Do I have to have an accountant prepare my taxes for me, or is it something that I can prepare myself?

I never recommend preparing your own taxes unless you are familiar with the process and up to date on tax laws. You don't necessarily need an accountant, just a qualified tax preparer.

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Rebecka Melson ~ Virtual Business Services

I've done my PERSONAL taxes myself in the past but I don't want to take chances with my business ones. I think I'm going to let an accountant prepare both this year.

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Tamika R. Johnson, MBA, Principal
administrative partners, llc
www.administrativepartners.net | http://adminpartners.blogspot.com

I'll take your advice and get an accountant. I received information that I ordered from the IRS and its very detailed information, if you miss something, your in big trouble. Thanks for the feedback.

I've done my own business taxes before and was very comfortable with it because it was all very straightforward and simple and I've had enough bookkeeping and taxprep education that I knew what I was doing.

However, if it gets anymore complicated, I'm hiring an accountant.

One thing to remember, though... and I know this because in my 9-5er right now, we share our office with an accounting firm... that vast majority of routine business tax returns are prepared by non-accountants and just sent to an accountant for review. If you're paying the big bucks for an accountant, insist that your return is prepared and reviewed by the accountant and not his staff. Not that the staff are bad at what they do, it's just that that's how some firms make money and they don't always tell you about it.

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Marian Harmon, Certified Virtual Assistant
www.crossmydesk.com

Good decision VP Inc. I do bookkeeping and worked for years as an Assistant Accountant for tax preparation and I will not prepare my own taxes, its a check and balance thing for me. So I outsource this to a professional, especially now that I operate my own business.

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Mary Harris

It's just too easy to mess up business taxes. The ones I've done on my own have been for seriously little things, a micro business that earned no more than $3,000. It simply wasn't worth it to me to give it to anyone because the return was so straightforward.

But beyond that... now that I have equipment and vehicle costs, depreciation issues, bonding and insurance, and more complicated and advanced expenses... I'll probably give it to one of the accountants in my neighboring office to look at. I could probably still do it... and I might do it, then hand it over for them to review. It might be cheaper that way.

I will say this, though, if you don't know what you're doing -- get an accountant. The account might see it as a simple, routine job but it could make all the difference with the IRS, especially since the IRS likes to hone in on home-based businesses and the excessive abuse of the home office deduction, which is something most every VA should pay attention to, because by strict IRS standards many of our offices simply don't qualify because of the "exclusivity" requirement. That's why I have two computers.

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Marian Harmon, Certified Virtual Assistant
www.crossmydesk.com

Having a background in accounting and tax prep I will prepare my own, however I then send to my accountant to have him review. Don't want to miss any of those important write offs! This saves me a little money and I get the peace of mind knowing it is correct.

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Lee Drozak
My Office Assistant

I also agree with the others, I have done my personal taxes for years, but now that I have a business, I will definitely get an accountant. It is well worth it in the long run to make sure you don't make any mistakes or miss a deduction. Good luck with this venture!

Leilani

I have prepared my tax returns in the past and I think that I will continue to prepare my returns. If you know the tax laws it should be a breeze for you (I love to research - they call me the research queen). If you do not know the tax laws - it will be best for you to talk to a Certified Public Accountant or a Certified Professional Tax Preparer. Which ever path you decide to go down – good luck to you..

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Acquanita Johnson
Owner
Secretarial Services by Acquanita