- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Small business owners- doing your own taxes
Posted on 5/9/22 at 10:32 am
Posted on 5/9/22 at 10:32 am
Any advice on this? Or does everyone just recommend to get an accountant? Any good software for this? I'm sure Turbotax has something. I'm a general contractor, S corporation. Two employees, including myself, with 90% of the work subbed out.
I'm fed up with my guy and the whole process seems simple enough to do myself. I'm probably wrong though.
I'm fed up with my guy and the whole process seems simple enough to do myself. I'm probably wrong though.
7
Posted on 5/9/22 at 10:41 am to Ssubba
Depends on the complexity of the business I’d guess. We use an accountant for our retail business.
Posted on 5/9/22 at 10:53 am to Ssubba
quote:
I'm fed up with my guy
What's happening?
quote:
the whole process seems simple enough to do myself.
How good are your accounting records? Do you use a payroll provider? Do you buy a lot of major tools and equipment each year?
Here is something you can try.
Take the last year S Corp return you have (2021, or 2020 if 2021 is on extension).
Take your Quickbooks or whatever program you have for that year.
Print a balance sheet and profit and loss.
See if you can figure out how every number on those two statements gets to the tax return.
Then, take every number on the tax return and tie it back to the balance sheet / profit and loss.
If you can do that with ease... you might be able to give tax prep a try for sure. It's not "hard"... a good CPA knows how to use the tax laws to your best advantage.
Posted on 5/9/22 at 11:32 am to LSUFanHouston
quote:
Take the last year S Corp return you have (2021, or 2020 if 2021 is on extension).
Take your Quickbooks or whatever program you have for that year.
Print a balance sheet and profit and loss.
See if you can figure out how every number on those two statements gets to the tax return.
Then, take every number on the tax return and tie it back to the balance sheet / profit and loss.
If you can do that with ease... you might be able to give tax prep a try for sure. It's not "hard"... a good CPA knows how to use the tax laws to your best advantage.
When I got out of public, one of my side gigs was working with small businesses to help with monthly bank recs and help clean-up books for taxes. I would essentially take their prior year returns and set-up categories, and sub-categories, that would essentially print out for their tax accountants to just drop in their tax software. The difficult part for me was trying to explain to the client why they still needed the tax person for tax advice.
Even if you do decide to do on your own, would be worth finding a good tax person to sit down with for 1-2 hours a year to help with tax planning. Especially if you have a lot of assets that can be depreciated.
Posted on 5/9/22 at 12:44 pm to Ssubba
Get a bookkeeper and have a CPA do your taxes.
Posted on 5/9/22 at 1:11 pm to Ssubba
quote:
I'm fed up with my guy and the whole process seems simple enough to do myself. I'm probably wrong though
I get hammered on here all the time for saying this, so I understand. I don't think there's a simple or cheap answer.
Getting a book keeper is a good idea, if you can find someone good and reasonable. They could do a majority of the work and potentially only be 5-10 hours a month or less? Then it would be nice and clean for the CPA or you.
A large portion of paying a CPA is just for the piece of mind, imo. I've also tried the meet once a year route, and frankly the advice I get is nothing better than I can get on here. Underwhelmed at best.
I'm not saying CPA's are worthless at all, I think they help a lot of people. I just think if you are reasonably interested and smart you can figure out a lot of it yourself.
This post was edited on 5/9/22 at 1:12 pm
Posted on 5/9/22 at 1:56 pm to baldona
quote:
I get hammered on here all the time for saying this,
Lets make things clear, you get hammered for saying retarded shite
Posted on 5/9/22 at 4:32 pm to Ssubba
quote:
Small business owners- doing your own taxes
quote:
Any advice on this
HIRE A CPA
TOTALLY SERIOUS
Posted on 5/9/22 at 4:36 pm to LSUFanHouston
S corp has K-1 earnings tied to personal income tax returns
Business returns required 3.15 every year, a separate return!
you have to send in quarterly estimated taxes, monthly payroll taxes, unemployment taxes, etc.
too many things to list here, brother, you don't have time for this crap if you own a business
a solid bookkeeper and CPA...
a must!
Business returns required 3.15 every year, a separate return!
you have to send in quarterly estimated taxes, monthly payroll taxes, unemployment taxes, etc.
too many things to list here, brother, you don't have time for this crap if you own a business
a solid bookkeeper and CPA...
a must!
Posted on 5/9/22 at 5:17 pm to Mingo Was His NameO
quote:
Lets make things clear, you get hammered for saying retarded shite
Says a guy that’s never used a CPA, from a guy that has a staff accountant on payroll
Posted on 5/9/22 at 5:23 pm to Ssubba
My experience is that the reality is that CPA’s don’t want to do book keeping, but they make a lot of money doing it. The first project for any small business owner is to make sure your book keeping is as clean as possible.
The next part is make sure that your taxes are done well.
Finally, and the part everyone talks about that sometimes is worth it but often times is not, is to discuss planning and ways to save.
Most people that don’t have a CPA think that they are on your side to fight against the irs. When in reality they are closer to a referee in making sure that you follow the rules.
The next part is make sure that your taxes are done well.
Finally, and the part everyone talks about that sometimes is worth it but often times is not, is to discuss planning and ways to save.
Most people that don’t have a CPA think that they are on your side to fight against the irs. When in reality they are closer to a referee in making sure that you follow the rules.
Posted on 5/9/22 at 5:29 pm to baldona
quote:
Says a guy that’s never used a CPA, from a guy that has a staff accountant on payroll
I've already told you, dumbass, I am a CPA
Posted on 5/10/22 at 8:29 am to Ssubba
If you are able to allocate your business transactions on QB easily with the correct coding then a CPA is not necessary. Only reason I would recommend a CPA is if you have a ton of commercial assets, and need to make sure you are getting every deduction. Own one or two buildings you should be able to run a MARCS depreciation schedule online to get your depreciation.
Posted on 5/10/22 at 10:06 am to baldona
quote:
My experience is that the reality is that CPA’s don’t want to do book keeping, but they make a lot of money doing it. T
Bookkeeping is a very low value work that is constantly being bid down by non-licensed individuals, foreign entities, and automated services.
CPAs don't like to do bookkeeping because it doesn't pay well. However, some clients want it all in one place, and some CPAs need the monthly work.
quote:
Most people that don’t have a CPA think that they are on your side to fight against the irs. When in reality they are closer to a referee in making sure that you follow the rules.
On a tax return, the preparer and the taxpayer both sign it. CPAs make mistakes just like everyone else, but if they are involved in fraud, they can lose their license and be held to civil and criminal penalties.
Tax laws are many shades of gray and a good tax CPA finds that shade that best helps their client, while still being legal.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News