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View Full Version : How Many Have An Accountant?


GravelyGuy
12-04-2008, 04:46 PM
How many of you smaller operations have an accountant that takes care of you? Over the years I've had my tax lady who runs a small business kind of help me out, but I need someone that knows the ins and the outs.

To those of you that have one, are they extremely helpful? Basically I need to know if it's worth spending money on equipment to use as right off or to just hold onto a chunk of cash and just pay the taxes on it.

I have always set money aside so that I am totally ready for taxes and I just pay them I really know very little about the way write off's etc. work for or against you.

Thanks...

Green Pastures
12-04-2008, 04:51 PM
My awesome wife is my accountant.

Shes the office manager/network engineer/human resources manager/accountant/payroll manager/chief counselor at a local attorney's 3 offices, so I thought she was capable....she's cheap too.

:usflag:

mattfromNY
12-04-2008, 04:57 PM
The right accountant is invaluable, IMO. I had a professional bookkeeper that did my taxes, and helped me with sales tax, employment taxes, etc. She did ok, but was very hesitant when it came to write offs, and unsure of many of the 'small details'.
Since I have been working with a CPA (this is my second year), I have saved much more money through loopholes, write-offs, etc. Dont get me wrong, I dont want to sound like I am out to screw anyone, get myself audited or write off illegitimate things, etc., I am stating that an accountant will know the ins and outs of what is correct or incorrect to write off (the percentages of your home, shop, utility bills, which equipment to write off over time or all at once, etc., etc.)

GravelyGuy
12-04-2008, 05:00 PM
Your lucky Scott.

I'm scared to even ask how much some of these guys charge.

mattfromNY
12-04-2008, 05:07 PM
Your lucky Scott.

I'm scared to even ask how much some of these guys charge.

I get my whole year taken care of (Quarterly sales tax, monthly employment taxes, EOY taxes, plus he takes care of all my insurances, etc) for $1000.00/ yr.

Sounds like a lot, but figuring I was spending $50.00/ hr. for a book keeper, 12 monthly employment taxes @ 1 hr each + 4 quarterlies @1 hr each + EOY taxes @ 4-5 hrs., its not all that much. He saves me at least that much in a year, and I know for a fact that I harrass him for much more than 20 hrs in a year:laugh:.

GravelyGuy
12-04-2008, 05:15 PM
I get my whole year taken care of (Quarterly sales tax, monthly employment taxes, EOY taxes, plus he takes care of all my insurances, etc) for $1000.00/ yr.

Sounds like a lot, but figuring I was spending $50.00/ hr. for a book keeper, 12 monthly employment taxes @ 1 hr each + 4 quarterlies @1 hr each + EOY taxes @ 4-5 hrs., its not all that much. He saves me at least that much in a year, and I know for a fact that I harrass him for much more than 20 hrs in a year:laugh:.

$1000 doesn't seem too bad. Are you able to call and ask as many questions as you want?:laugh:

mattfromNY
12-04-2008, 05:28 PM
$1000 doesn't seem too bad. Are you able to call and ask as many questions as you want?:laugh:

Trust me, he knows my voice when I call :laugh: He likes me to call if it is important, b/c he doesnt check his e-mail as often as he should.

I actually have a meeting w/ him in the morning. Side note: I get some of my money back from him, b/c I plow snow at one of his apt. houses.

nnj18
12-04-2008, 06:25 PM
I have one. She is great, I hate running all the #s and just send her my quic books. Also she advises me on the best time to buy equipment.

Between a great lawyer, banker and accountant I'm pretty well set. :D

PerfectEarth
12-04-2008, 06:48 PM
My father (retired, worked in finance and accounting his whole life) and I get together every month and do my accounting. We do my personal budget and spending figures also. We've got it down very well. We go through everything! Each job, materials, expenses, everything. We just fill in everything- then, he puts everything together in a nice packet- cash activity, P/L sheets, taxes, the WORKS. I know where I am every month to the penny. Preps my quarterlys and advises me on what to draw. We obviously discuss any major purchases. He saves me a bundle, in time and money.

gene gls
12-04-2008, 10:25 PM
I get my whole year taken care of (Quarterly sales tax, monthly employment taxes, EOY taxes, plus he takes care of all my insurances, etc) for $1000.00/ yr.

Sounds like a lot, but figuring I was spending $50.00/ hr. for a book keeper, 12 monthly employment taxes @ 1 hr each + 4 quarterlies @1 hr each + EOY taxes @ 4-5 hrs., its not all that much. He saves me at least that much in a year, and I know for a fact that I harrass him for much more than 20 hrs in a year:laugh:.

I pay just under $ 1000.00 per year now, solo.... Well worth the expense. Get a good one, ask around to some of your friends that have a business.

bobcatnj
12-05-2008, 08:32 AM
if anyone knows a good accountant in the central nj area let me know

GravelyGuy
12-05-2008, 10:41 AM
Thanks for the help from you all. I will start checking them out.

Team-Green L&L
12-05-2008, 11:05 AM
From my experience, an accountant doesn't actually cost anything in the end because of how much they save you and also how much more they get you back in January. $75 a month is the average for a good CPA in my area.

razor1
12-05-2008, 12:16 PM
I agree with these guys, cpa's are worth the money, but don't be afraid to get an estimate (every year) on their services. I started getting estimates ever since my previous cpa started getting way to expensive, and trust me they won't tell you in advance.