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Step by step business tax preparation?

Question: Step by step business tax preparation?

(Posted by: fannys4ra on 2008-10-22 11:43:48)

Can anyone tell me where to find a step by step business tax preparation for the state of florida? i live in miami dade county and own a small business. i want to do taxes myself. is there any guide that can explain and guide me trough this process? thanks


Answers:

Posted by: NC on 2008-10-22, 16:15:50

I would recommend you make an appointment with a tax professional. They will be able to tell you what you can and can’t claim and will find things you didn’t think of. How much is your time worth? Before I became a tax professional I did my husband’s (simple) sole proprietorship taxes the one year he was paid as an independent contractor. It took me hours and hours and I still had someone check it for me. Now that I have the experience, the same tax return would take me an hour. I’m not saying your situation will be that quick, but the tax professional will be able to do your taxes in a fraction of the time it will take you.

  

Posted by: v b on 2008-10-22, 12:16:31

Keeping up with tax law changes is a full time job. You should be too busy with your own business to waste time doing your taxes yourself.

  

Posted by: Bob F on 2008-10-22, 12:42:55

Step 1: Make an appointment with a CPA or Enrolled Agent. Step 2: Go to that appointment. Step 3: Do what your CPA or EA says to do. Business taxes are not for anybody to do from a book or by trial and error. Hire a pro. If you need surgery, would you buy a good book on it and try to do that yourself? Doing your own business taxes makes about as much sense.

  

Posted by: Clark Kent on 2008-10-22, 13:59:26

Order the Small Business edition at thetaxbook.com/ products.asp if you operate as a corporation, partnership or LLC. Order the 1040 Edition if you operate as a sole proprietor and read the section on sole proprietors, farmers and schedules C & schedule SE. Order the book for State taxes if your state has a state income tax. After you look at all this, you will probably agree that you really need to consult with a CPA and let him prepare your tax return. Unless it is your profession, you will have a very difficult time, especially if it is your first time to do a tax return for a business. The next year you may want to try it yourself.

  

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