I am in the process of sending off the piles of paperwork to get my 2016 taxes done and it reminds me how there are two distinct groups in this country.
One group gets their W-2’s and files immediately, receiving and spending their refund before Valentine’s Day. The other group is like me: laboring to get papers put together and scanning documents, hoping that maybe the taxes will just do themselves.
For the last several years I have actually been lucky enough to have my taxes handled by a professional. Because I am stuck in a complicated situation of being a student, owning a business that never turns a profit, and therefore working tons of freelance gigs to make ends meet, my taxes look like a confetti bomb went off every year.
Debra McDaniel is not only a tax accountant, but she has sponsored AMA teams. She gives back to the racing and motorcycle community, while also providing them with tax and accounting service. With clients ranging from race teams to dealerships to museums to individuals, it gives an extra sense of security having someone who knows the struggle of an indie racer handling my tax return.
On top of that, she is clear to handle my state return no matter where I live. One less thing to worry about while I am working on the bike, the van, chasing sponsors, updating websites, finding freelancing work, and the millions of other tasks that make up the life of an indie racer.
If this sounds like a plug, it is. The withholding on your paycheck is just a 0% interest loan you give the government each year, and the tax return is them giving you the balance back. Don’t delay on that. That’s your money to begin with. And if you are dealing with a complicated situation like I am, having someone do your taxes is probably a good idea. Plus, she is into sharks and scuba diving, and that just adds cool points in my book…
Running your business like a business is smart for a number of reasons, but don’t run into tax trouble by treating it like a hobby one day and a business the next. Let a pro cover your bases.
Let Debra know Johnny Killmore sent you and get the sidecar racers rate, too.