PDA

View Full Version : do u use an accountant?


bobbygedd
01-18-2005, 07:23 PM
we have : quarterly sales tax, quarterly payroll tax, personal tax return, business tax return. my accounting fees are in the neighborhood of $1500-$1700 a year. do you all use an accountant, or do you do it yourself?

Precision
01-18-2005, 07:37 PM
Starting this spring I will be using quickbooks payroll for my payroll stuff. Should run about $50-60 per month. I use an accountant for the year end stuff and doing my taxes. So far it is fairly cheap (my business isn't complicated yet)and certainly not worth the hassel to do it myself. So far I am at $300 but I still need to do my taxes.

Creative Lawn Care
01-18-2005, 07:46 PM
I only use one for the year end stuff. My fee is more in the $250 range.

DennisF
01-18-2005, 07:47 PM
Being a solo op I don't need an accountant. But it does take a lot of my time trying to keep the books right. I probably spend 2-3 hours per week during the mowing season just keeping track of finances.

Throgmorton
01-18-2005, 10:46 PM
Not just an accountant-but a CPA. A good one that works in the grey areas will save you lots of tax dollars.

Mo Green
01-18-2005, 10:58 PM
Going to use a CPA for tax filing purposes only. Don't need one for more than that.

PMLAWN
01-18-2005, 11:03 PM
Use a payroll service--$75 per month
Also use an local accountant for business.
Back home in Chicago we have a CPA that takes care of all the family stuff.

For those of you wondering if it is worth it, My wife is a CPA and we farm it out because it is cheaper to have someone else do it and it is great to have a 3rd party to keep an eye on things.

DuallyVette
01-19-2005, 12:37 AM
I have been using Quickbooks Pro for many years. Invoice your customers, recieve payments, enter your expenses as they occur, do your payroll($ 169 last year ) your computer will spit out your quarterly tax reports in minutes. TurboTax ($69 = 20 rebate) and a few hours will do your taxes. I couldn't stand to pay real money for someone to mind my business, and turbo tax will walk you right through the process. YOU have to supply the cpa with all the numbers anyway. you just need to decide HOW you want to depreciate your trucks and equipment. Turbo Tax will do the math. You can use last years return as a base for consistency and to answer questions that you may come up with. I think its important to know how the process works. It will keep you from overlooking something.

1MajorTom
01-19-2005, 12:43 AM
I do the monthly sales tax, and send in the quarterly payments.
However, I turn in all paperwork neatly organized to our cpa for him to file our taxes.
This costs us around $250.00 a year.

HOOLIE
01-19-2005, 12:45 AM
I still do my own, but just solo, sole proprietor. No doubt I'll hire a CPA as I get larger. I buy the Ernst & Young Tax Guide every year, it explains it all pretty well for a SP.

olderthandirt
01-19-2005, 01:20 AM
we have : quarterly sales tax, quarterly payroll tax, personal tax return, business tax return. my accounting fees are in the neighborhood of $1500-$1700 a year. do you all use an accountant, or do you do it yourself?
Pretty much the same as you Bobby, If I wanted to be an accountant I would have choosen that as my profession. But I find it easier and cheaper in the long run to have them "proffesionally" done. Although I do trade some services with him to lower my cost.

Mac

Boycea
01-19-2005, 02:05 AM
I use a local CPA for year end financial services. It runs about $350, but I feel that is more than fair. Its easier and safer using someone who knows what they are doing than doing it yourself

Adam

Soupy
01-19-2005, 03:17 AM
Unless you have time to read all tax law. It is cheaper to pay the accountant to prepare your taxes. They will save you more then a couple hundred dollars which will pay for their service.

marko
01-19-2005, 09:45 AM
Bobby,

I am just starting this year and decided to use a CPA to handle mine (s corp). He is in the neighborhood of $135/month to handle everything. Like others said, there is so much you could miss and laws change every year.

leadarrows
01-19-2005, 10:09 AM
I use QB and send the accountant a copy of my files every quarter.
I mow his yard he dose my taxes.
Any extras I need from him or he needs from me we charge each other for.
Between applying the organic lawn treatment and tacking care of his flower beds I usually come out ahead.

RICHIE K
01-20-2005, 06:40 AM
WE USE ONE IT'S $650.00 FOR THE YEAR HE IS A RETIRED IRS AGENT


RICHIE K

www.kulakandcompany.com :blob3:

DuallyVette
01-20-2005, 09:58 PM
WE USE ONE IT'S $650.00 FOR THE YEAR HE IS A RETIRED IRS AGENT


RICHIE K

www.kulakandcompany.com :blob3:



I hope he likes you. (forever) Sounds risky to me. :)

jajwrigh
01-20-2005, 10:01 PM
I use mine twice a year....saves a hell of a lot of headache...

RICHIE K
01-22-2005, 10:07 AM
HE'S FAMILY


RICHIE K

www.kulakandcompany.com :blob3:

muddstopper
01-22-2005, 11:03 AM
I used to do mine using turbo tax. After geting hit with an audit and having to repay 7grand I decided it was cheaper to use a cpa. We use Peachtree Accounting software so all we have to do is take it to her and she has everything she needs to complete my taxes. About $250 a year.

DuallyVette
01-22-2005, 10:03 PM
I used to do mine using turbo tax. After geting hit with an audit and having to repay 7grand I decided it was cheaper to use a cpa. We use Peachtree Accounting software so all we have to do is take it to her and she has everything she needs to complete my taxes. About $250 a year.


Did Turbo0Tax do something wrong ??? ...Details ???

Green in Idaho
01-22-2005, 10:44 PM
...your computer will spit out your quarterly tax reports in minutes. TurboTax ($69 = 20 rebate) and a few hours will do your taxes. I couldn't stand to pay real money for someone to mind my business, and turbo tax will walk you right through the process. YOU have to supply the cpa with all the numbers anyway. you just need to decide HOW you want to depreciate your trucks and equipment. Turbo Tax will do the math. You can use last years return as a base for consistency and to answer questions that you may come up with. I think its important to know how the process works. It will keep you from overlooking something.
I used to do mine using turbo tax. After geting hit with an audit and having to repay 7grand I decided it was cheaper to use a cpa. We use Peachtree Accounting software so all we have to do is take it to her and she has everything she needs to complete my taxes. About $250 a year.

I just wanted to see these two posts together.... :waving:

DuallyVette
01-23-2005, 02:32 AM
I just wanted to see these two posts together.... :waving:

Makes you wonder if we're all living on the same planet !!!

YardPro
01-23-2005, 08:04 AM
yes we use an accountant.
that way any liabilities are on them.
also they set up out monet in money market accounts, and transfer funds as needed for payroll.

muddstopper
01-23-2005, 10:56 AM
Did Turbo0Tax do something wrong ??? ...Details ???
I cant really say that Turbo Tax did anything wrong but I feel that they where partly responsible. The biggest problem wasnt in the questions that turbotax ask when you are using the software, its the questions they dont ask that got me in trouble. My problems stemmed from depreciation of equipment. Turbo Tax let me declare deductions even tho the income wasnt sufficient to cover them. I had bought some equipment to develope some property and was taking the $19500 first year deduction. The problem arose because I hadnt sold any of the property so hadnt produced any income to offset the deductions. Turbotax didnt distinguish between my other incomes. It actually worked out in my favor. The IRS dis-allowed the deductions but I sold the property the next year and was elegible for the $22000 something, deduction that became available that year. I actually ended up getting more back than they took from me. I have since Incorporated and combined all the other income producing business under one roof. This helps simplify the whole tax process. I have also narrowed my focus toward the hydroseeding business which has reduced the other outside ventures. One can have to many irons in the fire.

GrassBustersLawn
01-23-2005, 11:23 AM
I currently do my own with the help of QBPro. Still it is one LARGE PITA! I have an account do the year end filing of business & personal stuff. Costs me about $375. I am considering hiring someone to do it all this year. I don't want to have to mess with it...to much time & STRESS involved for me! I just finished doing W-2's for employees, even with QBPro, I still HATE IT. ALso QBPro is going up from $169 a year for payroll to $200, PLUS I have to upgrade to 2005 version this year for another $300 or so. INTUIT (like other software companies, including CLIP) know how to SUCK YOU DRY once they get their claws in you.

Mike

Green in Idaho
01-23-2005, 04:20 PM
I cant really say that Turbo Tax did anything wrong but I feel that they where partly responsible. The biggest problem wasnt in the questions that turbotax ask when you are using the software, its the questions they dont ask that got me in trouble.

I think that is an excellent point.

Does it ask, "will you make more money next year than this year?" If so, you need to plan accordingly.
Does it ask, "Is this the last year of this business?" If so, you should not take Section 179.
And lots of other issues.

Turbo, Quickbooks, Peachtree, and every other software program are simply tools to accomplish a job. They are no different than a chainsaw for pruning, and a ZTR for mowing.

So give a chainsaw to your neighbor (who doesn't know about proper pruing technigues) and see what they do to a tree. IF someone knows about tax/accounting, those software programs are excellent tools to get the job done. But if someone does not know the principles, rules, reasons, objectives, etc, of what they are trying to do, then they should not be using the tools in the first place.

And timing is important too. If you sell your truck as opposed to trade-it in for a new it has a big difference. Telling your accountant at the end of the year that you sold your two-year-old truck doesn't offer much opportunity for having all the facts before you make a transaction.

Example: I saw a contractor use TurboTax and report his mortgage interest on his Schedule C. The Schedule C has a box for "interest", so apparently he thought that was a good spot for personal mortgage interest. While it really reduced his tax for THAT year, and the other two years he did it too, THAT would be a big tax bill on an audit. Guess why he was talking to me---- Can you say, "Audit"?

The reality is, you can do whatever you want with your return. Until you get an audit. The flip side is, IF you overpay, no one is ever going to tell you.

How can someone tell a customer, "I am a professional specialist in lawn care and can therefore do a better job at less overall cost to you" and then at the end of the day go be a do-it-yourselfer on a task when specialists are available? If one makes a living selling a specialized service to customers, I think they are being hypocritical when they try to do everything themself, in their own business.

My opinion is if your business grosses over $50k/year use an accountant quarterly. And be sure the person explains things to you well enough so you do understand what is happening and what is going to happen so you can make good business decisions.

Green in Idaho
01-23-2005, 04:25 PM
yes we use an accountant.
that way any liabilities are on them.

?? If you are implying that any additional tax liabilities assessed to YOU would be "on them", you are mistaking.

Additional tax assessements, penalties, and interest are legally assessed to the taxpayer. Not the accountant. Many accountants do offer to pay any penalties due to their errors. But the bottom line is "it's your return, and your tax bill".