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View Full Version : Do you do your own taxes or hire someone to do it for you?



nick87
03-18-2014, 09:18 PM
There's all these commercials on tv for things like HR block, and there are individual accountants that large businesses acquire, but personally I prefer to do taxes on my own. If I owned a big business then I'd hire someone because that would be a lot of information and a lot of numbers to crunch which would be difficult and time consuming, but right now it's nothing I can't handle. Of course, right now, I'm not making much, so it's not much to have to deal with.

lizzief79
03-19-2014, 11:06 AM
I do my own taxes. I live in the UK and do my self-assessment tax return online. I keep track of my accounts on a spreadsheet on the computer. It doesn't actually take that long to complete the self-assessment but it is a bit of a pain. I don't really earn enough to pay for someone else to do it for me as I only freelance for about 20 hours a week. For someone making a substantial amount of money or for a bigger company then I would definitely recommend using the expertise of a professional though.

Lostvalleyguy
03-19-2014, 01:24 PM
I like to do my own taxes. One of the things it does for me is that it allows me to look at what I am deducting, and where I might be able to make adjustments to improve the way I do business. Having said that, I should add that I am a small operation and can easily keep track of everything on my own. A larger business would likely need professional advice and tax preparation as it would be a more complicated process. Having multiple sources of income for me is where it gets tricky as some comes in as professional income, some as investment income, and some from other sources. With software and electronic filing these days, it does make things a lot easier for an individual to do their own taxes than in the past.

LindaKay
03-19-2014, 01:59 PM
I did my own this year. I used TurboTax Pro for Business.

firelily99
03-19-2014, 02:39 PM
I have done them myself until this year and decided to have a friend who is a CPA take a swing at them. It didn't cost me much and she ended up saving me quite a bit of money in the process. It helped me and it benefited her business as well - a win win for both of us!

FancyFree
03-19-2014, 02:43 PM
I do them myself. Turbo Tax has a module for business. I just read the questions carefully.

SteakTartare
03-19-2014, 03:51 PM
I have a tax accountant handle our yearly filings. Our federal and state tax returns are fairly complex, so its good to have another set of eyes on it. That and it frees up a chunk of time I can spend on other things.

Jessi
03-19-2014, 08:58 PM
I do my own taxes as well.

If had an extremely large business, chances are, I would already have an accountant. I feel like the accountant could probably do the taxes at that point, but at the same time, for the sake of keeping things legal and being sure the accountant isn't altering the books at all, it would be a good idea to hire someone specifically to do the taxes anyway.

mikelouis
03-20-2014, 12:12 AM
We have an accountant who works out our taxes. But of course once in a while there is always an external auditor who comes to verify what we have been submitting as your tax returns. I think that way is much better so that there is no one playing some tricks.

gHiros
03-20-2014, 02:35 AM
I usually have an accountant/CPA do my taxes, however, this year I decided to do it on my own. Yup, I made the plunge, but I managed to save some bucks this year by doing the taxes. Getting the hang of the S-Corp filing was a learning experience, but somehow I made it before the deadline. Hopefully I won't get it rejected by the IRS and the state tax department ... ;)

difrancprod
03-22-2014, 03:00 AM
I don't do my own taxes because I can't really do it. I'm bad with numbers. I hire an accountant to do it for me.

Taru
03-22-2014, 08:29 AM
I have hired professionals for this in the past, and I actually prefer it as long as my business can afford it. You end up saving a lot of time and stress this way and you also get to keep yourself safe because the professional knows all the small details and how to handle them best. This way, you can then spend the time you save on the business itself and acquiring more profits rather than having to spend a significant amount of time doing back-end calculations and paperwork, so you potentially could end up gaining more profits which I think is worth a whole lot more than the salary you pay the expert.

loraanna
03-27-2014, 12:42 PM
I did my own taxes this year and used turbo tax for business. It made the process so simple and it walked me
through everything step by step. In years past I always had someone to do it , but I decided that I wanted to take
an active roll in all areas of my business.

sweetkymom
03-31-2014, 08:19 PM
My husband and I filed our taxes online with H&R block. We did have a person over the phone walk over with us on the business part. It was very confusing and would not have been able to complete them if it wasn't for the guy on the phone.

yossup
04-01-2014, 10:13 AM
I used to go to HR block to do my taxes until I realized just how expensive it was. I figured if I just sit down one day and learn to read the IRS guide on how to file taxes, I'd never have to learn it again and could easily do my own taxes for free. I do my own taxes now and honestly, with the advent of tax software, it's so easy to do it on your own now.

cameronpalte
04-04-2014, 06:35 PM
I do my own taxes and then use turbotax in order to help me with it. I believe that paying people to do your taxes never really works out and is definitely not worth the money. But thats just my 2 cents.

angela5pointo
04-04-2014, 07:50 PM
I do my own taxes, however each year my sales keep significantly increasing and I am thinking about using a CPA. I think a CPA could get more money back, because I am scared to offset expenses, besides typical costs and inventory. I am not great at keeping track of smaller item expenses, such as paper, ink, or related supplies. Each year I have vowed to be better, but have yet to increase my organization in this category.

Nate Kinsella
04-29-2014, 06:48 AM
I always hire an accountant because I hate all these calculations and accounting work (http://www.accountants-goldcoast.com.au/). Well I am hiring accountant from same firm from many years because they are reliable.

rjoyce3582
05-02-2014, 11:34 AM
I am an accountant and I do my own taxes. To be honest I am not a fan of taxes and I really think I am going to start paying someone else to do my taxes. People sometime finds this strange but taxes are not my niche. Taxes are a very specialize field and it takes the right person to do them and really stay up to date with all of the changes.

PoolsRCool
05-15-2014, 09:18 AM
I had someone do my taxes for the first 2 years I was in business. After that I did it myself by looking that the previous tax returns filled out by my accountant. My business income had remained the same over the years so that is why this works for me.If it was different each year I would have an accountant do it for me, don't want to mess with the IRS

gadgetprophonerepair
09-29-2014, 10:24 PM
No way! Last thing you want to screw up on your taxes, we hire the pro to do our taxes for us, save the headaches. lol

farmerjohn1324
10-05-2014, 11:06 PM
Yes. Do your own taxes. It is so easy. As long as you know how to read, you can do your own taxes. All information is available from the government. Just take some time to read it and get it right.

Did you know that tax attorneys go to school for longer than any other type of attorney? I find that ridiculous.

MarkHerry
12-24-2014, 03:12 AM
If someone hire other person for tax purpose then my company is perfect for this purpose. We are providing many great services for business like Accountants,Business service,Financial service,tax accountants,accounting firms and many more.
Stone Sharp Accountants (https://au.linkedin.com/in/stonessharpcpa/)

Chris_Tax
12-25-2014, 02:44 PM
I do Income taxes for locals. The tax code is very detailed oriented. I have to double check some of the items on a Schedule C especially depression on a start up company

Allan Madan
01-02-2015, 01:40 PM
I would suggest a professional tax accountant to prepare your taxes. They can provide various tax saving strategies and answer all your questions throughout the year.
In addition, they can resolve issues that may come across with the IRS or CRA.

Sincerely,
Madan Chartered Accountant
www.madanca.com (http://www.madanca.com)

staceyhoward
11-17-2016, 04:55 AM
It depends upon you if you have enough time and knowledge about tax laws then you can do your own.or otherwise you can hire some accountant which is costly.one of the best option for tax return and preparation services is to outsource as you get many benefits like cost reduction , saving of time , hi tech infrastructure and expert services .

aaronaks
03-03-2017, 03:22 AM
It was very confusing and would not have been able to complete them if it wasn't for the guy on the phone.

Freddie L. McKinstry
03-31-2017, 10:12 AM
I don't trust anyone. Doing taxes on my own seems to me more reliable. Yeah, you have to spend some time on studying but eventually I'll benefit from it.

BusinessFundingPro
03-31-2017, 02:17 PM
As a business grows, doing taxes can become a real pain. It's good to start as soon as you can to find a good tax person - you may be needing them in the future

jeratzbach
09-19-2017, 11:54 PM
We are providing many great services for business like Accountants,Business service,Financial service,tax accountants,accounting firms and many more.

kath5
01-11-2018, 12:40 AM
Well, managing your tax is prominent either you are running a small business or large size business and if one is really capable of managing their own taxes then what could be best than this and especially if your tax situation is straightforward and you have no major transactions for the current tax year then it would be easier for you to fill your tax return by your own. But as far as I'm concerned, hiring a tax adviser can really assist you and it would be beneficial for your business.

andrew2510
03-23-2018, 07:24 PM
2.) Can I open a bank account now using social number in place of EIN and start purchasing equipment, or should I wait to open account once I am classified as S-Corp status?