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I have being running my daycare for 13 years and have always done my own using the Business Turbo Tax and my Husband was audited but not me !!?? and it turned out fine as he did not owe anything
Last year I used an accountant for the first time and I liked the ease of it and will use it him again well worth the $400
thanks so much ladies...i'm going to dive in! Turbo tax style.
$500 is not crazy in the GTA. I have a very good friend of mine who does my taxes and books at the end of the year, and he's awesome. Would recommend to anybody.
Leave the professionals to do your work... Doctors, Lawyers, Accountants, Plumbers, Electricians etc.
They know what they are doing!
I wouldn't go do electrical work if I know how, nor would I go my taxes just because I think I'm smart enough. Sure you might be able to write all the receipts in a book, but I'm sure a professional would tell you what you can deduct and what you can't.
I remember talking to a friend of mine who told me their business has a GST account so I need to have one too.. oh boy, was I wrong when my Accountant told me otherwise. :)
There are lots of things you can diy....it just all depends on your comfort level and extent of related knowledge. Many people are capable at doing more than one job because they've taken time to educate themselves :)
I'm not sure I agree with that.
Yes, my hubby knows how to swap winter tires and do his own oil change but he doesn't have the knowledge for the mechanical items. Why not pay a professional mechanic to do it for you so your car doesn't fall apart and be twice as costly to fix in the future?
I don't try to be a doctor just because I have read medical blogs online either.:o
I agree, some things are better left to the professionals, that's why I said it depends on the extent of your knowledge :)
I know lots of people who are handy in many areas and can thankfully do lots for themselves. I envy them lol. I need to expand my knowledge on too many things LOL
For me I would never attempt to do my taxes by myself unless it was basic. When it is a business there are more things that need to be considered and the rules are constantly changing.
Years ago I sold party lite on the side. My FIL always did our taxes (the farm books and my basic tax return). He was a school principal for 30 years. That year after he did our taxes I decided to take them to an accountant just in case. I ended up getting an extra $200 back through the accountant. Eventually my husband agreed as much as it was great to save money every year, by going to an accountant with up to date knowledge of everything that was claimable made a difference. We managed to pay next to no tax when we quit farming. Our FIL now uses our accountant too.