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Resolution: Get taxes done now!
Posted by: DP
Date: January 03, 2007 09:11AM
I am an S-Corp but my accounting is pretty simple. I am thinking of doing my own taxes this year and would like to know who here has a similar situation, does their own taxes, and what program do you use? My accountant also suggested I don't need QuickBooks and that Quicken for small business would do just fine so I was thinking Q for SB and TurboTax. What do you all think?
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Re: Resolution: Get taxes done now!
Posted by: Racer X
Date: January 03, 2007 10:40AM
Mavic has an S Corp. But he has an accountant.

I am a sole proprieter, and my accountant is worth every penny I pay her.
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Re: Resolution: Get taxes done now!
Posted by: jardster
Date: January 03, 2007 11:17AM
I too am a solo LLC and wouldn't think of doing my own taxes. They aren't that complicated, but I am sure glad they do it for me.



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Re: Resolution: Get taxes done now!
Posted by: Racer X
Date: January 03, 2007 11:24AM
another benefit of having an accountant do them, is that if there is an issue with the IRS, most good ones will handle it as part of the agreed on cost. Mine is handling a few issues with an audit of 2004, and the IRS is losing ground slowly but surely.
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Re: Resolution: Get taxes done now!
Posted by: M A V I C
Date: January 03, 2007 11:56AM
Yep, I have an S-Corp and an accountant. I've tried doing them myself, but my accountant always finds many other ways to get my taxes down.

Come to think of it, for the first couple years I did them myself, then had my accountant do them. Then I compared the final numbers. She was always worth way more than she costs.

Plus, the time it takes me to do them multiplied by my hourly rate is much less than she charges to do them.

Software is only good at organizing financial figures, it's not good at knowing the ins and outs of the tax laws to maximize your efforts. For example, there is a situation where one can deduct computer equipment 100% rather than having to depreciate it. No software that I know of is capable of gauging the situation.




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Re: Resolution: Get taxes done now!
Posted by: Racer X
Date: January 03, 2007 12:18PM
I gladly pay mine to run the numbers several different ways. She usually saves me 2-4 times what she gets paid. And she is a great source of contacts for other small businesses when I need to contact a roofer or a plumber, etc for quotes. She can tell by their books if they are a good business to work with.
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Re: Resolution: Get taxes done now!
Posted by: wurm
Date: January 03, 2007 01:11PM
Racer, send her over to MA for me, willya?
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Re: Resolution: Get taxes done now!
Posted by: DP
Date: January 03, 2007 01:25PM
Thanx all for the input.
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Re: Resolution: Get taxes done now!
Posted by: Racer X
Date: January 03, 2007 01:31PM
I'm not sharing. Last year when I picked everything up, she gave me a paper plate full of hot fresh home made cookies to take home.

H&R Block can kiss my .....grits.
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Re: Resolution: Get taxes done now!
Posted by: DP
Date: January 03, 2007 01:35PM
Oh, yeah... Do you all use QuickBooks, Quicken, or whatever?
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Re: Resolution: Get taxes done now!
Posted by: wurm
Date: January 03, 2007 01:38PM
Quote
Racer X
I'm not sharing. Last year when I picked everything up, she gave me a paper plate full of hot fresh home made cookies to take home.

Hell, I'll make you a batch of brownies if you can get her to just recommend someone in MA who I can trust and won't cost me an arm and a leg. smiling smiley
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Re: Resolution: Get taxes done now!
Posted by: Racer X
Date: January 03, 2007 02:00PM
I think my yearly stuff from her was about $300 for the business and the joint personal return. The last 2 years we have worked a trade........I am already "paid up" for the 2006 returns actually.
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Re: Resolution: Get taxes done now!
Posted by: M A V I C
Date: January 03, 2007 02:23PM
Quote
DP
Oh, yeah... Do you all use QuickBooks, Quicken, or whatever?

My accountant wants me to use QuickBooks or Money. This year I think we'll finally use QuickBooks. We have just been providing everything in spreadsheets, but my accountant charges a computer fee to convert them over to QB.




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