Small Business and Taxes… How difficult is it to file my own taxes?

Posted on June 28, 2011 by

Question by Sunny: Small Business and Taxes… How difficult is it to file my own taxes?
I own a small business (auto body business) and I am wondering how difficult it would be to file my own taxes. Have you done this before? Do you use software? If so, which one would you recommend and how easy is it to use? I have been using an accountant but she has become unreliable and I am thinking about taking things into my own hands. Any advice, short or long answers, are greatly appreciated. I do award 10 points for the best advice.

Thanks.

Best answer:

Answer by Colby
Intuit Quick Books and Intuit Enhanced Payroll works great for me. It tracks all of your expense, deposits, and other business features. It will also automatically give you your profit loss, balance sheet, and other reports. At the end of the year it will also move all the info over for you into its tax program. It will also remind you which papers to fill with the state and gov.

What do you think? Answer below!

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2 Responses to Small Business and Taxes… How difficult is it to file my own taxes?

  1. KlemKiddleHopper says:
    June 28, 2011 at 12:09 am

    While you can certainly do your own business taxes, it is not the best
    idea. To use computer generated information without a review of what
    you have and some degree of knowledge of what you are doing it is
    not a one slot fits everything deal – be safe, find another accountant
    and get it done correctly and accurately and all the deductions you
    are entitled to to lower your bottom line. You can deduct the accountants
    charge also but you can’t deduct your time and effort.

  2. mrreliable3599 says:
    June 28, 2011 at 12:20 am

    Absolutely agree with above. Find another accountant.

    Auto body repair looks really easy to me. I got a little ding in my fender in the parking lot the other day. I’m sure it will be easy as pie to bang it out. Heck, instead of paying a professional, why not just get a hammer, some touch up paint, and some sandpaper. I can do just as good a job I’m sure, even though my experience consists only of having watched someone work a time or two.

    I’m not trying to be sarcastic (well, yes, maybe I am). But you get my point. Especially for people in business, you need professional assistance.

    You know what they say about a lawyer who represents himself in court. Same deal here.