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Showing posts from January, 2020

Why Doing Your Own Business Taxes or Resolving Your Own Tax Problem is a Terrible Idea

Running your own business means wearing a lot of hats, from office cleaner and supplies buyer to client schmoozer and payroll maker. But should you add tax preparer to your already long list of duties? What if you have a tax problem with the IRS? What if doing your own taxes creates a tax problem?
We often see small business clients, clients with either a schedule C, or a corporation, partnership or LLC,with payroll and income tax problems, or an audit, simply because they thought they could do it on their own.It’s a bad idea.
If you are used to doing your own taxes when you were an employee or freelancer, you may think that preparing the tax return for your small business will be no big deal. After all, there are plenty of great tools on the market, from expense tracking apps for your smartphone to software like QuickBooks for your laptop. But before you start scanning those receipts and filling out those endless forms, you might want to reconsider.
Note; we encourage all readers facin…