What Do I Do About Taxes?

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One of the few things more certain than an hour wait for Slinky Dog Dash is taxes and in order to be a successful business owner, you are going to need to start out with a plan for how you’re going to file and pay your taxes.

CAN I FILE MY OWN TAXES?

Yes, you can do your own business taxes, but it is important to note that it can be a complex process. You should be familiar with the tax laws and regulations that apply to your business. You will also need to keep detailed records of your income and expenses throughout the year.

If you decide to do your own taxes, there are several resources available to help you. The IRS offers free tax workshops for small business owners, as well as a number of online resources. I recommend that you use an app that makes taxes more simple, like Keeper, which can help guide you through the process of preparing and filing your taxes.

If you are unsure about your ability to accurately file your own taxes, it is recommended that you seek the advice of a tax professional. They can provide you with guidance on tax laws and regulations, help you identify deductions and credits that you may be eligible for, and ensure that your tax return is filed accurately and on time.

HOW MUCH DOES IT COST?

Online programs and apps generally cost less than using an accountant, but the tradeoff is your time and potential liabilities if you make mistakes. These apps range from about $200 a year to $500 a year, depending on the features. Using a tax accountant will cost you around $1000+ a year for filing your business taxes.

SO WHAT DO I DO?

How you choose to file your taxes is a personal choice based on your knowledge of your business, the tax system and your ability to understand the program that you’re using to file. Simple apps, like Keeper, are approachable for most people who are financially literate or who have experience using other tax programs. If nothing else, Keeper offers a free trial that you can use to poke around in the app and make sure you’re comfortable with the format. But, always always when in doubt, it is always best to consult a professional.