Tax Time

[tmacsad]

The end of the year is fast approaching and tax time will soon be upon us. This will be my first year filing as a business man (entrepreneur). My question is (I know I ask a lot of them ) do you file your own or do you use a bookkeeper?? Which would be the best way to go?


T-Mac (Tony)

[Scott P]

I have an accountant. It`s worth it to me.

[tmacsad]

I have an accountant. It`s worth it to me.

Are accountants high $$$?

[Poorboy]

been using an accountant for years...it`s well worth a few hundred bucks to make sure they are done right

[Beemerboy]

I have someone that prepares mine....have a look in your area and try and barter for the service...its what I am doing

[tmacsad]

been using an accountant for years...it`s well worth a few hundred bucks to make sure they are done right

I take it they know the In`s & outs on business deductions?
I shore don`t.

[Scott P]

I take it they know the In`s & outs on business deductions?
I shore don`t.

That`s why they went to school and got degrees. Like Steve said, for a few hundred dollars, it`s well worth it.

[tmacsad]

Thanks fellas!!!

[CharlesW]

Just a few suggestions.

1. Ask some other small business owners who they use and see if you can get some recommendations.

2. Keep good records.

3. Be able to back up those records.
I used a separate bank account and a separate credit card when I was involved in a business.
Keeping a daily log helped me keep track of both major expenditures and the little expenses you sometimes forget. At the end of the year, they can be a surprising amount.

4. Be organized. If you are audited, the examiner will want to be able to do his job without waiting for you to dig through a box of miscellaneous papers.

5. Don`t try to cheat the government. They will have a lot more experience catching cheaters than you will have at cheating.

6. If you are audited, just be up front. Despite what you heat, the IRS isn`t looking for people to put in jail.

7. As far as the value/cost ratio, consider the fact that the time you spend doing your taxes is time you could have spent detailing a vehicle. If you are audited, plan for spending a day with them that you also could have used detailing for pay.

I used a CPA for the first tax return and it cost close to $1000 in the late 1980`s. Once I had it done professionally, I purchased a tax program for my computer and have done them myself since that time.

[tmacsad]

Just a few suggestions.

1. Ask some other small business owners who they use and see if you can get some recommendations.

2. Keep good records.

3. Be able to back up those records.
I used a separate bank account and a separate credit card when I was involved in a business.
Keeping a daily log helped me keep track of both major expenditures and the little expenses you sometimes forget. At the end of the year, they can be a surprising amount.

4. Be organized. If you are audited, the examiner will want to be able to do his job without waiting for you to dig through a box of miscellaneous papers.

5. Don`t try to cheat the government. They will have a lot more experience catching cheaters than you will have at cheating.

6. If you are audited, just be up front. Despite what you heat, the IRS isn`t looking for people to put in jail.

7. As far as the value/cost ratio, consider the fact that the time you spend doing your taxes is time you could have spent detailing a vehicle. If you are audited, plan for spending a day with them that you also could have used detailing for pay.

I used a CPA for the first tax return and it cost close to $1000 in the late 1980`s. Once I had it done professionally, I purchased a tax program for my computer and have done them myself since that time.

Thanks you Charles for the aways helpful info.

[Reddwarf]

I use Turbo Tax and it walks you through the process. I don`t do detailing for a business but my wife sells on ebay and we did have a rental property. I use Quicken of the accounting and Turbo Tax to do the taxes.

[tmacsad]

I use Turbo Tax and it walks you through the process. I don`t do detailing for a business but my wife sells on ebay and we did have a rental property. I use Quicken of the accounting and Turbo Tax to do the taxes.

I`ll look into it.