Posts Tagged ‘tax preparation’

I Want To Do My Own Taxes Next Year

Sunday, April 19th, 2009

Question from a reader:”Kim, I am a physician and I am finding that the cost of doing  taxes is going up each year.  I want to do my own taxes next year.  How do I go about it?  I don’t think it will be any problem for me.”

My answer is that I am sure if you have the mental processing and determination of will to make it through medical school that preparation of taxes will be easy for you, unless you are one of the types of doctors who doesn’t like to deal with numbers and money (other than making it).

The cliche is that doctors are notoriously bad with handling their own money even they are great (usually) at earning it.  I think Dr. Zoidberg from the television series and DVDs Futurama is one of the few celebrated doctors that doesn’t make money.  There is Doctor Doom but he controls his own country so that counts as making money.

Getting back to your question.

You can take a tax preparation course from most universities and schools.  They generally start offering the courses in summer or fall for becoming a tax preparer for the following year.  Contrary to popular marketing, H & R Block is looking for tax preparers and will train you but you generally, in most business markets, have to sign that you are taking the course to learn to work for them.  The reason?  You will be working with their in-house software and will have to sign the usual forms and releases in order to get an education.  The tax training process has changed over the last few years and frankly, most tax prep companies have an abundance of tax professionals now that are working for them and not apt to quit in this particular economic time.

So if you are a multi-tasker (like several of us), that is great but what makes you think you have the chops to be a good tax professional?  Or even simpler than that, even prepare your own taxes.  From a business point of view, and I have used this analogy before, I can change my own oil but it is cheaper to pay somebody else to do it.  I pay them, in two to three hours it is done and I am on my way.

Isn’t your time more valuable spent looking at people and determining why they are breaking out in a rash, checking their temperature and curing what ails them?

This applies to people in other professions as well.  Just because there appears to be an easy way of getting up to speed for something doesn’t mean that it is right or even applicable to everybody.  Judging from most people’s reaction to some tax software (and this is the self-service stuff), the programs are great for simple returns and for complex returns they end up causing more problems than they are worth and the people end up coming to see me anyways.

In any case, best of luck with your decision, whatever it is going forward.

April 19 2009

Interested in any of my books?  You may want to make a stop over  here. Please click through to purchase my books and some other interesting items that actually ARE on sale.   Have you read my book, “Bad Tax Idea, Good Tax Idea“?   Please order it today.  The tips inside can save you hundreds if not thousands of dollars!  Tax planning should be done year round and not just two weeks into January or later. 

 If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book listed below.  Part of all the proceeds from the sales of that book  go  to Rett Syndrome research.  One girl is born with Rett Syndrome worldwide every fifteen minutes.   My daughter Arianna has Rett Syndrome and we are working to do all we can to make her life easier and find a cure in her lifetime.  Boys born with the Rett gene generally die at birth.

  Practical Money Making-Surviving Recession, Layoffs, Credit Problems, Generating Passive Income Streams, Working Full Time or Part Time and Retirement

Kim Isaac Greenblatt

I Want To Do My Own Taxes Next Year

Profitable Or Practical Book Titles and Marketing and Recession Thinking

Wednesday, July 30th, 2008

I have completed the secod draft of my next non-fiction book, tenatively entitled, “Practical Money Making-Surviving Recessions, Layoffs, Credit Problems, Generating Passive Income Streams, Working Full Time or Part Time and Retirement”.  It is not quite as long as the longest pop song title in the world, but it is up there in terms of number of words.   When you are self-publishing, you are already swimming against the tide in the internet ocean.  You are competing with book chains, their websites, other authors, other bloggers and apathy.

One of the best ways to get your book noticed is to make it unique.  I’ve tried to do that with some of my other books on poker, on Rett Syndrome, tax preparation and dice and have had moderate success.  This new book is going to be interesting because the title is going to be so long.

The theory behind it is that the book will be easily picked up by search engines when readers like yourself try to find out information on making money.  As Morris Rosenthal had pointed out once, it is a lot easier to be found if you are in a unique enough niche but the problem is can you make a profit from writing a book in that niche?

RIght now we are in state of flux.  Some of the change is good and some of it isn’t so good.  There are a lot of people out in the United States who are losing their homes, their retirement, and don’t know what to do.  If they have special needs children or people that care in their house, it is even harder for them.  I hope that my book will at least give them direction, some inspiration and some pointers as to what they might be able to do to help extract them from their situation.

The problem I run into as a publisher, is that when it comes to money or savings or income, the internet is swollen with people trying to cash in on the words, pages or anything to get views.  A lot of it is spam, get rich quick schemes.  Some of it is legit and quite informative.   As others have stated, you have to get creative to become a clear signal from all the noise that is generated from the internet.

I tell people who are trying to self publish to try and come up with something unique but accurately defines their book if they are trying to market it. There is a lot of information on trying to find key words that are easily searched. If you tend to go with these words the risk you run into is that you will be caught in the blizzard of spam and other people trying to cash in the same way you are. One of Kim’s rules of being profitable is trying to do something different that the other person isn’t doing. Even if it is only slightly different because the market is so large, it still pays to try to do something to give it your brand.

In hard times, people really want honesty as well as money. A lot of people feel disgusted because their investment brokers, their former employers and their government have betrayed their trust. It pays to be honest if you are writing non-fiction and that in itself should help generate word-of-mouth sales and buzz to sell your book.

For fiction, I suggest you put up samples of your work. Don’t worry about people stealing your ideas. There isn’t anything new under the sun and if you are worried, pay for a copyright before you post it. The only way that you will be discovered of creating the next Hobbit or Harry Potter or Dean Koontz book is for you to be out there. In keeping with my being brutally honest, fiction is A LOT harder to sell than non-fiction.

The reason is that fiction is very subjective in taste and what you find boring I might find exciting and original and vice versa. Non fiction is basically the facts and straight information. People usually don’t care who they get the information from.

Tying that back in from where we started, one way to stand out to shout “Hey I have the information you want at a moderate price” is to have a title that people can find or at the very least is unique.
The way I figure it, if they can’t remember the title, remembering “Kim Greenblatt” might be easier.

Don’t forget to post sample pages of your non-fiction on your website or blog. Listen to the feedback you get. Before you invest too heavily in your time and effort, make sure that there is a market – as well as an undogly long name-for what you are trying to do!

Kim

 

Kim Greenblatt

Questions or comments? Let me know about them! Thanks for taking the time to visit and for more information or to get back to the beginning of the blog, go here.

You can be profitable or creative without spending money

Saturday, July 26th, 2008

After making a comment about saving some money, I realized that most business people (or at least the ones I’ve dealt with their taxes) spend too much money on things that don’t need for their business.

Let me give you an example from back when I was starting up my comic book delivery business. I had saved money and was ready to buy a cash register for a swap meet, a credit card acceptance machine and the wiring for it, stock up an inventory of every comic book, poster and pog I could think of. After calming down and realizing that I would go broke in trying to get everything – not to mention to pay monthly fees for the credit card processing service AND a service charge for each transaction, I settled on the following:

1. Preorder of comic books of about $600 of merchandise, trading cards and posters at the retail level so my initial cost with a 50% discount (if it was that high) would be $300.
2. Licenses for selling comic books and working swap meets (my initial source of looking for clients who wanted me to deliver comic books to) – free.
3. Site fees to set up at each week at either Pierce College or the old Winnetka Drive-In swap meets – $10-20 a week for a table so in a month maybe $80.
4. A cash register – $250.

I mentioned this to a family friend and he said, “Why do you need a cash register? What’s wrong with a metal box or even a cigar box?”

He was right! I ended up saving another $250 which I could turn into trading cards which I ended up selling.

I ended up getting clients from the swap meets. Unlike a lot of other people who had jumped into the comic book business to make money, I did not go broke from over-spending with my start-up costs.

In your business, do you really need a plush office? Is image important to what you are selling? If you are an attorney or in marketing, you might need something for potential clients to see that you are serious. You don’t have to go overboard like some Century City attornies use to and have marble flown in from Italy and placed in your building!

Think of ways to start up or continue your business that don’t cost money. Be creative. There are plenty of one dollar, 99 cents and inexpensive stores where you can find goods to fill the gap that expensive stores sell. A lot of times the products are the same and you are just paying more for the name recognition from buying it from that particular store.

Little things like that may sound cheap but if you are starting up from scratch, trying to take care of a family of four, have a special needs daughter or any or all of the above, you want to make every penny count. It will pay off down the line as well because other business people will respect you for watching your money. Potential investors will see that you can be trusted with money and won’t blow it all for things that won’t help your business.

One last point. Nothing beats natural “word of mouth” advertising. The internet allows people to voice their opinion and tell you about goods and services. Sometimes some of the feedback systems can be manipulated but if you read between the lines, take the time to e-mail people or just ask your friends, you will see that honesty in business is rewarded with repeat business!

If you make a good product or offer a good service, people will come back (if they have the money). Not only is it a great and profitable idea (like the great and powerful Oz?), it will happen without you spending a cent (or euro, etc)!

For something that costs more than free, please check out one of my books from my site!

Kim Greenblatt

Questions or comments? Let me know about them! Thanks for taking the time to visit and for more information or to get back to the beginning of the blog, go here.