Do taxes yourself?

Discussion in 'Business Operations' started by stevenf, Jan 1, 2012.

  1. stevenf

    stevenf LawnSite Bronze Member
    Posts: 1,612

    I have been toying with the idea of doing my own taxes. I have never done it before. I normally pay a CPA 300.00 at the end of the year but I do all my receipt counting, monthly logs, tax calculation .... all he does is file them. Doesn't seem worth the money to me. Even the cheaper walk in tax places want 300.00. Anyone here do there own taxes for business? Do you use Turbo tax business?
    Posted via Mobile Device
     
  2. jackal

    jackal LawnSite Senior Member
    Posts: 489

    I do my own with turbo tax. Good record keeeping helps.
     
  3. Roger

    Roger LawnSite Fanatic
    Posts: 5,916

    No way. The $300 (much more for me) is money well spent. There is no way that I can know the applicable tax code for doing the prep myself.

    Remember, the CPA charge is a "professional fee" that is a tax deductible expense itself.
     
  4. Dr.NewEarth

    Dr.NewEarth LawnSite Bronze Member
    Posts: 1,405

    $ 2500 to 3200 a year is what I have to pay in British Columbia for corporate tax. About 400 of that is for book keeping.

    I asked around at the landscape association and other companies my size are also paying this amount in income tax every year.

    I don't have the patience or frankly the ability to do every-thing required to run a company. So, I farm out my tax preparation. I have to. It is quite complicated here and the laws and requirements change. Even though it is expensive, I would rather be making money doing what I am good at. Then I know there won't be any mistakes.
     
  5. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,847

    I use Turbo Tax Home and Biz, and find it pretty clear cut to do my own taxes.
    That said, I am a solo with a pretty straight forward situation. More complex operations may need prof. assistance.
     
  6. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,592

    I've been doing my own taxes for years. I'd never hire a CPA to do mine. :)
     
  7. wbw

    wbw LawnSite Fanatic
    Posts: 5,404

    Just be glad everyone doesn't feel that way.:waving:
     
  8. AlohaMowing

    AlohaMowing LawnSite Member
    Posts: 58

    I have used Turbo Tax to do my business taxes and always found it reasonably easy. I'm not sure if it would have been adequate if I'd had employees. I have have had payments to contractors that had to be reported on 1099s and Turbo Tax took care of preparing those.
     
  9. hoyboy

    hoyboy LawnSite Senior Member
    from Chicago
    Posts: 346

    I am a CPA and highly recommend Turbo Tax. Frankly, I don't see how CPA's stay in business with Turbo Tax around. I think it's only because taxes have this reputation of being so scary. But really, Turbo Tax has made it so brain dead simple, there really is no reason to be shelling out money for a professional any more.
     
  10. PlantscapeSolutions

    PlantscapeSolutions LawnSite Silver Member
    Posts: 2,979

    I have to deal with incorporated business, day care write off, mortgage interest, depreciated equipment assets, investments, and a bunch of other stuff. If you ever get audited it will go much easier if the IRS folks see CPA stamped on everything.

    I've been audited for sales tax and the auditor liked what he saw and barely looked into any of the records. The others guys I know who were audited were no so lucky.
     

Share This Page