Taxes?

FourBear · 18-02-2007, 02:12 AM

I've been thinking about what it would be like to run my own business in the (far) future. I was just wondering...how complicated is it to do the taxes for your business? Also, do you hire someone or do it yourself?

Stephanie2377 · 23-02-2007, 05:05 PM

My husband has his own parttime business. We have an accountant that takes care of our taxes because we don't understand any of it. If we ever get to the day that I am no longer working fulltime outside of the house, I might try to learn and take it over (would save us $$$!) I just have no idea what all is required for all the different taxes.

mtatum4496 · 24-02-2007, 03:36 PM

You can get the wherewithal you need through free courses in many communities. Also, I recommend QuickBooks for anyone running a business from home. All you have to do is plug the figures in the right places and QB can generate any financial reports you need. An older version of QB does not cost much at all and is a great place to start.

eldragon · 25-02-2007, 02:27 PM

I've always done my own taxes, and when I was self employed, I did them then, too.

It's not that tricky. With the internet handly, you can learn almost anything.

mtatum4496 · 26-02-2007, 03:53 PM

Yep, this is true. And can't home business owners sign up somewhere for free notifications of changes in tax structures that may impact them?

FourBear · 28-02-2007, 03:10 AM

If so, that would be really neat! Very helpful at the least. I've heard of Quickbooks, just haven't seen it "in action" myself yet.

Slashmire · 01-03-2007, 01:02 AM

I guess once you start having numerous employees, that's where an accountant is hired, to ease all your troubles and pains

FourBear · 01-03-2007, 03:25 AM

Let just say...I'm glad I'm not an accountant, hehe. I think I could handle a few payrolls at most.

Joel007 · 01-03-2007, 07:51 AM

I remember something about accountants... ah, here it is

It's fun to charter an accountant
And sail the wide accountancy
To find, explore the funds offshore
And skirt the shoals of bankruptcy

It can be mainly in insurance
We'll up your premium semi-annually
It's all tax-deductible
We're fairly incorruptible
We're sailing on the wide accountancy!

wizard1974uk · 20-03-2007, 08:20 AM

Your best bet would be to get an accountant they can advise you how to save on tax as well

18-02-2007, 02:12 AM	#1 (permalink)
FourBear Member Join Date: Oct 2006 Posts: 58	Taxes? I've been thinking about what it would be like to run my own business in the (far) future. I was just wondering...how complicated is it to do the taxes for your business? Also, do you hire someone or do it yourself?

23-02-2007, 05:05 PM	#2 (permalink)
Stephanie2377 Member Join Date: Oct 2006 Posts: 52	My husband has his own parttime business. We have an accountant that takes care of our taxes because we don't understand any of it. If we ever get to the day that I am no longer working fulltime outside of the house, I might try to learn and take it over (would save us $$$!) I just have no idea what all is required for all the different taxes.

24-02-2007, 03:36 PM	#3 (permalink)
mtatum4496 Member Join Date: Dec 2006 Posts: 44	You can get the wherewithal you need through free courses in many communities. Also, I recommend QuickBooks for anyone running a business from home. All you have to do is plug the figures in the right places and QB can generate any financial reports you need. An older version of QB does not cost much at all and is a great place to start.

25-02-2007, 02:27 PM	#4 (permalink)
eldragon Member Join Date: Oct 2006 Posts: 34	I've always done my own taxes, and when I was self employed, I did them then, too. It's not that tricky. With the internet handly, you can learn almost anything.

26-02-2007, 03:53 PM	#5 (permalink)
mtatum4496 Member Join Date: Dec 2006 Posts: 44	Yep, this is true. And can't home business owners sign up somewhere for free notifications of changes in tax structures that may impact them?

28-02-2007, 03:10 AM	#6 (permalink)
FourBear Member Join Date: Oct 2006 Posts: 58	If so, that would be really neat! Very helpful at the least. I've heard of Quickbooks, just haven't seen it "in action" myself yet.

01-03-2007, 01:02 AM	#7 (permalink)
Slashmire Member Join Date: Nov 2006 Posts: 37	I guess once you start having numerous employees, that's where an accountant is hired, to ease all your troubles and pains

01-03-2007, 03:25 AM	#8 (permalink)
FourBear Member Join Date: Oct 2006 Posts: 58	Let just say...I'm glad I'm not an accountant, hehe. I think I could handle a few payrolls at most.

01-03-2007, 07:51 AM	#9 (permalink)
Joel007 Member Join Date: Jan 2007 Location: Northampton, England Posts: 82	I remember something about accountants... ah, here it is It's fun to charter an accountant And sail the wide accountancy To find, explore the funds offshore And skirt the shoals of bankruptcy It can be mainly in insurance We'll up your premium semi-annually It's all tax-deductible We're fairly incorruptible We're sailing on the wide accountancy!

20-03-2007, 08:20 AM	#10 (permalink)
wizard1974uk Junior Member Join Date: Mar 2007 Posts: 19	Your best bet would be to get an accountant they can advise you how to save on tax as well