I've only had my business for a year and a have a full time job besides and I'm having a hard time justifying paying an accountant to do the business and my personal taxes.
125632
Try Turbo-Tax on your computer. Maybe they can help and make it easy and affordable.Worth checking it out and might keep you put of trouble and save you money and headaches. Don't mess around with Uncle Sam.
70478
You owe them money because your tax liability was more than you paid in. It sounds like you may need to lessen your exemptions down to 1 or 0 if you can. That way, they'll take more out during the year and you should be covered on next years taxes. No, you didn't do anything wrong-this happens to people every year, especially if you live at home with parents or someone else who can claim head of household. Same thing used to happen to me every year when I lived at home. Start saving money, you have no choice but to pay it!\n\nUpdate:\nYou did live with someone else in the year that these taxes are for, so you can't claim a sole provider status, which is what I was trying to say. If you don't pay the money by the 15th, then you start getting into late fees and interest penalties, so they get more money out of you in the long wrong. Try to contact them and work something out.
80509
You should probably speak with a tax attorney or an accountant to make sure you follow federal guidelines.
126685
It maybe hard for you because there are number of accountants in the US already. If they bring you they'll have to get you a work lisence and major companies try saving as much as possible. What you should do is go to the embassy and get as much info as you can and maybe come on a work permit or visitor then aquire a work permit while here.
413558
I own my own business and it sounds to me like you have a great opportunity to sell what you have done.  Advertise it, you would be surprised at how many people would be interested, you have done all the leg work, I'm impressed and sorry that it is not working out for you.  Maybe you could sell it and pay off some debt and begin again.  It would be well worth it. Kudos to you.
570159
Use a good online tax preparation program like CompleteTax.  The program can find all sorts of deductions and credits you probably don't even know about.
474521
That's hard to say - I don't know what skills you do and don't have.\n\nWhen I started my business I found there were a couple other positions I needed filled because I couldn't do it.\n\n1st one :: An accountant.  I have someone who comes in to go over my books, file my taxes, pretty much handle the money so that everything I do is legal.  He makes sure that I set aside the proper amount of money every month for taxes, filled out my EID information correctly when I first started, etc.\n\n2nd one :: Executive Assistant.  I'm not the most organized person around so I hired a young lady (who also happens to be a friend) to keep me organized.  She makes sure all my calls are responded to, files my paperwork for me, makes appointments, manages my schedule, etc.\n\nw/out these two people my business would have failed before it started.  However now, everything is right on track and I'm able to keep up with all the business I get
237929
24k isn't a lot over a year and I would suggest to keep it under table for as long as you feel it is safe to do so.\n\nNow, not declaring income earned isn't the biggest crime in the country, so don't get all worked up. If your business grows too big, then perhaps you should declare a little.\n\nYou are in a better position to decide, you know your surroundings, how people treat you, whether the authorities(tax officials) know full well of your business or not. \n\nSimply put, if push comes to shove, declare, if not, remain as it is.
590880
Yes! In every business they need an accountants or even in your family, understanding accounting is a very big help. Specially if you will go in to business, its not enough to know your product you should also know how & when to oil up.
598416
Only a certified accountant could answer this for you---and surely you have one (?) and if not---you better get one-----The number of stores that you have---even the level of actual business you are doing has but certain input into whether or not your business is solid in its entirity---alot of factors go into this summary----Major companies with unbelievable cash flow go under on a regular basis for any number of reasons---too rapid in expanding being one of the culprits---assumation of debt loads beyond the business' capabilities is another---Major Repeat Problem with alot of business that fails is the fact that the people running the business are very familiar with their product or service and are emersed in that and have no skills or focus on the actual bottom line of the overall business---So there is no way anyone here can answer your question with any certainty---YOU NEED AN ACCOUNTANT---NOW
537113
This depends on what you want from your accountant.  Many accountants provide tax advice.  With the complexities of taxes in different jurisdictions, keeping your financial statements and reporting is task enough.\n\nSome accountants will provide additional services, such as financial analysis or financial planning - usually in tax but sometimes in forecasting for your business.\n\nMany of my clients use both an accountant and a business advisor so that they can get the best of both worlds. If you think you need more from your accountant, ask him or her what he or she can provide for you.  In construction, you could do plan to actual reports for each of your construction jobs - review your bidding and costing and even provide a cash flow as a part of your overall business success.\n\nKeep in mind, this all costs money - but if you are running your business without the best information possible it is money well spent. \n\nGood Luck
333546
Look into organizing a limited liability company (LLC).  LLC's will protect your personal assets like a corporation, and you get taxed like a partnership (no double tax like corporations).  LLC's have less paperwork generally, but the owners (members) still need to abide by the Organization Agreement and Articles of Organization.\n\nA corporation is an option, and an IRS subchapter S election may be the way to go, and if so, will save you taxes.  And yes, the corporation will protect your personal assets so long as you observe the distinction between the corporation and yourself.\n\nAs you have noted, a partnership will expose you individually to the partnership's liabilities.\n\nThe botton line is that you need legal and tax advisors.  The information you get here are mere talking points that you can use for discussion with real professionals.  It will cost some money, but it is worth it because you will be laying the foundation for establishing your future tax and legal liabilities.  Make sure that your lawyer is licensed by the California Bar and that your accountant is a licensed CPA in California.
374627
I faced that same situation and realized that the $50 or so a month that you pay a place like ADP to do all the paperwork, file the tax forms, send in tax payments, cut checks for you, and send you W2 forms and year end summaries is a good deal.\n\nI found that when I did it myself I was spending a lot of time unproductively doing clerical work and that made the use of a company like ADP very cost-effective. Plus if anything goes wrong they just whip out their paperwork and show the IRS that all was done properly. Doing that on your own is a major headache..
285740
I would suggest, start out alone and work until you cannot do it by yourself then hire out. You want to keep you overhead as low as possible starting out. You can easily earn a decent living by keeping overhead down. find creative ways to advertise and do all the advertising you can do within your budget. Research accounting rates in your area- that will give you an idea of where you need to be in order to make a decent living at accounting. Take advantage of tax season and do as many returns as possible.  Give your clientele a reason to return to you.
200779
OK, let's see here. An accountant is making an accounting adjustment and they can not or will not explain why they are. Sounds like to me your being taken advantage of. Keep in mind, your accountant works for you. Now I am curious to know what type of business you are in. Most small businesses really don't need to hire an accountant in the first place. If you hired an accountant to do your business taxes that I can understand, however, they should be able to explain everything to you. You may even want to fire the accountant if they do not explain everything to you. Be forceful, remember you own the company, not the accountant.
53946
contact some good business in the same area.\ncompanies can also save for this kind of help on taxes, so hopefully you'll be able to get some company to help them.
621920
If you are not keeping books - keep every receipt or invoice and get someone to do it for you.  Don't throw anything out.  Make sure you are clear on the GST and provincial taxes to be charged.\nYou can invest in a system like Quick books or Simply accounting.  They are both quite straightforward.