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Doing your own taxes or have an accountant?
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MaineFarmer
Posted 4/8/2021 09:03 (#8939496 - in reply to #8939434)
Subject: RE: Doing your own taxes or have an accountant?


coast of Maine
Buy a Lassiters tax guide.You are in a very simple situation,start now,do your own ,when it gets confusing you will already understand,many I know switch accountants when they feel they are being hosed by the IRS,many pay less switching,what does this tell YOU ?There are many incompetent accountants or should say tax form fillers,you have nuances of your biz they dont get all the time.The good popular acccountants for tax are swamped as friends tell friends etc,the one like HRblockheads fill it out,you pay and pay again.First thing you do after getting your data ready,,,add up what went in to your accounts(all CC,kids,etc)be sure if it went in you claim it.This is your gross.Take out what you spent,on day to day biz.Add up your items (capital purchases) this you can use a # 179 deduction to reduce your income now or set up a depreciation schedule for reductions in later years(this is easy to set up ).You will be scan audited on the sly by these simple what goes in what goes out .Do get a payroll co, though this is IMPORTANT!,Even if you are only check drawer.I enjoy keeping abreast of the rules but this last year it with PPP etc is getting complex as they change rules daily it seems.IF you make an error its just that an error,do not ever hide or do any slippery moves as thats the place you get screwed,remember if it went into the bucket it has to be claimed.If you spent it on biz its a cost.Simple but cost deductions are not your payments,those are part of your depreciation schedule or in land cases an income.After interest is used as a deduction...IRS auditor once said ,,,many who do their own just write off their payments,,,,most common error she said.so they check mine sometimes,,,no biggy I am correct usually,,hehe
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