The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Taxes - Software or Brick and Mortar

Taxes and regulation

MetalGear

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
258%
Jan 24, 2017
605
1,562
Narnia
Hi Everyone,

I made the mistake of trying to do my taxes on my own using TurboTax Business. I ended up having to go to HR Block to get help because I did not understand all of the requirements. I thought gee this is going to be simple since I am a super early stage company with no income and mostly deductions.

My question for you all is, do you do your own taxes using some software or do you go to a brick and mortar? I am wondering if you liked your experience with HR Block and think that they do a good job.

Thanks,
MG
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Hyrum

Silver Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
359%
Jul 5, 2016
188
674
Nebraska
I use a tax professional for both my business and personal taxes. I think my bill this year was about $3000 for the pair, plus all my sales and use tax filings throughout the year. If you're not making any money currently, you probably won't get too much mileage from a B&M firm.
 

SquatchMan

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
383%
Dec 27, 2016
452
1,731
Nowhere
Hi Everyone,

I made the mistake of trying to do my taxes on my own using TurboTax Business. I ended up having to go to HR Block to get help because I did not understand all of the requirements. I thought gee this is going to be simple since I am a super early stage company with no income and mostly deductions.

My question for you all is, do you do your own taxes using some software or do you go to a brick and mortar? I am wondering if you liked your experience with HR Block and think that they do a good job.

They both suck. Any idiot can work at HR Block.

My dad owns an accounting firm, so I just have him do all my stuff.

I'd recommend talking to a CPA. The best accounting firms for you are small firms that don't have a website or any advertising. These guys tend to be much better since they rely on only word of mouth (their reputation) to generate business.

Life insurance salesmen and other entrepreneurs are good people to ask for CPA referrals.

Just saw you're in NYC. You're definitely going to want an accounting firm based in NYC. Ya'll got so many taxes up there it's ridiculous.
 

U2ForNow

Contributor
User Power
Value/Post Ratio
147%
Apr 28, 2017
15
22
56
Peoria, AZ
Don't use H&R Block. Find a small tax preparer that's well established. When you get bigger you will need a CPA. I use a CPA that's also a tax lawyer. Yes I have been audited by the state and the Feds. The state can be brutal.

Hi Everyone,

I made the mistake of trying to do my taxes on my own using TurboTax Business. I ended up having to go to HR Block to get help because I did not understand all of the requirements. I thought gee this is going to be simple since I am a super early stage company with no income and mostly deductions.

My question for you all is, do you do your own taxes using some software or do you go to a brick and mortar? I am wondering if you liked your experience with HR Block and think that they do a good job.

Thanks,
MG
nt
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MetalGear

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
258%
Jan 24, 2017
605
1,562
Narnia
Thanks for the input everyone. I learned a great deal of accounting by trying to do it myself via TurboTax.

I do not have a business background and this was one of my goals to force myself to learn.

I learned a ton about balance sheets and record keeping and this experience will help me communicate with my tax professional in the future.

As my business expands I will take everyone's advice and get a good local CPA with a good reputation.

Today's ceiling is tomorrow's floor,
MG
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top