Personal tax and business tax is not that really different. Think of it as personal tax being the basic and business tax as more advanced procedure. As was said already, the internet and the IRS can help us with business tax if we are only willing to study it.
Yes, there is a world of difference between personal taxes and small business taxes. They are much more complex, but like everything else you can find a lot of information about them on the internet.
I still wouldn't trust myself to do them if I didn't have any knowledge in accounting or tax. It's just my opinion.
I've done my own personal business taxes for years. I put it in the same category as a lot of other things. "If you want something done right you have to do it yourself." And this is something I definitely want done right.
LLC taxes are a bit more complex, but quite simple as well. The IRS will provide you free of charge with all the info you need. With the software packages that are available nowadays, I don't understand why anyone even bothers paying for tax preparation.
I suppose most people pay tax preparers out of an overall fear of the IRS, but if a tax preparer makes a mistake, you will still be held responsible ultimately. This is an area worth educating yourself on.
-- Edited by Dayspring on Thursday 1st of July 2010 07:17:08 PM
-- Edited by Dayspring on Thursday 1st of July 2010 07:17:38 PM
I know how to do my own personal taxes, I was just wondering if there's a big difference between personal and business. It doesn't sound like there is, I was just making sure.
Of course it depends on who you are. Do you know anything about taxes? If not, then of course you want to hire it done. If you are an accountant, then I think you can handle it.
