Tax Time...ARG!!!

pumpdog · #1 01-26-2008, 11:15 PM

Ok, its tax time again. I suck at taxes, mostly not interested in it so I don't excell at it. Last year I used H&R Block online and found it to be frustrating. Should I shell out a little more $$$ to have an accountant do them or are there any photography/ small business /home based/ friendly software out there?

Noel_Carboni · #2 01-26-2008, 11:31 PM

Last time I hired an accountant he charged me $500 and did a bum job. I ended up having to pay the IRS another $1000 + a year after because he missed something basic. Any more all I think they do is fill in the prompts in Turbo Tax or similar.

Since the time mentioned above I've done my own taxes with Turbo Tax and never had a mistake like that again.

-Noel

Tim Smith · #3 01-27-2008, 10:33 AM

When I started my business and incorporated 10 years ago, I hired an accountant (and an attorney) to help me wade through the legalities and complexities of that process. I had modest expectations for my business, and while it seemed a bit extravagant, I considered the expense of an accountant to be unavoidable since my mind turns to oatmeal when faced with forms (the kind you have to fill in).

Fortunately, my business has grown each year. I now consider my Accountant an integral part of my business. He's provided many money-saving bits of advice and gives me a wonderful sense of security when it's time to send in the pound of flesh required by the Fed. I just plain don't worry about it. That alone is worth every penny I pay him.

My guess is that like any professional, some are a better "fit" with you than others. I've certainly had doctors that I either didn't like or who managed to overlook something important. Finding the right one for you can make a big difference.

Noel_Carboni · #4 01-27-2008, 10:51 AM

So they DO exist! (Noel faints)

That's the kind of CPA I was trying to find. Unfortunately, what I *did* find was one who just wanted to do my taxes and have nothing else to do with me or my business.

-Noel

AndrewCassino · #5 01-29-2008, 11:52 PM

I hate doing taxes and I suck at it. I would rather get a dental filling. Maybe I would draw the line at a root canal, I'm not sure. So, I have used a CPA (not an accountant) for the past 20 years. My experience is that a good CPA will leave no stone unturned and several times they've come up with something that has saved me much more than the preparation fee. Plus there have been no mistakes, no audits or any other problem. It's worth every penny to me. Here's a tip: ask some other pros in your area who they use. That is how I found my CPA.

ChrisPerry · #6 01-30-2008, 01:07 AM

I found my CPA cause I went to college with him - he's third generation CPA.
I think I paid about $200 last year for him to do all fed and state forms. I do all the categorizing and addition of the categories...he says he'll do it, but it won't be cheap

So i add them up as the year goes along in a spreadsheet.
no, it's not a lot of fun, but necessary.
My newest challenge is to try and figure out how to payroll. I've got another college buddy that works for the IRS as the person that answers the help phone...and she's not much help other than 'get this form and these instructions and ...". My CPA uses a computer program, so he was no help either...

Tim Smith · #7 01-31-2008, 01:42 AM

This past year we decided to let our bank do our payroll. There is a fee attached to the service, but when my wife (who does the day to day bookkeeping) added up the time she spent on it, we figured it was worthwhile. Our bank is a medium-size bank here in the state of Maine, not one of the big nationals, so the fees are modest. It's pretty convenient and depending on your needs and budget, it might be worth looking into.