Framebuilding Business Tax Code

[anthonymaietta]

Hunkering down for the blizzard here in central MA and I've downloaded TurboTax to start my taxes. The last couple of years I've used 423910 as my Business Code; which is simply "Manufacturing". For anyone of you in my shoes, who do their on taxes, what are you using/have used for the Business Code?

Thanks,
Tony

[Dave Anderson]

I have always used that same code.

Dave

[conorb]

We get our taxes done professionally.

It's not really my core competency to know anything about taxes other than knowing how to find someone else to do them.



Conor

[e-RICHIE]

ya like conor, i pay a CPA to get it done atmo.
way too complicated for me.

[Tom Kellogg]

ya like conor, i pay a CPA to get it done atmo.
way too complicated for me.

Ditto on that. Our return ends up bing at least a few mm thick. I use Quickbooks and just give my accountants a thumb drive with the data backup on it. They will usually have a few questions and I do need to give them a listing of our inventory, A/c, A/R, etc, but I don't really have the time and I surely don't have the expertise.

[WadePatton]

similar but different. the gals at the business license place scratched their heads looking for my tn tax code classification until they found "bicycle repairs etc." that's where they put me. i'm not going to sweat it.

[Zimmermanbicycle]

I let my CPA deal with it,doing taxes stresses me out and he's got a better handle on it.
Taxes=not a good use of my time
CPA= worth the money IMHO
-Eric

[Dallas Tex]

Mr. Maietta,

That business code won't really change what you pay, its more for governmental statistical analysis.

A more productive direction for your efforts would be to explore your state's Sales & Use tax code regarding manufacturing equipment. Many states exempt manufacturing equipment from sales tax. You'll pay it up front, but you can get it back. Your shop has an incredible, enviable amount of big buck equipment. If you paid sales tax on those purchaes as the end user, you may be able to get nearly all of that back.

Sales tax in the Peoples Republic of Massachusetts has got to be.... what.. ten or eleven percent by now ;)

[Archibald]

Hiring a bookkeeper to come in twice a month and keeping my books squared away is the best money I ever spent. Same with having an CPA review her work and handle my taxes. So easy and sOoooo worth it.

[anthonymaietta]

Hiring a bookkeeper to come in twice a month and keeping my books squared away is the best money I ever spent. Same with having an CPA review her work and handle my taxes. So easy and sOoooo worth it.

I hope to have this need for FY2011. For right now I can still easily manage it.

Thank you for all the replies though, its been helpful!

Tony

[Curt Goodrich]

Anthony,

I'd like to pile on about using an accountant. I think you might be surprised at how inexpensive they are. I only use a CPA for my year end and it's like $300 for the business and personal taxes. You have a lot of equipment. Is it on a depreciation schedule? How long do you spend on doing your taxes? While doing a 1040EZ is monkey work, taxes for a small business isn't. Plus there's changes to the tax code every year. Are you really interested in staying current with those? Yawn. Not me. Pay the pro. In the time you save you could easily build another frame. You seem to the type to be hell bent to do it your way (read stubborn) but really pay the pro.

[crumpton]

i must be alone here. while i do have a bookkeeper doing the monthly books, i do the taxes myself. i must be bassackwards.

re the code, doesn't matter.

[e-RICHIE]

the less work you have, the less the need for a real accountant.
it's just that simple atmo.

[anthonymaietta]

i must be alone here. while i do have a bookkeeper doing the monthly books, i do the taxes myself. i must be bassackwards.

re the code, doesn't matter.

You've got a friend in me obviously.

Intuit makes it embarrassingly simple. I use Quicken/Quickbooks all year and then TurboTax seamlessly retrieves needed data, asks you all the pertinent questions and my taxes are done in an afternoon.