Sax Player Bookkeeping 101
Hey Blog people! Greg Vail - Saxophonist - here with some professional advise on Bookkeeping, based on years of advanced evolution and outstanding success.
First we must redefine "Outstanding." It can mean really really good. Or, it can mean out standing, as in, the opposite in IN standing. Let's see - President Bush is out standing in his office - He is out of a job very soon, yet is standing in his office. President Bush has not done an outstanding job - he has not been praised often for a job really really well done.
I don't really think this is working very well, so I guess I'll just start with the Sax Player Bookkeeping Basics 101
1. Keep everything you might need for taxes.
- Little piles everywhere so you have ease in finding them. Your car, your wallet, your desk, your bathroom ect...
- Once in a while, clean them up into 1 location - shoe box, file, something you might be able to find next time you want to clean up again.
2. Write on everything to help you remember what that piece of paper was for.
- try to do it within a week or 3, maybe within a few months of the event, but you can always make it up later.
3. Get a really good CPA that knows to file extensions when he or she has not heard from you before April 15th.
4. Do a really big clean up on January 1st or some time close to the first of the year to save time sorting receipts from 2 different years at a time.
- remember this rule before April 15th so you only have a few months receipts in with the wrong tax year for later sorting.
5. Send your 1099's to sidemen by Feb 1.
- then you can feel like you are way on top of taxes for this year and put everything aside for many months!
6. Start a new pile or file (yes they must rhyme for a reason) with all your received 1099's and W2's.
NOW - a few facts are in order to prioritize the next few months.
We are musicians - SAX PLAYERS for God's sake.
We have not filed taxes without an extension in forever!
We have a great CPA that will file the extensions if we don't get around to calling, so don't worry about it. The double extension date is not until October 15th! That is months away and you will get to it, you always do!
Justify our occupational tendencies for creativity and not numbers.
Go about a new enthusiasm for all that is creative, to justify the lack of any progress on your tax filing.
Write a song.
Practice your saxophone.
Let yourself enjoy the new work that is now picking up around April and return calls, book gigs and play your heart out.
Oh yeah, Take a look for receipts and bills and stuff and throw more into a shoe box for that moment you feel ready to start playing with numbers.
7. Add the letters you are getting from your CPA to this file of 1099's. They will cover when you have to have everything in for that extension.
8. As you realize you missed the first extension, begin writing TAXES on you to do list.
9. Sort out the Bills and Receipts from the 2 different years you are now in. The piles will have become one larger pile or file by now, so you must start somewhere.
10. By now, you are in the middle of a busy Summer and see October 15th months away, but do realize you must start stressing out about it. This is the first real step to action.
11. Stress Out!
12. Finish writing off Summer as a good time to do taxes since it is so busy and wait for school to start. If you have kids you will have more time then. If you are in school, you will be more in a number space to do the needed tasks to finish your bookkeeping.
13. You should have a letter from the great CPA by now, reminding you that to get everything filed by October 15th, you must have your stuff in to the office by October 1st.
16. Stress Out!
17. Freak Out!
- You now realize you only have a few weeks to do forensic accounting for a tax year that is really old stuff now.
18. Get a large table and start looking for all your piles / files.
19. Sort your bills by year and place in a file, organized by month, newest to oldest.
20. Find 1099 and W2 pile and figure out your income first.
21. Look for the other 1099 pile since you know you saw some you don't have right now.
22. Once you have a good idea what your income was, you know how hard you have to work at finding those deductions needed to stay off the street.
23. Sort, file, document, organize, date, descriptions, file, paper clip, work sheet your way into a balance sheet of expenses for your personal, business, auto and medial expenses.
24. If you have a work sheet from your amazing CPA, input all the information you have into that worksheet, realizing the categories and titles you used are very different than what a CPA uses.
25. Redo much of the math to get the deduction description and expense to actually match.
26. Miss the first appointment you had since you were not even close to ready.
27. Pray for an opening when you are ready!
28. Call your CPA, first time in probably 12 months, and schedule a new appointment, now that you have everything together.
29. VERY IMPORTANT - Go back over everything and double check for any blaring mistakes.
30. Spend the next 20 hours, straight, fixing a few things you might have found.
31. Sleep for an hour or 2.
32. Go spend the day with a number person.
33. Leave the office feeling great relief that you are done.
34. Enjoy this day! THIS IS THE ONLY DAY OF THE ENTIRE YEAR YOU CAN BE GLAD THAT YOU HAD A HORRIBLE YEAR AND MADE NOTHING LAST YEAR. ALL THE CREDIT CARD DEBT, NEW MOUTHPIECES, SAX REPAIRS, ENTERTAINMENT EXPENSES, DRIVING 1000 MILES FOR A BAD PAYING GIG, NOT GETTING PAID FOR THAT SESSION - IT ALL PAYS OFF TODAY!
35. Promise you will never do it this way again.
36. Sleep as long as you can since you really have not slept long or well in weeks.
37. Get back in the swing of things and know it will all happen again next OCTOBER!
NOTE - There will most likely NOT be a Sax Player Bookkeeping 201 article anytime soon...
Yes, it is October 8th and I had my appointment yesterday and owe nothing because I spent way more than I made again! IT's good to be me, today!
Off to the beach to celebrate a job well done, by the numbers and completed before the REAL TAX DEADLINE of OCTOBER 15th!!!
YEAH!!!!!!!
Peace out.......................................................
First we must redefine "Outstanding." It can mean really really good. Or, it can mean out standing, as in, the opposite in IN standing. Let's see - President Bush is out standing in his office - He is out of a job very soon, yet is standing in his office. President Bush has not done an outstanding job - he has not been praised often for a job really really well done.
I don't really think this is working very well, so I guess I'll just start with the Sax Player Bookkeeping Basics 101
1. Keep everything you might need for taxes.
- Little piles everywhere so you have ease in finding them. Your car, your wallet, your desk, your bathroom ect...
- Once in a while, clean them up into 1 location - shoe box, file, something you might be able to find next time you want to clean up again.
2. Write on everything to help you remember what that piece of paper was for.
- try to do it within a week or 3, maybe within a few months of the event, but you can always make it up later.
3. Get a really good CPA that knows to file extensions when he or she has not heard from you before April 15th.
4. Do a really big clean up on January 1st or some time close to the first of the year to save time sorting receipts from 2 different years at a time.
- remember this rule before April 15th so you only have a few months receipts in with the wrong tax year for later sorting.
5. Send your 1099's to sidemen by Feb 1.
- then you can feel like you are way on top of taxes for this year and put everything aside for many months!
6. Start a new pile or file (yes they must rhyme for a reason) with all your received 1099's and W2's.
NOW - a few facts are in order to prioritize the next few months.
We are musicians - SAX PLAYERS for God's sake.
We have not filed taxes without an extension in forever!
We have a great CPA that will file the extensions if we don't get around to calling, so don't worry about it. The double extension date is not until October 15th! That is months away and you will get to it, you always do!
Justify our occupational tendencies for creativity and not numbers.
Go about a new enthusiasm for all that is creative, to justify the lack of any progress on your tax filing.
Write a song.
Practice your saxophone.
Let yourself enjoy the new work that is now picking up around April and return calls, book gigs and play your heart out.
Oh yeah, Take a look for receipts and bills and stuff and throw more into a shoe box for that moment you feel ready to start playing with numbers.
7. Add the letters you are getting from your CPA to this file of 1099's. They will cover when you have to have everything in for that extension.
8. As you realize you missed the first extension, begin writing TAXES on you to do list.
9. Sort out the Bills and Receipts from the 2 different years you are now in. The piles will have become one larger pile or file by now, so you must start somewhere.
10. By now, you are in the middle of a busy Summer and see October 15th months away, but do realize you must start stressing out about it. This is the first real step to action.
11. Stress Out!
12. Finish writing off Summer as a good time to do taxes since it is so busy and wait for school to start. If you have kids you will have more time then. If you are in school, you will be more in a number space to do the needed tasks to finish your bookkeeping.
13. You should have a letter from the great CPA by now, reminding you that to get everything filed by October 15th, you must have your stuff in to the office by October 1st.
16. Stress Out!
17. Freak Out!
- You now realize you only have a few weeks to do forensic accounting for a tax year that is really old stuff now.
18. Get a large table and start looking for all your piles / files.
19. Sort your bills by year and place in a file, organized by month, newest to oldest.
20. Find 1099 and W2 pile and figure out your income first.
21. Look for the other 1099 pile since you know you saw some you don't have right now.
22. Once you have a good idea what your income was, you know how hard you have to work at finding those deductions needed to stay off the street.
23. Sort, file, document, organize, date, descriptions, file, paper clip, work sheet your way into a balance sheet of expenses for your personal, business, auto and medial expenses.
24. If you have a work sheet from your amazing CPA, input all the information you have into that worksheet, realizing the categories and titles you used are very different than what a CPA uses.
25. Redo much of the math to get the deduction description and expense to actually match.
26. Miss the first appointment you had since you were not even close to ready.
27. Pray for an opening when you are ready!
28. Call your CPA, first time in probably 12 months, and schedule a new appointment, now that you have everything together.
29. VERY IMPORTANT - Go back over everything and double check for any blaring mistakes.
30. Spend the next 20 hours, straight, fixing a few things you might have found.
31. Sleep for an hour or 2.
32. Go spend the day with a number person.
33. Leave the office feeling great relief that you are done.
34. Enjoy this day! THIS IS THE ONLY DAY OF THE ENTIRE YEAR YOU CAN BE GLAD THAT YOU HAD A HORRIBLE YEAR AND MADE NOTHING LAST YEAR. ALL THE CREDIT CARD DEBT, NEW MOUTHPIECES, SAX REPAIRS, ENTERTAINMENT EXPENSES, DRIVING 1000 MILES FOR A BAD PAYING GIG, NOT GETTING PAID FOR THAT SESSION - IT ALL PAYS OFF TODAY!
35. Promise you will never do it this way again.
36. Sleep as long as you can since you really have not slept long or well in weeks.
37. Get back in the swing of things and know it will all happen again next OCTOBER!
NOTE - There will most likely NOT be a Sax Player Bookkeeping 201 article anytime soon...
Yes, it is October 8th and I had my appointment yesterday and owe nothing because I spent way more than I made again! IT's good to be me, today!
Off to the beach to celebrate a job well done, by the numbers and completed before the REAL TAX DEADLINE of OCTOBER 15th!!!
YEAH!!!!!!!
Peace out.......................................................
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