Tax time

Well, it's that time of year...

For any of you guys who run your own business, do you do your own taxes, or have a CPA do them?

Up to now, my stuff has been pretty straightforward, so I've just done them myself. However, now that I own some equipment things are a little more complicated with the whole depreciation thing :dizzy. I've done a little reading, but it seems there are about 12485688794350798 different ways to handle depreciation, so it might finally be time to have someone do them for me.

Joe

Electra_Glide said:

Well, it's that time of year...

For any of you guys who run your own business, do you do your own taxes, or have a CPA do them?

Up to now, my stuff has been pretty straightforward, so I've just done them myself. However, now that I own some equipment things are a little more complicated with the whole depreciation thing :dizzy. I've done a little reading, but it seems there are about 12485688794350798 different ways to handle depreciation, so it might finally be time to have someone do them for me.

Joe

Click to expand...

Hi Joe,

I always did my own till I start owning equipment to depreciate. My CPA has been in business a long time, and is really good. She knows how to squeeze the TAX code for every penny. She is not cheap, but worth the price not to throw any flags down at the IRS.

I am hustling to get all my stuff to my CPA as well.

Cheers,
Brent.

Get a good tax accountant , doesn't have to be a CPA. Check into the SEP IRA for yourself, that contribution comes off the taxable income. Self employment tax is a heavy hit, be smart about keeping all records of buisness expenses and deduct everything possible. About depreciation, the laws change regularly but I always take max if I paid fot it that tax year. If you see you're having a good year it's a good time to upgrade or repair before the end of the year to benefit the business and lower the taxable income. On the other hand if you're having a poor year you don't need as many deductions. Good luck . DP

I have my taxes done by a CPA. I used to do my own but with the business there are lots of things you might miss or do wrong. My CPA says a lot of people just bring him a box of reciepts. I take a spread sheet with all the items in the correct categories and totaled. Last year it cost me $230.