Any Business Owners Here Do Their Own Taxes?

[JoseLuisGotcha]

I have an LLC and I am thinking of doing my own business taxes this year via Turbo Tax.

Anyone have experience doing their own? If so any suggestions, tips pitfalls I should be aware of?

Also positive stories/outcomes are appreciated. Good looks.

 

[Wildhundreds]

I have an LLC and I am thinking of doing my own business taxes this year via Turbo Tax.

Anyone have experience doing their own? If so any suggestions, tips pitfalls I should be aware of?

Also positive stories/outcomes are appreciated. Good looks.

Hire someone breh..

Also, have your account place you operating at a net loss..

 

[Wildhundreds]

And don't ever get a refund..

Either break even, or owe between $500-1k..

Refunds as a business owner is a red flag..

 

[JoseLuisGotcha]

And don't ever get a refund..

Either break even, or owe between $500-1k..

Refunds as a business owner is a red flag..

I believe you have 2-3 years of claiming a loss before then you have to claim a profit

 

[mortuus est]

keep all your receipts safe

 

[Wildhundreds]

I believe you have 2-3 years of claiming a loss before then you have to claim a profit

Exactly because most businesses aren't that profitable their 1st five years..

Then when its time to owe, send them a few hundred.. I've yet to owe more than $1k, the 12 years ive been doing it..

 

[5010]

keep all your receipts safe

On that note, Office 365 includes a program called Office Lens. Download the app and take pics of your receipts if you're out.

And if you don't have Office 365, expense it.

 

[HearNoEvil]

Hopefully I stay underground for so long that the government forgets I exist.

This is why I prefer to do my business with cash.

 

[King Frost]

I have an LLC and I am thinking of doing my own business taxes this year via Turbo Tax.

hire a qualified cpa with experience within your industry.

 

[dark_magic]

I have an LLC and I am thinking of doing my own business taxes this year via Turbo Tax.

Anyone have experience doing their own? If so any suggestions, tips pitfalls I should be aware of?

Also positive stories/outcomes are appreciated. Good looks.

You may wish to reconsider. Hire, when you are able, a bookkeeper, accountant, and tax strategist.

If you are lucky, the accountant may also specialize in tax strategy.

As to taxes, make sure your books and records are on point in case of an audit ....