Question by Andrea: Should we use our CPA or a Program for our small business taxes?
We have used our small town CPA for our business (trucking) taxes the last couple of years and recently she said she uses a program for each year. She didnt specify which one. I already have books and 1099s ready to go but for the cost would I be better off using something like Turbo Tax for small business? Im perfectly capable of entering numbers and I have all the information, is there an added benefit of having her do them?
Best answer:
Answer by jon_A
Yes there is. Should a Problem arise the IRS has someone
to point their cannon at.
Add your own answer in the comments!
I’ve used Turbo Tax for my personal taxes for the past three years, and used Turbo Tax for my small business for the first time this year. The programs are mostly self-explanatory and there are often rebates that come with the software, so it’s certainly cheaper in the long run.
As long as you are comfortable with your knowledge of tax laws, applicapable deductions, income classifications, etc., get the software and do it yourself.
I am a tax preparer and I suggest to some of my smaller clients that they do just that; however, there are many people who I don’t suggest that to and it isn’t because of job security either. Some people are better off putting their time and expertise in place other than filing their tax returns.
It all depends on how comfortable you are with your knowledge and don’t be fooled by what you think you know.
I’d say go with the tax software.
Your CPA is gonna do the same thing, except their software doesn’t ask questions like yours will.
Contrary to Jon’s answer, if there’s a problem, YOU are the one on the hook, not your CPA.
If you are comfortable that you understand taxes well enough, then the software should probably work for you. One big advantage of a CPA is that they can suggest some legal deductions you might not have thought of, but if she’s been doing your taxes for several years, then you’ve probably already gotten the advantage of that.
We used a CPA for years, in our trucking business, and their fees were outrageous, and you thought H&R Block was outrageous, we switched to H&R Block, and they know all the latest laws and updates that change every year!! And at least they don’t charge as much as a CPA, they are as bad as dentists and doctors!!