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Post by nana2callie on Apr 6, 2016 13:45:38 GMT
For those of you that have an LLC and do your own taxes, what tax software do you use - specifically? I've done ours in years past, but had issues with soft ware last year regarding LLC's, rental property and depreciation. So I went with a professional this year - not again. A really disappointing and expensive experience. |
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johnnysmom
Drama Llama
Posts: 5,684
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Apr 6, 2016 14:00:21 GMT
Maybe choose a different professional? I don't have an LLC (yet) but I can't imagine doing the taxes myself (I have a small sole-proprietorship business). I live in a very small town where things are cheaper because they have to be, my accountant usually charges about $200 to do our taxes. I'd suggest looking around (after tax season if possible) for someone.
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Post by Darcy Collins on Apr 6, 2016 14:00:56 GMT
I fill out the partnership return on the IRS website - it's not software, just a fillable pdf. I use Quickbooks for my record keeping including depreciation, so actually filling out the forms is easy. A lot depends on how good your record keeping is, and how comfortable you are understanding the tax accounting.
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Post by papercrafteradvocate on Apr 6, 2016 14:05:12 GMT
We paid one year to have them done professionally (S Corp) and it was not terribly expensive (but the accountant was a friend of DH) and after that first year I did all of our taxes using TurboTax and did fine. I am a save everything to the last kind of person so I didn't do a lot of tax prep during the year, just when we filed. It worked for us! Last year was the first year I didn't use TT; we bought it and it wouldn't load and then parts were missing. We used TaxAct last year. While easy to navigate, it was weird (most likely because it wasn't TT that I've always used). This year TT made promises it would be better, but the reviews are not so great .
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Deleted
Posts: 0
Sept 28, 2024 20:56:47 GMT
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Post by Deleted on Apr 6, 2016 16:59:20 GMT
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luvnlifelady
Pearl Clutcher
Posts: 4,428 
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Post by luvnlifelady on Apr 6, 2016 17:11:39 GMT
I've taken an H&R Block course too. Back then, I also worked in accounting. I used to do our own but hired a professional (friend) to do it now. Not complicated but for $50, it's worth having someone do it that knows the current laws. I need to take another course to update my skills.
OP-I hope you find a system that works for you or find another professional that you are comfortable with.
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Post by 950nancy on Apr 6, 2016 17:13:28 GMT
When I got my new job, it was originally as an LLC. My tax person talked and talked about what I needed to do. I was thankful when it turned into a regular old employee job. Good luck, it sounds like a nightmare for taxes.
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Post by Sparki on Apr 6, 2016 17:22:13 GMT
I have an LLC sole proprietorship. You CAN do your own taxes, but you will likely miss out some deductions. Professionals study yearly to keep up with what is allowable in deductions and depreciation, so they can get you the best refund, or the smallest payment. Also, professionals know how to minimize the risk of an audit. My husband is an accountant, and does taxes, which is how I learned this stuff.  |
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Post by jcmom04 on Apr 6, 2016 17:46:40 GMT
I have an LLC with 4 partners (called members) and I am the tax member. Simply means I am the one responsible for signing the taxes after they are prepared. We pay to have them done. It is pricey but it is well worth it. We use the same accountant for our personal taxes since she takes care of the business side.
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Post by Merge on Apr 6, 2016 21:23:44 GMT
Honestly, I don't recommend it. Find a better professional. We have an LLC and while DH does some of the prep work to reduce the amount we need the accountant to do, we do rely on her to find every deduction while minimizing risk. She's actually saved us thousands over the past five years.
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