Do your own taxes

kris · 03-03-06, 02:25 PM

How many of you do your own taxes? I am self employed and so far have been able to do them on my own.

anne · 03-04-06, 06:10 AM

I'm just starting my business, and I've been handling it so far - I'm keeping Simplex D records, and I have all the sheets and info. It doesn't look too intimidating so far.

I'll tell you in 18 months when I get my first actual bill for real money.

stevo · 03-09-06, 10:04 PM

I think there was already a few threads about this.
I now hire an accountant. Its too much work doing it myself - too complicated.

Find an accountant that understands internet business, and you'll be glad you did it.

anne · 03-11-06, 07:00 AM

Roughly how much does it cost to get a good accountant? Do you keep your own records throughout the year and just ask them to fill out the reports?

SophMedia · 03-11-06, 11:52 AM

We use a custom built system and then my mom (who's a CPA) us out.

stevo · 03-13-06, 01:15 AM

Quote:

Originally Posted by anne

Roughly how much does it cost to get a good accountant? Do you keep your own records throughout the year and just ask them to fill out the reports?

That really depends on alot of factors.
How many income streams do you have? Is it high income?
Do you maintain records?
Do you have a real job, a mortgage, kids, etc etc

If you're only going at tax time then you could get the return done for a couple of hundred, but i've read people here who are paying their accountants a couple of thousand - it really depends on your situation.

Super Mod · 03-13-06, 10:44 AM

I've never done my own taxes. I do a lot of the beginning ground work, like sorting, etc., but I have a certified accountant help me along with the process and do the majority of the work. I've got many different income streams, so it would be really hard for me to do it myself.

Julian · 03-16-06, 10:14 PM

Nope - I'm lucky enough to have my sister do them. She's a certified accountant, so she handles the entire family's taxes...and she's cheap for us too