Taxes...accountant or DIY software?
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So I'm sorting through my mess of paperwork for taxes. Since this is my first year I was stupid and kept horrible records. I talked to an accountant, but I'm curious who uses an accountant and who uses diy software. Is there a good tax prep software that you think is better?
Posted at 2:09 pm Mar 12, 2012 EDT
I used Outright to deal with my business records (I kept crappy records last year too). Outright pulled all my Etsy and Paypal transactions together, thank goodness. I only had a few receipts to enter from cash purchases.
Then I used Turbotax to do my taxes. It was super easy!
Posted at 2:12 pm Mar 12, 2012 EDT
I've used turbotax for small business and it was pretty easy, for the most part. It did keep me from getting some of the (child tax credits-I think that's what it was -- the deduction to paying for childcare) because the income from my business didn't show as income for some reason. I just found out recently that they offer phone support so I plan on calling when I do mine this year. It was a bit of a hefty price tag but less than if I'd gone to an accountant. My records took some time to sort out last year so hopefully I did better and this year's will be easier!
Posted at 2:16 pm Mar 12, 2012 EDT
Ann from PrettyVagrant says
Ok, one last question....do you do your business and personal taxes together? I work a regular job as well.
if you are a sole=proprietor, yes, all income is counted together as personal income. you would file a schedule C with your 1040, and SE if over $400 in profit
and whether you do it yourself, or have an accountant, you still need to keep good records to begin with
Posted at 2:25 pm Mar 12, 2012 EDT