#Using turbotax for s corp how to
#Using turbotax for s corp full

While this is true to a certain extent, it turns out that you are ultimately responsible for providing the correct numbers for the tax calculations.

In other words, I thought that our accountant would be on the hook if we ever got audited. I was also under the impression that our accountant was responsible for filing our taxes correctly. But that being said, itвЂ™s nice to have a tax expert available to ask questions regarding any borderline deductions that could trigger an audit. Needless to say at $200/hr, the cost of his time can really add up if we just hand him a bunch of receipts. While he will alert us of any red flags, by default he will not challenge or check up on our business deductions and will only do so if we ask. The accountant typically does not audit the data we provide and we are the ones responsible for any writeoffs we make with our business. Everything sounds pretty straightforward except for one thing. All we have to do is provide him with all of the necessary data. The accountant prepares and file all of our taxes for us. Compare that to the $75 that we usually spend on Turbo Tax and it costs us an extra $425. As a result, having him file our taxes costs approximately $500 which includes our LLC. Sounds reasonable right? Unfortunately, things didnвЂ™t exactly pan out how I expected. I was also curious whether my accountant would save me money by finding additional deductions that Turbo Tax didnвЂ™t know about. Then, it takes another day to enter everything into TurboTax and then another few days to double and triple check everything.ДЄll told, it takes me about a week to file and I was hoping that the accountant would save me that time. When I file my own taxes, it typically takes my wife and I a good solid weekend to gather the data. As a result, I didnвЂ™t have the mental energy to think about anything else.

#Using turbotax for s corp full

Why We Went With An Accountant In The First PlaceД«ack in 2010 when I used an accountant for the first time, I was running an ecommerce store, writing for my blog, working full time, and helping to take care of a newborn child.

We Got Audited By The IRS вЂ“ Enter Accountant #2.

Our Accountant Was Difficult To Get Ahold Of.

What Does An Accountant Buy You Exactly?.

Why We Went With An Accountant In The First Place.

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#Using turbotax for s corp how to

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However both times that I used an accountant, I ALSO used Turbo Tax to compare the results which IвЂ™ll share at the end of this article. And the other years, IвЂ™ve filed my taxes on my own using Turbo Tax. In any case, over the last decade of running my 2 7-figure online businesses, IвЂ™ve used an accountant to file our taxes twice. Probably my biggest reservation about using an accountant back then was that I hated the idea of turning over all of my sensitive financial data to a stranger and paying him/her to file a crucial document that could have a significant effect on my finances. Now thatвЂ™s not to say that you shouldnвЂ™t trust accountants but in the grand scheme of things, no one cares about your money more than you do. I also like the feeling of control knowing how all of the numbers are calculated in my return.

Whether an accountant will do a better job than Turbo TaxДў010 was the first year that my wife and I decided to hire an accountant to file our tax return and I remember being very nervous about the decision.Д®ven though I absolutely hate taxes, IвЂ™d been filing my own returns for well over a decade and I avoided accountants because I donвЂ™t like sharing my financial data with anyone.

Whether an accountant will save you time on your taxes.

Whether an accountant will save you money on your taxes.

Specifically, this article will shed some light onвЂ¦ In this post, I discuss my own personal experiences filing my tax returns with 2 different accountants vs using Turbo Tax and Tax Cut. Do you really need an accountant to file your taxes? And will an accountant actually save you money versus using an off the shelf tax program like Turbo Tax?