Tax Question

btsrc5 · February 2013

Do any of you have your own business of some sort and do your own taxes?

I am debating on whether I should attempt to do my own taxes like I normally do, but I am scared I will screw something up or miss something with business expenses and such.

Thoughts?

cold0009 · February 2013

I've done my own taxes until this year. Be bought a duplex and we are renting the other side. As you, I did not want to miss anything or mess anything up so we hired a tax consultant. Since this is our first year with this kind of income we wanted to hire a professional, but I may do them myself next year, using this years tax return as a template.

btsrc5 · February 2013

cold0009:
I've done my own taxes until this year. Be bought a duplex and we are renting the other side. As you, I did not want to miss anything or mess anything up so we hired a tax consultant. Since this is our first year with this kind of income we wanted to hire a professional, but I may do them myself next year, using this years tax return as a template.

How did you find your tax person?

dlast09 · February 2013

We have always done our own until this year. MH works for Aflac, and is considered an independent contractor. I've been putting it off, but am attempting to find someone this week. Not sure what we are going to do yet!

btsrc5 · February 2013

Woodsie:

I think it depends on what kind of business you have and what (and how many) expenses you have. Are you incorporated? Do you sell goods? Do you use a vehicle for work?

If you are not incorporated, have a look at Schedule C along with it's instructions (on the IRS website). It will tell you about the different expenses you can claim, and then you will have a better idea if you feel comfortable preparing that form on your own or if you think you will need help.

I am not incorporated. I am considered an independent contractor for a company. I was paid by them, but taxes were not taken out of the money I made (which was very little this past year). I do not sell goods. I use my vehicle a little (to get things printed or to go to vendor events) but not solely for this job.

Thanks for the suggestion on looking at Schedule C. I will do that tonight.

ellewoodsSC · February 2013

That depends on how complicated your business revenue and expenses may be. Mine is pretty straightforward and the last few years I have done a schedule C as part of my 1040 where I am an independent contractor/business. I don't claim mileage or home office expenses and I have receipts and invoices to account for everything, so I feel pretty confident doing it myself on the Turbotax business edition.

It might be a good idea to get a tax professional to do the past year for you and like pp said, you can follow his example in the following years yourself.

ETA spelling

BeesMomma00 · February 2013

MH has a friend who is an accountant, so his firm does our taxes. We now own 4 properties (2 rentals, our residence, and my MIL home). In addition, I receive a number of different types of income from my job, salary, bonus, 2 types of stock. We have found that the $300 we spend on tax prep saves us thousands.

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