Can I Do My Taxes Myself?

Today we’re talking about filing business taxes! Should you DIY? Hire a professional tax preparer? How do you know if you’re filing correctly? There’s a lot to consider before deciding if you should go solo or hire a pro, but it’s important to start the process today!  Discover my tips and tricks for bookkeeping and tax preparation and figure out if doing your own taxes is the right move for you and your business.

Stop stressing about tax season and learn if you can do your business taxes yourself!  

What we’re talking about

What To Consider When Deciding If You Can Prepare Business Taxes Yourself Knowing When It’s Time To Hire A Professional Tax Preparer How To Be Sure You Are Preparing Taxes Correctly & Legally The Importance Of Good Bookkeeping For Your Business Taxes

What To Consider When Deciding If You Can Prepare Business Taxes Yourself

There are many concerns when deciding if you can go solo and organize your business taxes without the help of a tax preparer. A few major considerations include the type of business you have, how much your revenue has changed this year, how long you’ve been in business, and how confident you feel about understanding tax deductions. One important question you need to ask yourself is whether the thought of doing your own taxes excites you. Are you up for the challenge?

Knowing When It’s Time To Hire A Professional Tax Preparer

While you might be motivated to save money by doing your own business taxes, there are 5 instances when it’s time to consider using a pro: 1) you are selling products (as opposed to providing services), 2) you’re not sure what is considered a write-off, 3) you’ve had rapid business growth, 4) the thought of doing your own taxes makes you queasy, and 5) when your business is brand new. Hiring a professional can provide you with a sense of security when it comes to preparing your business taxes. 

How To Be Sure You Are Preparing Taxes Correctly & Legally

If you have a lot of questions about your business taxes, it’s probably time to hire a professional tax preparer. A pro can sit down with you and answer all your questions. While you should feel confident by hiring a professional, they can still make mistakes, so it’s important to review the paperwork thoroughly.

The Importance Of Good Bookkeeping For Your Business Taxes

Your taxes are only as good as your bookkeeping. It’s critical to prepare year-round for tax season by using an accurate and reliable digital accounting program. A shoebox full of old receipts will not help you or a tax preparer. A great resource is the Panic Free Tax Prep workshop which provides a detailed how-to guide for comprehensive tax preparation.

Are you ready to get started on this year's taxes?

LINKS MENTIONED

Mini Training – Panic Free Tax Prep (Use coupon code PODCAST for $10 off)

https://andismiles.com/panicfreetaxprep/