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I can't agree more thoroughly. It's obnoxiously difficult to identify all of the taxes (especially state and local) that are relevant to your business, let alo
by pts101 16y ago
I can't agree more thoroughly.
It's obnoxiously difficult to identify all of the taxes (especially state and local) that are relevant to your business, let alone to actually file and pay them (both of which can be harder than you'd think.)
Until there's an easy way to verify you're compliant, I don't think there's any viable option except to hire an accounting firm to ensure compliance. If you use standard accounting software (like quickbooks) and just want them to deal with filing and paying the taxes, the bill will be small.
- lsc 16y ago>If you use standard accounting software (like quickbooks) and just want them to deal with filing and paying the taxes, the bill will be small. I make more use of the accountant than that.. It's almost like having an experienced business person on 'pay by the hour' basis. A typical contract accountant has worked with more businesses than your typical businessperson. I mean, the accountant is not much help on marketing, product development, etc... but as for the mechanics of running the office, payroll, insurance, keeping the government officials besides the taxman at bay, etc... an accountant can be really, really useful, especially when you just want to know "how do other businesses solve this problem?"
- pts101 16y agoI use more than that as well, and you're right. My life got simpler when I switched to a regional accounting firm that specialized in smaller businesses. I was simply trying to note that tax compliance is cheap enough that there's really no reason not to do it.