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Thread: CPA or DIY
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Old 09-13-2012, 05:29 PM
dpld dpld is offline
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Quote:
Originally Posted by Columbianalawns View Post
I really cant see the point in paying someone and risk being screwed by them, There are things im uncertain about such as writing off equipment and parts, fuel and such.. I would def like to do it by myself, just need to know where to start. Ill proly hook up with one and get some advise or maybe even talk with some of the guys around the firehouse to get some info on how they do it, but they can be vague sometimes. Thanks guys any more input would be greatly appreciated..


it is always good to have better insight as to what makes you business tick and give yourself a better understanding of how the tax code works but to suggest that you would be better off or safer to take it on by yourself then hiring a professional is a ridiculous thing to say.

do you know how big the tax code is ? do you know there are revisions every year?
only a cpa would be aware of all the mundane little details and all the current updates that occur every year.

plus if your taxes get screwed up or a mistake is made it is all on him not you.
you will still be liable for any money's you owe but the fault of the error lies on him.

you need to have everything prepared for him because if you just take a pile of receipts to him then you will be screwing yourself by having to pay him cpa hourly rates.

you can do it the old fashioned way by keeping a cash receipts ledger and a cash disbursements ledger which might cost you 5 bucks or you can buy a quick books software or anything like that to do it through your computer.
either way you need to have it ready for him.

i do all my books in house and take care of all payroll in house but come end of the year it i hand it all over to a accountant because he knows not only what is deductible but he also knows the best way to apply it.

all deductions are not created equal as well as some offset and void others out.
take depreciation for a vehicle or a piece of equipment for example, if you are not turning too big of a profit and you already got enough deductions to offset that you may want to take that loss over time where as if you had a big year you may want to use it all at once.

those are big things and only a real cpa would know that and softwares don't lay out and explain all the options as thoroughly.
and when i say cpa i am talking about a real cpa not some H&R block churn them and burn them place.

this year and next year will be years that having a pro in your corner will be more important then ever because we got some whacked out crap coming our way in the near future, especially if oblah blah gets re-elected.

that's my two cents, good luck.
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