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The HN audience, friendly as it is, is probably not your best advisor on these matters. Your accountant or tax adviser should have advised you about this ages
by markvdb 5y ago
The HN audience, friendly as it is, is probably not your best advisor on these matters.
Your accountant or tax adviser should have advised you about this ages ago. Either improve communication with your current accountant or fire him and get a new one able to properly answer this question.
- ryanmercer 5y agoA million times this. Some randoms on a website are the last people you want to take financial advice from, especially when that financial advice could potentially lead to a very hefty tax bill and/or criminal charges.
- dr_dshiv 5y agoBaloney. You need to know what to ask your accountant for. That's why it is useful asking on HN.
- ryanmercer 5y agoA competent account, with the information OP gave and a little more, can give OP the best advice for their situation in their city/state/country.
- lotsofpulp 5y agoOne may not have the parents/friends/family to teach them how to know who a competent accountant is (or worse, a nefarious one). It is impractical to spend a lot of time interviewing many professionals, so forums can provide a quick way to cut through some noise. Obviously, different forums are helpful for different things. But I would do both, utilize the power of the internet community and the services of a professional.
- colinmhayes 5y agoFinding a competent accountant might be easier said than done.
- 55555 5y agoDumb advice. Tons of people here have been in the exact same position and the advice given is super standard.
- ryanmercer 5y agoExcept for the fact that there are more than just federal tax laws and OP needs to talk to a professional.
- qzw 5y agoYou have to know at least some things yourself when talking to an accountant or tax adviser. When I was looking for a CPA, I met with several with good reputations before deciding on one. What I found was that all but one was deficient in some of their knowledge when it came to my specific situation, despite all of them having years of experience in small business accounting. One gave me outright illegal advice as a "tax optimization" strategy. So I would say it's essential for the business owner to have some knowledge before going to meet a financial professional (or any other kind of professional, really).