2006-11-17 14:02:32 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes it is safe,but at times you should seek guidance from qualified people so as to keep pace.
2006-11-17 14:14:08 · answer #1 · answered by suchsi 5 · 0⤊ 0⤋
For most individuals who earn wages it's pretty easy to file your own tax returns, especially if you buy one of the tax software packages. It asks you a lot of easily understood questions. If you are self-employed or have rental property or something else out of the ordinary, I think it depends on the individual. Anyone can study up on taxes and figure it out. If you have a business, there's depreciation of property that can get a little strange, but it's doable. Also, people with stocks, etc., that can be a little daunting, but once again doable, especially with the tax software programs. A CPA might be able to advise you on some tax advantages that you never thought of. But keeping your books with Quicken or other software also works. Lots of tools and help out there.
2006-11-17 22:43:11 · answer #2 · answered by Darby 7 · 0⤊ 0⤋
If you are able to get on your computer then you can file your own taxes. There are so many tax programs out there that walk you through the process. In addition to, purchase an online banking program that can assist you with your books as well. I file every year using TaxCut and am able to itemize getting a maximum return.
2006-11-17 23:03:56 · answer #3 · answered by Michael P 2 · 0⤊ 0⤋
YOu may keep the books but it is better to seek professsional help for filing tax returns. As I see that you have also sought questions on classification of business expense, these matters will be best attended to by a professional.
2006-11-17 23:07:51 · answer #4 · answered by cvrk3 4 · 0⤊ 0⤋
That depends on your status and your turnover.After a specific turnover say receipts of Rs.40 lakh even a Professional is required to get his books audited by a CA under Income Tax provisions.
if you handle on your own; you can lose sight of certain deductions admissible to you.it would be better if you seek help of any CA who has his office close to your residence who may handle it at nominal charges OR you can yourself remain updated about tax matters by subscribing to a site like www.allindiantaxes.com which is the most updated and informative tax site of India and even most of the Tax Consultants subscribe to this site.
2006-11-18 02:28:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It's ok to keep your own books and file your own taxes if you follow the instruction correctly and be sure to keep all papers in order from year to year in case you need reference from time to time for IRS.
2006-11-17 22:30:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on what your situation is. Do you own a business, rental property,etc. I've found over the years that my accountant saves me more than the amount I pay him. And I don't get myself into trouble. I do my daughters taxes, but that's it.
2006-11-17 22:20:41 · answer #7 · answered by Papa John 6 · 0⤊ 0⤋
many people do their own books and taxes...i see no reason why one can not...it saves money and as long as you keep good records you will be fine
2006-11-17 22:07:49 · answer #8 · answered by walterknowsall 5 · 0⤊ 0⤋