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  • Want to learn how to do my own business taxes

    I really want to learn how to do my own business taxes, whether by going through some actual course, or however. I don't want to have to pay an accountant, and at some point may be just having a full time and part time groomer working for me and I would just work a little. I would then have a lot of time to keep the records, manage everything of the business side and still make an income. I would like to be able to do my own taxes to save money where I can. How would I go about doing this?

  • #2
    Are you a sole proprietor? Do you have employees now?
    I do my own taxes, but I am a sole proprietor, house call, no employees, few expenses. If I had employees, a van or a store, I would pay a professional and consider it to be money well spent.
    I use an online tax prep software which helps so much. I've still got a LOT to learn -- and have learned from people on this site -- but slowly the terminology is making sense to me. I'm beginning to understand the language of taxes. Good luck!

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    • #3
      "How would I go about doing this"................Well, you need to head right to a head shrink !! The tax rules changes every year.....My sister-inlaw, who works for a tax firm, has to go to school for weeks each year to learn the new tax laws. Paying your account $400-500 is the biggest bargain of the year, 1). to save you $$ and 2) to keep you from being fined and/or jailed.

      Happy getting a bargain

      Dolly's Barking Bubbles, LLC

      www.dollysbarkingbubbles.com

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      • #4
        You really want to learn how to do the bookkeeping, but leave the return to the accountant is my opinion. Few groomers know amortization and depreciation and often writeoff expenses that are not operating expenses and you get into trouble.

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        • #5
          IMO, you want to leave the tax prep to the accountants. As Dolly said, there are so many changes every year & it is the accountants job to know all of these changes. It is worth it to have your taxes done by a professional. God forbid if you were ever audited - you've got someone on your side. Stick to doing what you do best - being a pet groomer and leave the taxes to the accountant. [emoji6]


          Sent from my iPhone using Tapatalk

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          • #6
            Turbo Tax. For kicks and giggles this year I am using a tax guy too just to compare how it comes out. I've used turbo tax for the last five years and had no issues at all! They update their tax software each year, just like anyone else and it walks you right through everything. Two years ago I had a question about how I claim money from a shop I sold and they have a tax professional to help. I think they charged me like 25 bucks or something.


            You can do it online for free it only costs if you file. Trust me once you see how easy it is you'll never go back. This is NOT something I would tackle with a worksheet and forms, but seriously turbo tax is so easy.

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            • #7
              I use Turbo Tax too. I'm happy with it. My taxes are easy, but still, Turbo Tax makes a great product.

              Originally posted by cockerlvr View Post
              Turbo Tax. For kicks and giggles this year I am using a tax guy too just to compare how it comes out. I've used turbo tax for the last five years and had no issues at all! They update their tax software each year, just like anyone else and it walks you right through everything. Two years ago I had a question about how I claim money from a shop I sold and they have a tax professional to help. I think they charged me like 25 bucks or something.


              You can do it online for free it only costs if you file. Trust me once you see how easy it is you'll never go back. This is NOT something I would tackle with a worksheet and forms, but seriously turbo tax is so easy.

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              • #8
                I am going to be buying out my business from my business "partner" soon. I am currently an employee on taxes and its all in her name. Once I buy it and its in my name I haven't yet set what type of business, like currently its an S-Corp I believe. I am still learning the differences between that and sole proprietor and all that. My plan is to eventually have a full time employee and work part time, then I have the time to do all the taxes and some other things I am planning on, including more time with the kids. I think its funny people are telling me to just stick to grooming and not do my own taxes when I am wanting to learn how. I'm not saying I'm just going to go do my taxes, I want to LEARN how. Those that use Turbo Tax, I'm wondering if you have employees? I know employees make it way more complicated. I've been doing my personal taxes for the last few years for free online through H&R Block for federal and the state website for state taxes.

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                • #9
                  Think of it as a math problem.
                  Will you save money doing your own taxes? That is the assumption you are making.
                  Lets say that doing your business taxes takes 10 hours. This is just a number I made up. That doesn't include record-keeping, which you need to do no matter who fills out the tax forms.
                  Lets say that you usually make $30 an hour grooming dogs. Again, just a number I made up.
                  So you could have made $300 plus tips in the time you spent filling out tax forms.

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                  • #10
                    Originally posted by yankeedoodlepoodle View Post
                    You really want to learn how to do the bookkeeping, but leave the return to the accountant is my opinion. Few groomers know amortization and depreciation and often writeoff expenses that are not operating expenses and you get into trouble.
                    ^^^^^^THIS^^^^^^^^^^
                    It's not what you look at that matters; it's what you see.
                    Henry David Thoreau

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                    • #11
                      Originally posted by Emma123 View Post
                      Think of it as a math problem.
                      Will you save money doing your own taxes? That is the assumption you are making.
                      Lets say that doing your business taxes takes 10 hours. This is just a number I made up. That doesn't include record-keeping, which you need to do no matter who fills out the tax forms.
                      Lets say that you usually make $30 an hour grooming dogs. Again, just a number I made up.
                      So you could have made $300 plus tips in the time you spent filling out tax forms.
                      Except I'm doing my taxes in the comfort of my home, with my butt in my super comfy office chair, with my PJ's on during which time, I'm listening to my favorite TV show eating bon bons (Ok maybe not eating bon bons). I wouldn't be out earning money anyway.

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                      • #12
                        Originally posted by yankeedoodlepoodle View Post
                        You really want to learn how to do the bookkeeping, but leave the return to the accountant is my opinion. Few groomers know amortization and depreciation and often writeoff expenses that are not operating expenses and you get into trouble.
                        Turbo Tax walks you through all of that. You don't have to know it.

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                        • #13
                          I was responsding to the original poster, not to your post, so I am truly extremely sorry if it sounded as if I was criticizing your choice. That's the problem with online discussions. They're great and informative, but it's so easy to make a general comment and have it seem like a personal criticism of someone even if you weren't even thinking of that person at all. I was not responding to you, so again, very sorry.
                          Good for you for finding a way to enjoy tax time Hope I begin to enjoy it myself. For now, it's still stressful to do my own taxes.

                          Originally posted by cockerlvr View Post
                          Except I'm doing my taxes in the comfort of my home, with my butt in my super comfy office chair, with my PJ's on during which time, I'm listening to my favorite TV show eating bon bons (Ok maybe not eating bon bons). I wouldn't be out earning money anyway.

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                          • #14
                            Each kind of substance requires an alternate tax document on which you report your business wage and costs. Notwithstanding the shape you utilize, you, for the most part, compute your assessable business wage in comparative ways.Expenses. Without a doubt, perhaps they aren't a part of your business that motivates you to jump with energy and announce that you've at long last satisfied your entrepreneurial dreams (unless, obviously, you're running your own particular bookkeeping firm). In any case, let be honest—cherish them or despise them, despite everything they have to get dealt with.

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