How do you do your taxes? (liable, deduction, year)
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A professional, A CPA, bookkeepers are not licensed and many do not keep up with the tax law. Their main function is to keep track and organize according to tax law. With the tax law being so complicated and changing all the time I pay a CPA. Average cost $1000.00 to $1200.00
I own an LLC. My wife is a CPA, but isn't a tax accountant. However, she is a shareholder in a REIT. We give the shoebox of receipts to our CPA and wait until October to file. I've had my own biz for 23 years and never have been audited. Knock on wood.
If you make substantial income from a business or have any of the factors that could be considered red flags, then you want a good CPA filing your return. First, he/she will be more knowledgeable and will know all the deductions. Second, if the IRS does have questions, you have the CPA standing between you and them. That is worth the extra money you pay. One year, the IRS sent us a letter saying we owed them $12,000. We just flipped the letter to our accountant and, like magic, the issue disappeared.
I used Turbo Tax for years and years - until we moved to 6 acres and added farm expenses and agricultural expenses. Started with a CPA after that - was charged $300+ after moving to a state that also had State Tax - we continued with a CPA - probably won't do mine by myself anymore. Husband is now in Real Estate and god knows I don't want to deal with his taxes.
I really don't like Intuit, but whatever. It's easy to use and works. The only reason I don't like them is because of my experiences using Lacerte in the past with it's horrible licensing. The one thing with TurboTax is the support, should you need it, is basically nonexistent. That's true on everything they make, however, not just TurboTax.
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