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Self Employment Taxes (Own Business)

If you own your own Schedule C business, who does your taxes and how much does it cost? Our first couple years I have done ours on TurboTax, and this year it becomes more complicated with options - I can't tell which will get us a better deal and also the depreciation is getting complicated. I'm ready to turn it over to a professional, but in the past when using the tax shops like H&R Block, they takea ridiculous amount for not much work, and now there is alot. I know there are United Way/VITA places I'm curious about - has anyone tried them? What about a local accountant compared to the Tax service places? Or do you just go ask (who?) questions...? Thanks.

Answer Question
 
figaro8895

Asked by figaro8895 at 4:10 PM on Feb. 19, 2013 in Money & Work

Level 26 (27,249 Credits)
Answers (5)
  • I use a local accountant. It costs a couple hundred dollars, but self-employment taxes can become very complex, and if you do them wrong and get audited, you'll lose a lot more than you paid to have them done.
    Ballad

    Answer by Ballad at 4:13 PM on Feb. 19, 2013

  • Turbo Tax.
    PartyGalAnne

    Answer by PartyGalAnne at 4:20 PM on Feb. 19, 2013

  • We use a local accountant and have for years. It's way too complicated to try to figure it out and it is always changing, so we turned ours over to someone else many years ago.
    NannyB.

    Answer by NannyB. at 4:40 PM on Feb. 19, 2013

  • Ours is an S corporation. We see a CPA and it's $1250 a year for both business and personal. I think it's $350 personal, $750 business, and $150 for some other miscellaneous paperwork for the year. That includes sending our 1099s and W2s.
    JulieJacobKyle

    Answer by JulieJacobKyle at 6:04 PM on Feb. 19, 2013

  • Dh did his own when self employed... but he's a CPA. To be honest, dh doesn't necessarily charge much more than places like H&R Block. It depends on what you have, and how much work he has to put into it. Basically if the paperwork is organized and you have your shit together you'll be charged less than if you don't have your act together. The more questions a CPA has to ask, and the more time the accountant has to spend, the more you're going to fork out in fees.
    anime_mom619

    Answer by anime_mom619 at 6:11 PM on Feb. 19, 2013

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