Information on Taxes

[Weebitty]

I don't think this has been posted here yet. I asked Cricket and she stated this would be a good area for it.

For those of us that are in internet marketing and things similar there were some question raised on another forum. I thought it would be helpful to see what people do here so here are some questions.

Do you do your own taxes for your business? If so what program do you use? ie turbotax or something else?

What kind of deduction do you take on your taxes and how do you keep up on any new ones that might be available.

Is it worth doing yourself or are you better off with a tax preparer doing it?

If I have forgotten some questions to ask please chime in on here!

[HTMLBasicTutor]

Originally Posted by Weebitty

Do you do your own taxes for your business? If so what program do you use? ie turbotax or something else?

Not anymore. I do my own bookkeeping with QuickBooks though.

Originally Posted by Weebitty

What kind of deduction do you take on your taxes and how do you keep up on any new ones that might be available.

Keep all receipts related to the business. Enter them in QuickBooks as an expense. The accountant decides where/if eligible.

Originally Posted by Weebitty

Is it worth doing yourself or are you better off with a tax preparer doing it?

I think it's worth having the accountant do my taxes. It's his job to keep up with what is new.

[ScriptMan]

I do and have done my own since my first return 44-46 years ago. Business filings have been part of that for close to 35 years. I hate Quickbooks so I use Quicken and have since I abandoned the paper records.

To do the actual return I use H&R Block @ home premier edition, formerly know as TaxCut. I started with that the first year I needed software and have not found a reason to change. Pretty much they are all the same.

I do not do any imports to the tax software. I am signing these returns and I want to know where every entry came from and be assured they are correct.

I take every deduction legally allowable except I do not take home office or computer related expenses. I am much too lazy to keep the detailed log entries that would be required for such a small deduction and I want no future recapture on the sale of my home.

Any of the good tax software will keep you informed of updates to the tax laws. That and what you hear and read is all you need.

I won't say doing your own is right for everyone. Many may benefit from the advice offered by a CPA. I sometimes consult one if I have something unusual that I am unsure of.

Considering the complexity of our return I figure I save about $400-500 each year doing my own.



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