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.
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.
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.
Notice one book is for Income and one is for Payments. Yeah….there’s actually two books.
“Mayday” doesn’t even begin to describe the tax related melt-down I’m having right now.
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.
Happy Tax Time!!