Taxes

[cmd439]

Hello all,

I have not been around in a while, but I was wondering how you more experienced business owners handle tax time. In the past I have used Turbotax which is inexpensive, easy to use, and seems to be a good product for my needs. Do you all use CPA's, do-it-yourself, other programs?

How do you like them? What are your typical tax prep costs? Does paying a CPA more help increase your return?

 

[AmyW]

I don't sell soap but I am self employed (web designer/developer) and I've always used Turbo Tax Home & Business to do my taxes. Unless I was making a large amount of profit from my business (including soaping, which I may do in the very distant future), I would just use that. Costs me $110 to do both fed and state. It calculates how much SE taxes I owe (cause I never pay them quarterly like I should) and deducts it from my credits, I always get a nice chuck of money back.

 

[Bigmoose]

I use the other tax software, HR Block and do it myself.

Bruce

 

[Jeanna8]

I do my own B&O tax and state tax.

When it comes time to do our family taxes with our jobs and house etc, I go and see my accountant.

 

[PrairieCraft]

My husband and I each have a small business (not soap). I would be lost without my CPA. That being said I had to go through half a dozen of them to find one who knows his stuff and is reasonably priced. Very reasonable, to the point where doing it myself would just be silly. I get the peace of mind that everything is correct and that he has checked all of the new changes that take effect almost every year. If you did them yourself I would still take them to a CPA to double check and make sure you didn't miss anything. They probably wouldn't charge you much for that. Ask friends and family for referrals to someone they trust. We have sent our friends and fam to our guy and he caught some major problems with my BFs previous years return that had her paying thousands more than she should have been. She was suspicious of it and asked him to review it since she was in with this years anyway. So not every CPA is going to do a good job for you.(because it was another CPA who had messed up her previous return) I would recommend finding someone who works out of their own small office rather than going to one of the big firms because you are more likely to get someone who will give you more personal service and who cares about keeping your business.

 

[cwarren]

i have been self employed for years and have always done my own taxes.. that being said - I did years ago take an H&R block tax class.. If you understand them you can do them and plan through out the year. I use turbo tax.. but knowing and understanding taxes is good for anyone in business IMO ..

 

[PrairieCraft]

I don't know how you find the time to stay informed with all the changes that take place. Some years a deductible that was fine to take in the past is no longer valid or vice versa. It's so affordable to have them done and I HATE math and numbers with a passion. I do my own books throughout the year and do the 1099's and the easy stuff (only with the help of Quickbooks, thank god for that) but when it comes down to it I want a professional. He can look over what I've done over the year and tell me if I've made mistakes or categorized something wrong. I know a lot of people do it themselves but personally there is too much that a regular person could miss that a tax pro wouldn't. I have enough business related crap to do without trying to be a tax man on top of it. To me doing your own taxes is kind of like trying to be your own lawyer representing yourself on trial, better left to someone who does it every day. I'd be bald from pulling my hair out over my business, my husbands business AND our personal tax return. It is SO worth what my guy charges, then if I ever have a question throughout the year I have someone to call who knows my situation and can help me and there is no charge for that.