Doing your own taxes

[boazcat]

I've read many times the suggestions about getting an accountant to handle your taxes. I've been doing my own taxes with TurboTax for years. This is my first year in the business and I purchased the TurboTax Premier with all the extras for Schedule C.

My question is this: Does anyone do their own taxes, or does everyone get an accountant?

Thanks

[Scott]

I used to,, not no mo! I wanted my life back so I took it!
Turbo Tax took care of me in the past but I feel a little more security with a licenced CPA doing me books. Taxes are done quarterly and then a separate corporate tax is due by Mar 15th. that is an expensive one.

[CamLand]

Scott,I have to agress let the Cpa handle the paperwork...

[Littleriver1]

Most people do all the foot work by collecting all their infromation, then send it to an accountant to fill in the blanks. If you feel you can handle it then do it your self. I do my own. It's a time factor. Some people feel their time is worth more to them than the accountants time they buy. Some people feel their accountant will save them more money than it cost them. There is a fear factor. Some people feel if they make a mistake the G man will come and take their children to jail and burn down their house. The hardest part is collecting the infomation and we all do that anyway. It's easier if you use Quick Books or some other program to help organize your stuff. It's easier if you pay your tax quarterly. All you need is to know the schedule /or dates and address to send it in. That information is free to all on the US Gov. web site. You can also order training CD's on taxes and other small business / self-employed fun stuff. www.irs.gov I want to know if my accountant is ripping me off. If your going to manage your business, then manage it all. Some businesses are too large for the owner to do it all so they hire office help and accountants. I would want to be able to review any report my accountant hands me and know what it was and how it affects my business. Why not learn now while your business is young and small. What's the worst that can happen? The more employees you have the more time you will invest, because you will need to track and send in payroll taxes. There are some good programs to help you with this. The hardest part is to have enough cash flow to meet the deadlines. Many a business have gone down the carpper due to payroll taxes. You need to collect and organize your information 365 days a year starting on Jan 1st. If you wait till Apr 14th your screwed any way. I think it's great fun and one of the best parts of runing a business. All the ones that don't pay taxes are having a good laugh. By the way, that is it easyest way to deal with it, hide.

[Phil Nilsson]

When I was in the biz ( and having come from an accounting background to begin with ) I did all my own accounting and taxes. Each (day) I spent 15 minutes finding out about sales, costs and profits for that DAY. Monthly, it took about 4 hours each month to get a new (fully adjusted)P&L, do a rollforward, to "get the numbers categorized" and booked ... at year's end I spent one solid week during January or February ... and came up with the complete financial statements, review same with my banker, all taxes, and all schedules and analysis to understand where things stood.

Doing it yourself is not for everybody ... but ... but ... when you get close to those numbers yourself ... you see it better sometimes.