View Poll Results: When do you need a tax accountant

Voters
18. You may not vote on this poll
  • As long as we make at least $500 a month

    5 27.78%
  • Once we make $1000 a month

    3 16.67%
  • Once we make $10000 a month

    5 27.78%
  • Once we make $20000 a month

    1 5.56%
  • Affiliates don't need tax accountants

    4 22.22%
Results 1 to 8 of 8
  1. #1
    ABW Ambassador
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    Do we really need tax accountants to help us?

    If so, when do we affiliate need to get a tax accountant's help?

    Parasites are thieves. What are you going to do about it?

  2. #2
    Affiliate Miester my2cents's Avatar
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    January 18th, 2005
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    You realy don't need an accountant unless you are like me... do like to do "paperwork"

    All that is realy needed is a method to track income and expenses.

    I personally use Quickbooks...

    At the near end (Nov) of the year I meet with my Financial Planner and discuss how to legally lesson my tax load.

    It's at that time we discuss whether I need to involve an accountant in the filing of my tax papers.

    And, that's the bottom line because it's my2cents!

  3. #3
    affiliate emeritus missdonna's Avatar
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    January 18th, 2005
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    You need an accountant if you don't understand what needs to be done, and how you can save on your taxes.

    Or if you just don't like to do that kind of work.

    For me the big job is assembling all the required information, and an accountant can't do that for you. Once I have all the information gathered it's easy to put it in the right places and do the math.

  4. #4
    Full Member
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    January 18th, 2005
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    when you start buying your own servers, etc and fall into the tax nightmare of 5 and 10 yr depreciation schedules and it starts to be too much work to do at 10pm April 14th

    Web_Novice
    "Should I encounter a moment of clarity, I hope to have it recorded in these journals."

  5. #5
    Moderator MichaelColey's Avatar
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    I didn't vote because it's not really tied to a specific earnings amount and it will vary from person to person.

    If you're diligent to spend enough time researching, you can find most of the answers yourself. A good accountant can guide you in the right directions, save you a lot of time, and help you make fewer mistakes.

    Some things you may want to get feedback from an accountant (or research yourself) are:

    1) What type of business structure would be best for your business.
    2) What filing and registration requirements are there?
    3) Do you need to make estimated tax payments?
    4) How should you track my income and expenses? What records should you keep? For how long?
    5) Should you take a home office deduction?
    6) What do you have to depreciate, and what options do you have to expense those assets rather than depreciate them?
    7) How can you maximize your IRA contributions? When do you have to fund your IRA?
    8) What do you need to do to deduct health insurance and/or health care expenses?
    9) What other expenses can you deduct? Do you need to do anything special to make sure you can deduct them?
    10) Do you need to send out 1099's?
    11) Should you use cash basis accounting or accrual basis accounting? Can you switch between them?

    Michael Coley
    Amazing-Bargains.com

  6. #6
    Newbie
    Join Date
    January 18th, 2005
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    Ditto what Michael says.



    SandraR
    <font size="1" face="Arial">| SSAN &amp; AIM: SSanAssistance | MSN &amp; Yahoo: SSan_Assistance |</font></p>

  7. #7
    ABW Ambassador
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    Thanks. What do you look out for in an accountant? How do you choose the right one?

    Parasites are thieves. What are you going to do about it?

  8. #8
    ABW Ambassador
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    Just read michael's post again after a good night's sleep. That explains everything clearly.

    Could some kind moderator delete this post and the my previous idiotic post?

    Parasites are thieves. What are you going to do about it?

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