is valuable. Omce the pain of doing WCI taxes >>> the need for new blog material, get an accountant and thank me later.
I wish it only took me an hour or two a year to stay organized. I wish I could hire an accountant to do THAT more than prepare the taxes.