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There is a reason that many tax prep services and CPAs give free reviews to folks who do their own taxes, because it's common to find meaningful deductions and
by iancmceachern 4y ago
There is a reason that many tax prep services and CPAs give free reviews to folks who do their own taxes, because it's common to find meaningful deductions and mistakes that cost real money.
As a business owner I feel that its my responsibility to understand the basics of finance, accounting, bookkeeping also. I also know when it's time to ask for help and get advice and checks and balances. It's called due diligence.
You are just assuming that you've done it awesome without ever even checking. Maybe once in 10 years get it double checked, you could have been leaving a lot of money on the table and not even known it. You just say your smart, awesome at taxes, but have not proven it to yourself. Companies pay external firms to do audits all the time for exactly this reason. It's a complex subject, the laws change every year, and a good CPA (yes, there are bad ones, but again that's part of the responsibility of running a business is vetting the people you trust) will keep you up to date with those changes and help you minimize your tax burden. Mine also gives me advice, helps me when I have a business or finance question with real experience from his other clients. Who better to learn these things from than a CPA? It's not as if we come out of school just knowing this stuff. It's like a doctor, they know stuff, provide value way beyond just looking up symptoms on webmd.
- ryanwaggoner 4y agoAgain, I used a CPA multiple times, and it sounds like your tax situation and your interests are such that it makes sense for you to use a CPA. That doesn’t mean it makes sense for a freelancer with a few 1099s to use one.