Photography Business Taxes : LLC ---suggestions?

[twistedinsight]

Hey everyone,

I'm looking at possibly doing my taxes myself, and I'm looking for a software that's good for doing taxes for both my day job (w2) and my photography business (LLC). It should be fairly simple, I have kept all my receipts of purchases / expenses and travel logs (mileage, etc)...As well as my monthly sales tax filings.

I'm sure there's others out there in the same boat, so I was going to see if there were some out there that wouldn't mind sharing what they do, what software they use, and how they like it.

I really appreciate the help, thanks!

[Reminisce]

I'm interested in this as well. Just set up my books using Quickbooks and have been searching high and low for a reliable accountant, but I think I will try to do it myself once I am all complete. I am also an LLC.
When you say your monthly sales tax filings, can you explain that one to me? :)

[twistedinsight]

I'm interested in this as well. Just set up my books using Quickbooks and have been searching high and low for a reliable accountant, but I think I will try to do it myself once I am all complete. I am also an LLC.
When you say your monthly sales tax filings, can you explain that one to me? :)

Seems like we're in the same boat Reminisce. By monthly , I mean my monthly sales and use tax filings. At first I filed them monthly, but now I file them quarterly.

I'm really looking into TurboTax Home & Business. It will allow me to do my personal w2 filed taxes from my day job (computer tech) and also file for my LLC. That's the thing w/ an LLC, your business' taxes are filed jointly w/ your personal taxes, so they work together / against each other. You might get $2000 back from your w2 day job, but if you owe $3000 in income taxes on your business...you will then owe $1000 if i'm making sense.

[burntpixel]

I'm also an LLC and chose to go with an accountant.

She charged me $200.00 to do my personal and business taxes. Looks like the cost for Turbo Tax Home and Business is not much less than that. This is one area of my business I'll gladly let an expert handle.

Throughout the year, if I have any questions at all, she is very happy to spend the time with me and answer them. As for me, I would not not do it any other way.

[radloser]

I'm treasurer for my local FOP Lodge and I have something to think about for you guys too. When you hire a professional tax preparer to do your taxes, they also assume a certain amount of liability if the IRS has problems with your return. They are there for you through the year for any tax questions or problems you may have also. I once thought about doing them myself and then after a few minutes of thinking I quickly changed my mind. Good luck!

[Fernando]

best advice ...




I would be treating your accountant like a queen she is giving you a great deal. Here in the S.F. bay area people routinely pay several thousand a year for the same service.

That's a fact. We paid $425 for a Joint Return with rental property...and considered it a bargain.

There is no accountant in a box that is worth it. As a banker I see it all the time. When my advice is, "You really need to ask your tax adviser/CPA." and they say, "I do my own taxes." I KNOW they're in trouble.

-F