Tied Up in Taxes

This is the time of year we pull together all the financial information from the prior year so we can file our tax return.

Charlie plays the piano with animation. He can't help it.
Charlie plays the piano with animation. He can’t help it.

We both individually file a Schedule C (Self-employment) with our tax return even though the businesses for both of us are called “Charlie and Jo”.

Schedule C for people who are self-employed.
Schedule C for people who are self-employed.

Charlie is a piano player and I am a singer/manager. Charlie determines how many gigs he’s done and how much money he made. I consolidate his reckonings with my own.

Mileage counts for the most expense for musicians.
Mileage counts for most of the expense for musicians.

We both figure out the mileage for our cars that constitutes getting to and from music engagements.

We're a frugal pair expenses-wise.
We’re a frugal pair expenses-wise.

I calculate investments and expenses both for our personal finances and our business finances. In addition to filling out the multiple page tax packet our accountant sends I also make a cheat sheet  summary version that’s easy for me to see how the money came and went.

This tax information packet is my project.
This tax information packet is my project.

No fun!

Do you prepare your own taxes?

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Author: Jo

Welcome to The Glade, where the second generation of renovations has just begun and the mania about our home, music and other passions fill our days and nights. We’re Charlie and Jo in the music world; Mary Jo and Charles to family; and JoJo and Charlie to each other. We are renovating a midcentury house in a Victorian historic district where we want to live there the rest of our lives. It's a 1946 house located in Maryland. We were married in this house. Thus far (pre-blog) we refinished cabinets, added a window seat (still working on the cushion), rearranged a wall in the guest house due to sink/vanity replacement, planted a vegetable garden, and other quick and not-so-quick fixes. So this latest zeal for construction is the result of my having lived here since 1997 and feeling a need to ready the house for the next chapter and beyond.

14 thoughts on “Tied Up in Taxes”

    1. Once I send the mailer and the accountant emails me questions and those questions are answered I feel the stress lifted for another year. Just waiting for the retirement plan 1099s (which come later and later every year) and I’ll be ready. Jo

  1. We do our own taxes too – well we means I collect the info and my husband inputs it. I’m self-employed as well so there are so many bits and pieces! It seems like a fun game to me though, but it’s probably because I’m not the one actually doing it. 🙂

  2. I was going to do my own in turbo tax but my mom was worried it would mess something up (since I’m a baby and still her dependent). But she talked to her accountant who said it was fine that my taxes are filed separately, and she went ahead and did them for me. Now I’m just having to decide what to do with my giant tax return. I guess being in college has its benefits

    1. I keep my checkbooks on a computer so at the end of the year I simply print it out and every purchase is already categorized. Saves me a weekend of tallying. Jo

      1. I have receipts in four different purses, coat pockets and stuffed in my car glove box. The funny thing is, that is the only area (tracking tax info down) where I am not type A.

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