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Should I do my startup's taxes myself?
I need some help from another bootstrapper in the HN community. I'm moments away from opening Turbotax Corp. (which cost me about $130). Does it make sense for me to a)do my own corp taxes b)use Turbotax.
A bit of background. I run a bootstrapped startup that is still pre-launch - yet profitable.
- joelhaus 16y agoI'd give it a go with TurboTax and then have an accountant review your tax return. He may help you find some hidden deductions under an obscure rule. By presenting the accountant with a preliminary return and a decent set of books, you should be able to keep his costs down. Depending on your potential tax liability, consulting with your accountant may be more or less important, but it's difficult to know with such limited information. There would be penalties/interest for any unpaid tax liability, but the amounts aren't usually significant if you're dealing with small numbers. Good luck!
- kovar 16y agoI've had a CPA and a bookkeeper doing my personal and corporate taxes while we were a profitable IT consulting firm and while the company was quiescent. I sleep so much better at night knowing the books and the taxes are done right, and having someone else around to keep an eye on them. Yes, it costs more in real money than doing it yourself. The value of the peace of mind outweighs the cost for me.