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I opened my last business last quarter 2015. Got a tax ID number and everything for the LLC.
Talked to a CPA. They want $750, and last year's [2014] personal tax returns, to do my business taxes (and my personal taxes) for 2015.
Have bought the H&R Block tax software deluxe home and premium/business.
The business had the start up expenses, owns nothing phsyical, and did not bring in very much money. Expenses far exceed income.
Should I go with the CPA and pay for them to do the taxes? Or should I do them through the tax software? If through the software, is what I have good enough?
Can you find a cheaper CPA? I wouldn't suggest you doing it yourself as you might miss some deductions you know. Are you in CT? If so, I can recommend a few. Mine charges $450 aften threatening a few times to take it wlse where..
I used to do my own taxes, right up until I screwed it up and the IRS sent me a bill for $3k. Now I pay a CPA. My cost is a littl emore because there is some complexity (last years IRS return was 113 pages!) but it is still only about $2,500. I have a buddy who uses H&R Block for both his LLC and Personal and pays about $1,500 for both.
My CPA charges $260. But he's been doing my taxes for over 20 years, so I may be getting a better deal than newer clients.
@Anonymous wrote:My CPA charges $260. But he's been doing my taxes for over 20 years, so I may be getting a better deal than newer clients.
I wish. Then again I have 4 K1s, multiple Schedule Cs, Capital Gains and a whole bunch more.
Thanks for the feedback.
The CPA said I have to file a Schedule C (for the business) at the same time, along with, my personal taxes. I will call around and see if there is a cheaper rate. This company has a reputation for helping starter businesses with their needs.
Not in CT, but thank you. How about VA? Any recommendations for VA?
I am a CPA and yes you should shop around but ask questions and check thier information out on the state board. H&R Block usually you only get tax preparers and NOT CPA's. So if you go somewhere like that you are ONLY getting tax prep and sometime luck of the draw on who is working on your return (may just be getting started with business returns). If you want someone that can help you throughout the year with bookkeeping, tax planning, and other such questions usually a CPA or an accountant who are open year round and has experience is best. Ask them if they charge for such other services. A lot of us have "package" fee that is a set monthly charge for certain services.
Ask for references if you don't know someone that has used them. Also ask what their policy is for covering their work product if they make a mistake.
I have fixed alot of self prepared taxes and saved them $$. I've also had some leave thinking they could to it cheaper on their own only to trigger an IRS audit and come back to have me deal with the IRS (hate it) and then they have to pay penalties, interest and my fee to work with the IRS. I've also reviewed clients returns that were very straight forward and simple and they did fine on their own but these have been very few.
Good Luck in your search.
Thank you!
The one I talked to was a referral. But I had not asked how they cover their mistakes - didn't think of it.
Definitely use a CPA. I have a business degree with a specialization in accounting and because I don't deal with taxes on an everyday basis. I pay a CPA about 450 per year to do business and personal taxes.
+1 I pay $425.00 for personal and Corp.
Be careful when choosing some want to charge you per transaction which can be very expensive
Before I found my (CPA) I was quoted 2-3k and no guarantee of work or handling should IRS audit ....that was extra .....
SAY WHAT? Thanks but no thanks