Anyone self employed and pay to have your taxes done?

[Jim Oaks]

It's about that time again to start messing with business taxes. I hate it. I thought about finding someone to do mine, or at least get some advise this year.

I was wondering if there is any self employed / business owners that pay to get their taxes done and how steep the cost is to get them done.

I'd have all the totals calculated. Just more concerned with making sure I'm getting ever deduction I can and that I'm not cheating myself.

 

[84stealthranger]

ive gotta do mine soon too

 

[thisfords4u]

When my wife had her business a few yrs ago, it cost us @ $400. to have them done. Well worth it to me....

 

[shane96ranger]

It's about that time again to start messing with business taxes. I hate it. I thought about finding someone to do mine, or at least get some advise this year.

I was wondering if there is any self employed / business owners that pay to get their taxes done and how steep the cost is to get them done.

I'd have all the totals calculated. Just more concerned with making sure I'm getting ever deduction I can and that I'm not cheating myself.

My buddy pays his tax guy $300 per quarter. The guy easily finds that money in write-offs and deductions. So my buddy loves handing the pile-o-paper to him.

If you are going to owe more than $1,000 annually, the IRS likes you to file quarterly (at least that's what they told me with my wife's 1099 status).

 

[JTBeast3000]

Not sure of monthly cost off hand, but my I work for my dad's business and what we pay to have ours done is more than worth it. Taxes are a headache.

 

[BLOODBANE]

mine usually run me around 350.00 or so. But the write offs that my guy finds usually offsets the cost.

 

[Mark_88]

I am about to emter this too...I was advised to hire an accountant...I can keep track of things, but doing the taxes is for the Pros...

I had an accountant years ago and it was inexpensive then...but if it costs a few hundred then it will be worth it...and I'm going to need every tax break I can get this year...in Canada a self employed individual files personal and business taxes together...unless it's a corporation...so it isn't much different...

 

[macx]

A number of years ago I had a big Federal return - over 30 pages - with most of it related to a couple different business situations. I paid what was then a big sum to have a TEAM of CPA's look at it - of course I had to collect all the info and bring it in so I knew what I had.

When I came to pick it up, I glanced thru it before the "exit interview" and spotted several hundred $ MORE of deductions that whole team didn't catch, and I was far from a tax expert!

From then on I've done my own - yes, it's a royal PITA. No more business any more, but I work in at least 2 different states each year and with all the expenses etc it can get complicated anyway.

My wife uses Turbo Tax and it sure does seem to pick up a lot of deductions - it asks questions some of which are based on some of your input.

Another experience - one year just to check myself I brought the SAME info to 3 different CPA firms, and got 3 DIFFERENT ANSWERS on what I owed! And they weren't even close to each other! And my figures were the least payable tax of any of them. And I've never been audited.

Not anything against having a good preparer do your taxes, but shop around and get info on several from people you trust - and maybe even one year try several and see what you get and compare. Just like shopping several dealers for a new car or something.

 

[bobbywalter]

A number of years ago I had a big Federal return - over 30 pages - with most of it related to a couple different business situations. I paid what was then a big sum to have a TEAM of CPA's look at it - of course I had to collect all the info and bring it in so I knew what I had.

When I came to pick it up, I glanced thru it before the "exit interview" and spotted several hundred $ MORE of deductions that whole team didn't catch, and I was far from a tax expert!

From then on I've done my own - yes, it's a royal PITA. No more business any more, but I work in at least 2 different states each year and with all the expenses etc it can get complicated anyway.

My wife uses Turbo Tax and it sure does seem to pick up a lot of deductions - it asks questions some of which are based on some of your input.

Another experience - one year just to check myself I brought the SAME info to 3 different CPA firms, and got 3 DIFFERENT ANSWERS on what I owed! And they weren't even close to each other! And my figures were the least payable tax of any of them. And I've never been audited.

Not anything against having a good preparer do your taxes, but shop around and get info on several from people you trust - and maybe even one year try several and see what you get and compare. Just like shopping several dealers for a new car or something.

this is what i found to be true.

most outfits wont take many liberties as they lose money when having to defend a situation..regardless of whether they were correct in the decision....which makes them defacto government employees in my eyes.. safe equals lost money for you.

of course its like most things...its situation specific really.


dont know what articals your under...corp...s chapter...sole prop etc...

this and actual income really are the key for me.

i have been audited many times, my oldest daughter two years in a row now...one fed one state...

we always come out with a check so far from the bastards...



i went years with the wrong paper work and cost myself over 20 k in return money from not filing correctly....they only pay back 3 years...we pay back 7...

you would think they would learn to leave me alone.

 

[Jim Oaks]

It was easier when I was renting a house and didn't have a garage. But now I have a house with an attached garage and a 100% dedicated office in the basement. I have an additional 4-car detached garage that's 100% business use. It even has it's own electric meter.

Plus for this year, I will file taxes for (2) seperate LLC's. (1) shares the basement office.

Last ear I added up the square footage of the house and additional 4-car garage for a total square footage, than calculated the space used by my office and the square foot of the garage to determine what percentage of my home is business use. I deducted a % of the electric because of the office in the house, and 100% of the electric for the 4-car garage.

This year I have to figure it out for (2) businesses instead of (1).

See where it stresses me?

 

[bobbywalter]

i certainly see the cause of some stress



but....i got lucky and married up with a fearless evil irs hating, bitchqueen...

i think she is semi retired though...
when i mentioned filing some articles for some roofing this year she threatened to go Lorena Bobbitt on my ass.

 

[superdave1984]

When I was self employed it cost me $75 per page. Yeah that only happened one time. They didn't do any better than I did by myself.

 

[smokey]

I used to have a accountant do my taxes for 2 businesses and it ran around 500 dollars and they missed a lot of deductions.
I always did them myself before taking them in to compare the numbers and after a few tears of paying them to do them and having to have them correct the things they missed I just started to do them myself.

 

[Ozwynn]

if you have all the numbers, you can use turbo tax. been using turbotax for 5 years and I got audited last year...... made it through the audit alright.

 

[det107]

Avoid that audit

Among the red flags the IRS looks for:
>Deducting a home office as an expense. "You have to note the exact dimensions of the space, and you can't use it as a dining room or spare bedroom, only for business".
>Claiming a portion of your phone bill as a business expense. "Get a second line & link it to your business name, not your personal name".
>Being vague with "miscellaneous" expenses. "The IRS frowns on that. All expenses should be specific- gas is gas, travel is travel. And show all receipts separately".
>Too many charitable deductions. "Always write a check, not cash." It's too suspicious otherwise.
>Not filing on time. If you're late, It would be a good idea to get an extension.
The IRS will spot people who are always late & say, "Okay, he's/she's a screw-up, let's see those records"-