I have just started in business as a photographer and wondered if its worth getting an accountant just for the first year to help me fill in the tax return.
2006-10-02 22:31:55 · 9 answers · asked by Twilight_dreaming 4 in Business & Finance ➔ Small Business
As an entrepreneur and not a corporation, you should not need an accountant in order to file taxes.
However, all your equipment is capitol investment and subject to depreciation schedules under IRS rules. If you deduct the full cost of your equipment in the first year, you may be questioned by the IRS.
As you can see, the result would create a complete loss for the year.
You must keep records of all your expenses, supplies, phone, travel, and certainly any rental or utilities. If you are working out of your home, be careful when charging a portion of your home as office. The rules on that have become more strict. The room cannot be used for some home usage, such as a TV or entertainment area. if allowed, a portion of rental/mortgage payments, and utilities can be expensed.
If you have any doubts, you may need an accountant. Find someone who works from their home and not a huge firm. They will charge less.
2006-10-02 22:55:13 · answer #1 · answered by ed 7 · 0⤊ 0⤋
I have a "side" business, and I have an accountant do my taxes. He charges me about $160 total, and I'm sure he saves me hundreds, if not thousands of dollars.
He stays up-to-date on all of the tax law, buys all the right software, files electronically, etc. I save all my receipts and categorize them as the type of expense (meals, travel, etc.) and he does the rest. I meet with him once a year.
In my mind, the benefit of an accountant to do your taxes is that he/she knows what you can write-off. I'm not going to go into specifics (because I don't want to give tax advice!), however I will say that there are things that I'm able to write-off that I wouldn't have thought of on my own. We stay 100% honest on all taxes. You need an accountant who will do this.
When someone hands you $1,000 for photography services, you need to show your expenses to earn that $1,000. An accountant (with an office - not in a discount store) can help you find those legal, legit deductions.
2006-10-02 22:51:20 · answer #2 · answered by Hope this helps 4 · 0⤊ 0⤋
Your going to want to know an accountant for nothing else then for advice your whole business career. If you do not know tax law then you should do your taxes through an accountant. I'm an accountant so you may think I'm being biased, but it's the truth.
2006-10-02 22:40:31 · answer #3 · answered by Anonymous · 1⤊ 0⤋
i could advise occurring and getting the certification. in spite of the undeniable fact that, in case you chosen to choose for different certifications which may be good besides. i began out in accounting and had no desire to get my certification as I had a brilliant activity i myself needed in the non-earnings area. in spite of the undeniable fact that, time verified that upward mobility could have been much less stressful and greater without postpone considered if I had the letters after the call. besides, I particularly have moved directly to different factors as I elderly. Now I particularly have the degree and own my own CPS employer. I never expected the replace when I have been given my degree. finally chosen to pursue greatness no rely in case you get the CPA or yet another certification. Set your self aside be demonstrating a point of competence no longer shown by using your fellow workers.
2016-10-18 09:55:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Ok, I am a bookkeeper, so I may be biased.
If you are lousy at record keeping, then get a bookkeeper.
If you are so busy that you cant keep up with bill paying etc, then get a bookkeeper.
If you have a lot of income and expenses, but you track them yourself, get a CPA to do your taxes.
If you are a small, organized sole proprietor than you can buy software and do it yourself if you want.
2006-10-03 01:36:50 · answer #5 · answered by hirebookkeeper 6 · 0⤊ 0⤋
If you are unfamiliar, an accountant can help get you started. They can set up an accounting system and show you how to do it yourself. I would do it just to establish your books and to make sure you are covering all your bases. Good luck.
2006-10-02 22:41:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In business it is your accountant and bank manager that will look after your money.
Finding one of each that can be trusted is another thing.
You would do well to try and find one of each.
They will save you money in the long run.
2006-10-02 22:45:31 · answer #7 · answered by aiddogs5 4 · 0⤊ 0⤋
If you can afford it, it's a good idea to have an accountant period. The problem is finding one with a good work ethic and who won't steal from you.
2006-10-02 22:35:04 · answer #8 · answered by Anonymous · 1⤊ 0⤋
NO
2006-10-02 22:34:12 · answer #9 · answered by bsc504 3 · 0⤊ 3⤋