As a self-employed musician, how hard is it to do my own taxes?

Question

I recieved a letter from the IRS. I have contacted them I need to reslove my past tax issues. I know I will owe money. However I went to 2 different accountants, they want a lot A LOT of money to fix my taxes. WHY? Can't I do this myself? What forms do I need?
How can I expect to pay the government if I can't afford a taxman?
Please accountants spare me the advice as to why I must spend my money on you, this is for everyday people who have done their own taxes.

Answer 1

Depending on how many expenses you have related to your business, your taxes might be fairly complicated. A CPA would probably have a good idea what you're allowed to deduct, and might even come up with some legal deductions you might not have thought of.

Yes, especially at this point since you're talking multiple years and probably a significant amount of time that will be spent talking to the IRS, a CPA will probably cost quite a bit. And they'll probably earn even cent of it. The question at this point is can you afford NOT to use an accountant.

Your other option is to just accept what the IRS says that you owe. They'll figure it out for you, but won't know what deductions you might have so you'll probably end up paying extra taxes.

Answer 2

I did 3 years worth of taxes for my ex. He had the records and it's no fun but I didn't want to spend the money. You can probably download the particular forms for particular years from the IRS website or just go and pick up the forms & instructions from the IRS locally. The IRS can tell you what you need to fillout. You may be on hold or waiting in line but-hey we don't all have a bunch of cash around. There is lots of help on the internet in the way of articles as well as the IRS website. Good luck.

Also, I've used tax software for years now. I believe, unless you make a lot of money or have a complicated business, it works just fine. Small business is just fine. I've seen the idiots at H & R Block etc. overcharge clients and screw up their taxes....

Answer 3

perhaps if you went to an accountant in the first place then you wouldnt have the IRS problems you now have. if you tried to work on your car but made it worse, would you complain about how much the mechanic charges to fix it? do you play gigs for free? No. you have a skill and get paid for it. Pay an accountant for his/her skill to straighten out your mess or you will probably end up making it worse.

Answer 4

I on no account had an issue with my first Tax return. it fairly is basically a remember of exhibiting you finished earnings, and your finished outgoings. you would be notified of any tax you may desire to pay, plus type 2 national coverage contributions due would be extra.