lurtsman Posted January 4, 2013 Share Posted January 4, 2013 I'm putting a poll up (or attempting to). One of the things that bothered me while vending was the sheer time it took to get everything in order for taxes. Now granted, just handling the normal forms takes me a while. I do everything through Turbotax, but they tend to ask several questions that are outside of my knowledge base. The biggest time expense though was usually dealing with the business section. I handle everything through excel and had to match up listed expenses with charges I incurred to ensure I wasn't missing things or double counting anything. Commissions were kind of a pain, but I switched over to a system that automatically calculated them out of collections. I wanted to get a feel for how long other people spend dealing with the entire tax system. From updating budgets and verifying records to filing the forms. Since I moved mid year, I'm really not looking forward to dealing with returns for two states. PS. For the sake of the poll, if you're using Turbo tax I'd consider that doing it yourself. Link to comment Share on other sites More sharing options...
shepherdsflock Posted January 4, 2013 Share Posted January 4, 2013 The size and complexity of my business versus yours is significantly different, so when I say that I spent just a few hours last year isn't really and apples to apples comparison to the time you spent. With only one machine at the time, it was very simple. Link to comment Share on other sites More sharing options...
moondog Posted January 4, 2013 Share Posted January 4, 2013 Try figuring depreciation on your vehicles and machines - I remember when this was a fairly straight forward procedure. Not anymore - I've got a Business Science degree and I can't make heads or tails of the new formulas. You shouldn't have to hire an accountant to do your taxes. Link to comment Share on other sites More sharing options...
sherlock Posted January 4, 2013 Share Posted January 4, 2013 A solid CPA is well worth the investment IMO. When I consider that I could spend hours and hours and hours doing what he does for me in one afternoon, I have no problem paying him. Besides, I could spend hours and days to do what he does and I'd STILL worry that I messed something up afterward. I'm happy to take both time savings and peace-of-mind over the money-savings of doing it myself. With my CPA, I have had a relationship with him for over 10 yrs, he's been my CPA through different business ventures, and I know/trust his ability to keep up with tax code changes from year to year...not to mention I can (and do) call him for free advice anytime throughout the year on my business goings-on to clear things with him before taking any financial leaps. As shepherdsflock mentioned, everybody is different. I don't just have a vending business to track and maintain. I've got other business responsibilities to manage, so my chosen path may not work for others. But, whether the issue is a legal or financial one, an entrepreneur must learn when the appropriate time is to hire a specialist for our business needs. Link to comment Share on other sites More sharing options...
Hillbilly Posted January 4, 2013 Share Posted January 4, 2013 I have a bookkeeper and a CPA. I email them both throughout the year for advice and questions. Both are worth it to me for reasons Sherlock posted. Link to comment Share on other sites More sharing options...
havending Posted January 7, 2013 Share Posted January 7, 2013 I agree you need a pro. It's nice to just hand it all over each month and get it done for you. Sent from my Desire HD using Tapatalk 2 Link to comment Share on other sites More sharing options...
shepherdsflock Posted January 7, 2013 Share Posted January 7, 2013 There is a strong potential for my business to grow substantially this year, so it is likely I will be in a very different position regarding tax law complication at the end of the year. Link to comment Share on other sites More sharing options...
Golfdogs Posted January 8, 2013 Share Posted January 8, 2013 I don't need a CPA, I am married to one! It should be noted, she and I see things quite differently;) Link to comment Share on other sites More sharing options...
ANDERSONVENDING Posted January 10, 2013 Share Posted January 10, 2013 I incorporated in June so I have Corporate Tax Network that will take care of all this for me. John Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.