Grazing Hippo Vending Posted January 26, 2014 Share Posted January 26, 2014 TKK If you go to H&R Block then you will probably pay around $150-$175 to have your taxes completed. If you go to a CPA then you will probably spend around $250. Both of them MAY be able to do your taxes BUT.... A CPA is highly educated, passed an incredibly difficult test for the right to hang their "shingle, keeps apprised of the ever changing tax code, will help you strategize various ways to reduce your tax liabilities, will be by your side if/when you are ever audited and will be available to you ALL YEAR LONG to consult with if you have ANY questions (probably for NO additional fee). H&R Block has employees who DO NOT need a college education (let alone business or accounting degrees), employees who will come and go on a yearly basis so you DO NOT develop a relationship with anyone, will not stand with you during audits (in most cases), and they CANNOT help you devise any strategies. You are really not saving any money by using H&R Block. You may save $50 or $75 on the day you file BUT you will lose money in the long term. Do yourself a favor and go to a real accountant. I'm not trying to be a jerk here but it seems like you are looking for any reason to NOT go to a CPA. I have a business degree (minor in accounting) and while I do my own quarterly sales tax filing, I don't dare do my own income tax filing. Even if I were confident I could do them alone I wouldn't. If you do your own taxes and are audited by the IRS then EVERYTHING is on YOU! If you use a CPA then you can fall back on them and their expertise. Why do you think most attorneys who are charged with a crime DO NOT represent themselves? I wish you the best of luck. I do not want you to set yourself up for failure. Good luck my friend! Mark Link to comment Share on other sites More sharing options...
TKK Posted January 27, 2014 Author Share Posted January 27, 2014 Well QuickBooks pro is 189 at sams and.I can get this.one for 149 cuz im a student. Whats the diference though? http://store.thinkedu.com/intuit-quickbooks-accountant-2014-for-windows-with-free-quickbooks-training-course-p846.aspx Link to comment Share on other sites More sharing options...
AZVendor Posted January 27, 2014 Share Posted January 27, 2014 Well QuickBooks pro is 189 at sams and.I can get this.one for 149 cuz im a student. Whats the diference though? http://store.thinkedu.com/intuit-quickbooks-accountant-2014-for-windows-with-free-quickbooks-training-course-p846.aspx As the description on that webpage states, that offer is for the QB Accountant Edition which has some additional features that allow accountants to remotely look at their clients QB files, create company setup templates that their clients can use to get started with their own company files or to make changes to their files that the client can take back to their own system and install. This version basically works the same as QB Pro and you don't have to use any of the Accountants features, plus you get a learning tool too. This is a good price for it. I'm still waiting to find the new version for $150 or less as my version will sunset this April. If you have a Costco there and you are a member, it looks like beginning Jan 30 they will offer QB Pro for $139. Link to comment Share on other sites More sharing options...
moondog Posted January 29, 2014 Share Posted January 29, 2014 Basically, if you set up an LLC all of the paperwork (i.e. bank accounts, licenses, insurance, credit, etc.) will need to be changed into the LLC's name. You would need to create a paper trail showing the transfer of ownership of your assets (machines) to the LLC. Dont know if its the same in TX but here in the Peoples Republik of Kalifornia your LLC can be structured as a sole proprietorship or partnership or corporation depending on your desire. An LLC will also shield your personal assets from being attached if your business ever had a judgement placed against it. Not to sound like the proverbial broken record (I guess that shows my age), but again these are things a CPA will help you with. The PRK - love it !!!! Link to comment Share on other sites More sharing options...
TKK Posted February 3, 2014 Author Share Posted February 3, 2014 I see, so if I change to llc I can still keep my name...but I have to change my assets and bank accounts? Another local vendor told me not to do sole as if I get sued or something goes bad im at risk. Link to comment Share on other sites More sharing options...
AZVendor Posted February 3, 2014 Share Posted February 3, 2014 LLC's are an easy way to protect your assets, but if you have opened bank accounts as a sole proprietor you will have to change them to an LLC in order to protect them. You will also have to get a Federal Employer Identification Number (FEIN) to replace the SS number you might be using now. Make sure you change your legal name on all business accounts including insurance policies. Link to comment Share on other sites More sharing options...
sherlock Posted February 3, 2014 Share Posted February 3, 2014 LLC's are an easy way to protect your assets, but if you have opened bank accounts as a sole proprietor you will have to change them to an LLC in order to protect them. You will also have to get a Federal Employer Identification Number (FEIN) to replace the SS number you might be using now. Make sure you change your legal name on all business accounts including insurance policies. ...AND let me add: Once you get the accounts set up under the LLC's name, be diligent in keeping your personal finances and business finances separate. Mixing that money is a sure way to weaken the protection of your personal finances if legal action is ever taken against you. Link to comment Share on other sites More sharing options...
TKK Posted February 4, 2014 Author Share Posted February 4, 2014 Yeah I wanna pay myself a salary Link to comment Share on other sites More sharing options...
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