Yea I just can't afford not to. It has really simplified my life.
On your quarterlies does the software calculate the payment based on the previous years same quarter or the current years quarter actual?
I believe it's the current year's.
It ties directly into my paypal and keeps records of all the income and expense, even separates out what I charge for shipping and what I spend on shipping.
I have a Paypal debit card that I use for office supplies and when I pay for shipping costs in person, and it picks that up and adds it to my expenses as well.
Then it lets you know your estimated quarterly taxes and when they're due. At the end of the year it.
Keeping proper records is taking me about twice as long to process orders, but I think at the end of the year it's going to be well worth it when i've got proper financial records.
I'm really not sure if I'm doing it right though...
For example, when I buy 500 ben boost drivers, i'm going to have that giant payment pop up as an expense for "cost of goods sold", which is going to make my quarterly tax payment go way down. Come the end of the year, when I subtract my ending year's inventory so that I only deduct what I actually sold, it's going to throw my profit margin WAY up, and should stick me with a pretty penny owed to uncle sam.
I need to research tax laws some more. I know with my job I am able to deduct a certain amount each day I work for food expenses, as well as clothing allowances. I've never bothered to do it before, but since my business income is files on my person tax returns I wonder if my work deductions from EMS would be a smart idea to help lower my taxes to uncle sam even more.
