Who does their own taxes?
 

What's up all... we're paying an accountant like a few hundred to a G per each company for what I'm willing to bet doesn't take them more than an hour to do...

We don't think he deserves it because he doesn't save us a fucking dime and we make all of the suggestions for saving money... how much are you paying an accountant?

What program should I use to do it myself... I'm looking into Turbo Tax Premier Home & Business....

Thanks,
Xinnov

Turbo Tax software is great. I've never paid anyone to figure my taxes, and I used to do it all paper style until a couple years ago. I had so many forms and shit to fill out that H & R block turned me away saying that they couldn't do them for me...it would be too much work. They wanted $400 to take a closer look at my financial info but could still turn me away.

I used TurboTax that year and spent a couple days going over everything to make sure it was right. I don't think I'll ever use anything else now.

which version... usually when we buy we always go for the best version but I'm not sure we'll be needing it

Although the Home & Business edition does depreciation and we've bought 5 computers this year... we don't want to keep track of the depreciation ourselves and that's the only version that does it according to the Turboxtax website

-Xinnov

If you buy a tax software, It can't have all functions you need. We're using our own tax software wrote by our IT & tax staff for all our activities(both adult & non-adult). It has many advantages, because if I need something, what isn't implemented I just write mail to head of our IT team & have it implemented in few days. When you buy a software, this won't be possible, I think. But if your bussines is small, you probably haven't other options than buying it.

Thanks to both of you... helpful info

Taxes suxx

LOL, no shit, but you've got to pay 'em

we paid too much this year, but I feel so much better that it's been paid

Is Turbo Tax going to represent you if you get audited?

Just my :2 cents: but there are better places to be a cheap bastard.

For those that use Turbo Tax... I was at Amazon and read over 22 reviews of people that absolutely HATED it. Did you experience any of the problems they did?

Reviews

The few hundred dollars we pay to have our taxes done is well worth it. Turbo Tax is ok if you have a simple personal return to do, but our tax guy always earns his fee with his advice and the guarantee to accompany us to any audit.

We have two accountants, one for UK and one for US.

The UK one charges a fucking fortune and the US one is pretty cheap.

Our US firm is pretty good, but yes sometimes they overlook what can be done. However its much better than doing them ourself, it would kill us. We are in the biz of internet not taxes.

Also depends how much you are making, I would expect to pay $2500 - $5000 per 1 million you make.

Excellent point.

The money we pay our accountant is well worth it.

My accountant has given me advice on how to pay myself, how to invest, and how to run my business that saves me tens of thousands of dollars a year in taxes. Pay him $$$ every year? I gladly do it :thumbsup

i do my own. just buy some accounting software, know the tax law and keep on top of everything. its fairly easy if you know what you can write off and what you can't

cheap?
As I said... I own more than just one company, I own three and I also file personally... so to pay him a few thousand dollars for NO advice is some bullshit if I ever heard it.

How about you give me a few thousand to do your taxes with turbo tax(the same software the accountant uses) while giving you no tax advice

We have a joint return including some rentals and a business return. Total cost ~$300. Including advice and audit representation. Maybe you should look for a new guy before assuming they are all worthless.

No, this just sounds to me like you've made a bad decision when picking your current accountant.

My advice is to find someone who will give you sound financial advice and information in order to help plan your company's growth. If you're not getting that, then you need a new accountant, not Turbo Tax imo. The company that oversees our corporate taxes does a hell of a lot more than punch numbers into off the shelf software.

I don't really know how to do my own taxes, I just go to H & R block. I think it costs around $200 and something dollars to do a schedule C. I'm supposed to pay taxes quarterly, but I don't so I just pay once a year. The thing that sucks is figuring out how much I made, all my major sponsors send out 1099's but for a few that don't I have to sit down and go through every freaking check stub and get rid of the ones that sent a 1099 and add the remaining check stubs up, and its a fucken pain the ass. But I always add up my stuff before I go to the CPA, I don't think you're supposed to bring all your stubs and paperwork crap to them. I don't think they would do my taxes either if I brought all my junk in for them to add.