Warning: This post may not make much sense because I just need to vent.
I am one of those people who does their taxes early. As soon as I get my W2s, I'm on it. Since I started my business and claimed that income (along with my expenses) on my taxes, my returns would be less and less each year. This year was the worst yet AND I owe the state money. This really ticked me off. I hear of others getting thousands back and I'm getting peanuts. Am I missing something? I'm claiming everything on my expenses.
The above picture *was* of a necklace I recently made. I went to make an adjustment and it completely came apart. That dejected feeling when the pearls fell all over the place was how I felt when I did my taxes.
I've been using Turbo Tax for years and it's been working out until I started claiming the shop. Things started to get more complicated. I even went to an accountant last year, showed him what I did and he was honest to say I didn't need his services because it looks like everything was done correctly.
The one thing I took away from meeting him was explaining just how much I have made through my business the last few years and haven't made a profit. He advised that if this happens again this year, I should maybe consider not claiming it as a business anymore and keep it as a hobby. Well, I did profit this year, just a few hundred, but at the end of the day, it's still a profit.
This didn't stop me from thinking, ONCE AGAIN, just what am I doing and is this worth it. I don't want to close my shop. I still like making jewelry a lot. I'm trying to do everything the right and honest way and treating this as my second job but it feels like I'm working for nothing.
Please tell me I'm not alone in my frustrations this time of the year. You think things are going swell until you see it all on paper and you're like "WTF?!?!"