Anyone out there do their own taxes for their business? I have just a small construction business and don't really feel like shelling out $1500 to an accountant for something I can do myself in a few evenings. Thinking of using TurboTax's Business Incorporated software.
Pay the accountant. These guys are considered 'professionals' for a reason. Got three small business's, each with under 10 employees, and for me having the peace-of-mind that my stuff is properly looked after helps me sleep at night.
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Anyone out there build their own garage? I run a small accounting practice and don't feel like shelling out $15000 for a builder for something I can do myself in a couple of weekends. I'm thinking of getting a Totem kit.
Last edited by TurnedTheCorner; 12-09-2011 at 10:57 PM.
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Anyone out there build their own garage? I run a small accounting practice and don't feel like shelling out $15000 for a builder for something I can do myself in a couple of weekends. I'm thinking of getting a Totem kit.
Poor example. Building a garage is waaaaaaay easier than learning tax law. That book is thick!
Why pay a web designer to build your company's web site?
There's tons of stuff you could do by yourself. Pay people who are trained to do this for a living. Peace of mind + not risking looking like a 2nd-rate organization if you make a mistake with your own books >>>>>> $1500 bucks. It's the price of a decent HDTV. Do the right thing.
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Ya, just pay the fee, sometimes you have to. If you ever get audited, CRA will eat you for lunch. I can send you a referral, just got my small business done for under $1000.
Plus accountant fees are a write off, so you can knock the corp tax/GST off as savings. So really it costs much less than even $1000.
Plus accountant fees are a write off, so you can knock the corp tax/GST off as savings. So really it costs much less than even $1000.
This assumes he has income to shelter.
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Originally Posted by To Be Quite Honest
Poor example. Building a garage is waaaaaaay easier than learning tax law. That book is thick!
They're accountants, not tax lawyers. Although the CICA manual is reasonably beefy and dense to boot.
In any case the downside of building your own garage is a shoddy garage. The downside of doing a complicated corporate return wrong is penalties and interest. Which will come to much more than $1500 in all likelihood.
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Originally Posted by Winsor_Pilates
I have my business taxes done for only about $400-$500 a year.
If you're getting $1500 quotes for a very little business try shopping around a bit.
This is the thing - if his situation is complex enough that this will legitimately cost him $1500, he REALLY needs the accountant. What on earth is the issue?
These are the responses I was looking for, minus the snark. I was more or less looking for someone that has used the tax program and hopefully had success with it. I really don't want to do the taxes myself. I just want good value for the money I'm giving my accountant. He does charge too much for my relatively simple return, so I will have to shop around this next year. Too late for this year as my taxes are due at the end of December.
It may seem like your return is simple or that it only took him 30 minutes to do. It actually took a four year degree, a professional designation, numerous years of training and many hours spent updating his knowledge with the latest of tax law. There are always cheaper ways to do something, but you usually get what you pay for.
It can take an electrician a few minutes to wire a light socket, or I could try to do it myself and wind up dead. I'll pay a tradesman for his services, even if, at first glance, $75 seems like a lot for 10 minutes worth of work.
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Maybe I am wrong here but if you have a corporation don't you have to have an accountant sign off on the books for it to be legal?
If your company is publicly listed then you are right. Also, this might be required by the creditor such as your bank as part of the debt covenant clauses.
Otherwise, CRA doesn't not require your financial statements and return to be signed by an accountant.
Corporate income tax
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