Mayday

Most people think the term “Mayday” originated from ships on the ocean who were in distress.   I believe this to be false.  

I think the term began when new small business owners realized what was involved in doing their first year of taxes. 

Let me tell you thing or two…

We are running a small machine shop  in northeastern Oklahoma…not a business on Wall Street. 

We are not on the Forbes 500 list. 

We are not involved in any way with the Mob.    

We are not a multi-million dollar business. 

We don’t have criminal backgrounds.

We are not laundering money here.   We don’t even have a washer and dryer.   Smile

So why is the IRS  concerned with our phone bills, bank statements, dental records, and blood types. 

Until today, I felt like I was doing a pretty good job with my record keeping. 

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The CPA I just met with convinced me (unintentionally) that I don’t know the first thing about record keeping.   I’ve been keeping about 15 different kinds of record when I should’ve been keeping 50. 

He gave a me a journal.     Filling this thing out is not what scares me.    It’s the emails I should’ve printed and didn’t.    It’s the combined bank deposits I made that should have been separated.    It’s the credit card payments I made without getting receipts.     I’m overwhelmed by all of the backtracking I have to do.  

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Notice one book is for Income and one is for Payments.   Yeah….there’s actually two books. 

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“Mayday” doesn’t even begin to describe the tax related melt-down I’m having right now. 

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If you would like a job sorting through all of the records that I DIDN’T keep but should have AND if you want fill out these fun little books……you can have this spot.     I need to mention that this job doesn’t pay anything.    Let me know if this is a problem.     Smile

Happy Tax Time!!

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2 Responses to Mayday

  1. Lisa says:

    Oh Pam! I feel for you, and wish I was in the vicinity to help you out! :)

    If it makes you feel any better, when I worked in the accounting firm, we used to REGULARLY get clients come in with shoe boxes full of dockets, just the shoe box and a few bank statements. We would have to fill in the cashbooks manually from the shoe boxes :) LOL Your filing system looks streaks ahead.

    I would have thought that you could get a software accounting program that would do all this for you? The big one for small business in OZ is myob but I’m not sure about the US.

  2. Lisa says:

    But, it’s better with my name as Lisa :) Oh, can you please delete my comments awaiting moderation? Thanks!

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