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cpefley
01-27-2014, 10:55 AM
I personally believe that, unless you have a straight forward tax return with one W-2 and standard itemization, you should hire a tax preparer. Taxes are so complicated, frustration, and you are trying to run a business! It is so stressful to handle your own taxes, and some tax preparers assume the responsibility of dealing with audits.

Do you do your own taxes or do you hire a tax preparer?

LindaKay
01-27-2014, 11:49 AM
I used to do my own taxes when I had a simple W-2.

I definitely agree that it isn't a good idea if you are a business owner or an independent contractor. There are just too many opportunities for error, and you could really miss out on itemized deductions. You also have to worry more about getting audited. It's worthwhile to get a professional to do it.

swagger
01-28-2014, 10:15 AM
I agree with you, taxes are insanely complicated and there is a large margin for error if doing them yourself. You're much better off having a professional handle your taxes, you'd probably be saving money and time in the long run.

jfab
01-29-2014, 03:01 AM
I say if you know that you are making so much money and you would just be confused on computing your taxes, it's best to hire an accountant for it. Otherwise, you just might face some problems with the IRS and you don't want that to happen. That would cause you a lot more trouble than just hiring someone to do your taxes. But if you're not making much and you feel like you can compute it yourself then there's no need to hire someone to do it for you.

fredkawig
01-29-2014, 08:37 AM
In our country we actually do our own taxes of course for those who can't compute and are not good in accounting they hire accountants to do their taxes for them. Judging by your case, it is good that you hire someone to do your taxes especially when you have a lot to think about and are doing more important things for your business.

cpefley
01-29-2014, 12:42 PM
Thanks for all the replies. I think that doing your own taxes when you own a business can be tricky and you might pay more in taxes than needed. Professionals should know the ins and outs of tax law.

crimsonghost747
01-29-2014, 01:38 PM
Seeing as we are talking about W-somethings I assume most of you are in the USA. In that case, yeah apparently the taxes are a real pain. In that case I would go with a professional too, it might cost a bit but certainly saves you a lot of trouble.

sylviakanash
01-29-2014, 05:33 PM
Hiring a tax preparer is the most advisable thing to a business owner. It helps to avoid errors that can easily occur. I used to prepare them myself and later came to realize that I was doing more harm to my business than good. I can tell you for free that it almost cost me my business. Please get a tax preparer to do that for you.

pandandesign
02-03-2014, 01:57 AM
I hire an accountant to do my tax because I wouldn't recommend to do tax on my own. There are a lot of hassles doing tax on my own because I have gathered all the earnings and all the expenses and etc, which I usually have a headache when comes to doing tax. I would hire an accountant because he knows how to do and how to do the tax properly, plus any mistakes the accountant is able to find out and solve the issues once occurred.

blitzkrieg
02-04-2014, 09:42 PM
I've been doing my own business taxes since the beginning in 2008. Granted my business is relatively simple with no permits/licenses required beyond standard business licenses. As a single-member LLC, I only need to fill out a Schedule C to attach to my 1040, which is ridiculously simple to do if you track all of your income and expenses through bookkeeping software like Quickbooks. In fact, if you use Turbotax then it pulls all of your income and expense data right from your QB file and populates your Schedule C for you. I still check everything over, but it's a really nice feature.

In the end, it comes down to how simple or complex your business is, and how much patience you have. If you are living in perpetual fear of a potential IRS audit (however unlikely), then that's a clear sign that you need to hire someone to handle your taxes. Sometimes it's worth the money to pay someone to help remove the roadblocks that keep you from growing your business.

Taru
03-21-2014, 02:56 AM
Since I only have a small operation, I choose to just do the taxes myself, as hiring someone would just be an expense at this point and wouldn't help me that much at all. I do agree that it's much better to hire someone once the operation gets bigger so as not to waste time on it and therefore be afforded to utilize that time you save on other things that do require your expertise. By then, it would be worth the expense as you'd be making a lot more profit with the time you save compared to what you spend on hiring an expert.

lizzief79
03-21-2014, 04:31 PM
I am a self-employed freelance writer. I live in the UK and the online self-assessment tax return form is easy to complete. My income is pretty low and I don't have any overheads so I don't need to fill in a lot of sections. I keep my own accounts on the computer on a daily basis. My earnings do not warrant the cost of paying someone to sort out my taxes. However, if I were earning more money, employing other people and had more expenses than I do, I would definitely employ a professional. They know all the rules and regulations, they can help you save money and the process is simpler for them because they do it all the time.

mikelouis
03-22-2014, 03:11 AM
I always hire a tax manager to help me out. I normally do not want to get in trouble with the IRS. It is expensive to hire someone but it is for the better so that you make sure there are no issues with your tax returns.

Lithium
03-22-2014, 03:40 AM
It isn't that difficult to do them yourself. If you're lazy, you can hire a tax preparer.

DomDom
03-22-2014, 05:47 AM
In my opinion you should get a tax preparer if its worth the time. If your taxes are pretty simple its just not worth it to hire somebody. If there is alot of work then you should hire somebody!

ursell
03-22-2014, 03:49 PM
Yes you should hire someone to do your taxes for you. Like everyone said to complex and
you don't know everything there is to know.

tinyfang
03-22-2014, 05:03 PM
I have never once hired an accountant to do my taxes. I use a service called UFile which is free if your income is less than a certain amount. It's also not expensive at all if you do make over their minimum. Everything has a guide coinciding the elements such as RRSP, other income, etc. You can easily add dependents and such and such. Of course, if you're too lazy to do the research on your own and/or if your English/French isn't good enough, then getting someone to help is an alternative.

Lithium
03-23-2014, 02:46 AM
If you don't like risking, do get someone to prepare your taxes.

gadgetised
03-23-2014, 04:11 AM
Paying someone to do your tax is better for big business. If you are doing it just for yourself, I would suggest learning how to manage your taxes. It would give you a better insight into your business.

PotterM
03-23-2014, 10:46 AM
If your business is fairly small and straightforward then I would do the taxes myself. If it's more complicated then hire someone, but choose carefully. I've hired people before and it took me numerous people to find someone competent. It was very frustrating as they just didn't do a good job or never did anything on time.

Lithium
03-26-2014, 10:47 AM
It is quite easy to do your taxes.

TomRalphio
03-28-2014, 01:30 PM
I usually compile all the required data on my own and then sit down with my uncle who has a successful accounting firm. I guess I'm lucky in the sense that I can rely on him by I'm slowly learning the tricks too.

Brianna Jay
03-29-2014, 01:06 PM
I've always done my own personal taxes myself. I once went to a tax professional and they told me I was doing just fine on my own and to continue doing so in order to save money. Now, when it comes to owning a business, I haven't yet done my own. I have, however, done them for my old boss and it's a bit time consuming, but it can be done and you could save some money. Going to a professional or having an assistant do them may be the best route time wise. As a business owner you may just not have the time to do your own taxes. So I would probably say to have someone else do them for you.