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April 15 Forum
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I`ll echo what`s already been said regarding the use of a good CPA or accountant. In our first month alone, using a CPA saved us roughly 5 figures...which paid for their fee & then some!
Don`t discount the worth that peace of mind can bring. Worry = drift, which is never a good thing. So if you can relieve some of your worry by handing off to a professional you trust, you can focus on the things that only you can do for your business.
As with any service provider tho...make sure you do a bit of due diligence. Check references & their credentials. Make sure they have a clean record with the state CPA board (if they claim to be a CPA). Obviously, someone with demonstrated expertise with your type of business is preferable.
Costs will vary between a bookkeeping service and a CPA. Even those costs will differ from professional to professional.
You might check into both professions in your area. Call a few and see what the range of fees and services would be for what you need.
I`m an accountant in Central Florida. I`m not a CPA. I appreciate how many times others in this topic have said "a CPA or an accountant." So many people think they HAVE to have a CPA. Or they think they are the same thing. I don`t charge as much as a CPA does for two reasons. One is that I`m a home based business and I don`t have the overhead of an outside office. Another is that I don`t have that CPA credential. But, I`ve been preparing taxes and doing accounting for 30 years. When I started, I had a high school diploma and I had taken every business course my high school offered. I worked for other companies, learning as I went, for about 15 years. Then, my kids were little and I wanted to be home with them. I started working from home and have done very well. Once people meet me, they know they can trust me. I have a very good word-of-mouth reputation.
What I`m trying to say (sorry about rambling) is that you should be fine with an accountant that has good tax experience (I would be a good choice!). And you will spend less money. I have clients that I have refered to a CPA (a good friend of mine) when I know they need it. But you don`t always need one.
Last, I just want to emphatically restate what others have said here. Don`t try to do the taxes yourself. The problem mainly is that you don`t know what you don`t know. I`ve spent years doing taxes and attended endless seminars to educate myself on all the tax law changes. You should do what you do, and let someone who does taxes do your taxes. Money VERY well spent.
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