Tax Question: For Expenses And Taxes, Do You Use An Accountant Or Software?
Hello. As the topic states, I'd like to know if people take their expenses, receipts, etc. to an accountant at the end of the year or use computer software to calculate taxes? Obviously, you want to minimize sending $$$ back to the govt., so which option do you deem more beneficial to your bottom line? Thx.
JSJ
I use quickbooks to keep track of the business. I then take the data to the accountant. That way he completes and signs the taxes, and is responsible for any mistakes. Well worth it in my opinion. Also it depends on how much RE business you do.
[addsig]
Your tax advisor shouldn't be there just to do your taxes at the end of the year. A good one helps you thru-out the year to make good taxwise decisions (or at least, limit the bad decisions ). While a good software program is important to help keep good records, it'll never be able to accurately tell you what you should do in a particular situation.
Roger
Thanks for the replies--very helpful.
JSJ
Use the computer, give the end of year report results to your accountant.
Quote:
On 2004-01-07 14:46, JSJ wrote:
Hello. As the topic states, I'd like to know if people take their expenses, receipts, etc. to an accountant at the end of the year or use computer software to calculate taxes? Obviously, you want to minimize sending $$$ back to the govt., so which option do you deem more beneficial to your bottom line? Thx.
JSJ
I love Quickbooks to do the day-to-day bookkeeping but seek out professional help if you wish to maximize tax advantages of REI.
Personally, I think it's best to consult with and work with a CPA for tax planning, and for filing returns.
The CPA will recommend a particular software to use for your accounting which will gather info, write checks, and organize it into a compatible format...
then, at year's end the CPA can easily extrapolate what's needed and prepare your return(s).