marcsantoli

Anyone have any experience with TurboTax Business 2004. I am fairly adept in doing personal taxes (even the long form kind), but this year I started a S-Corporation and was wondering if I should get an accountant or try TurboTax Business 2004.

I am the only stock holder of the business and had a loss for the year (my basis was more than the corporate income so I should be able to deduct it oin my 1040 with the necessary form). Should I just go shell out the money for TurboTax (personal taxes) and TurboTax Business?

Oh I also looked at Florida's Tax form and it looks straight forward enough to figure that part out as well.

Any thoughts or help would be greatly appreciated.

Thanks,
Marc

gar1976

As a CPA, there are two things that really crack me up when clients come in.

1) H&R Block did their taxes last year, and they're fucked up.
2) Clients did their own taxes last year, and they're fucked up.

As with most things in life, you get what you pay for. Maybe have a professional do it, at least the first year, so you can at least have the opportunity to ask them a few questions before you head off on your own.

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Blistex, in regards to crappy games -

They made pong look like a story driven RPG with a dynamic campaign.

marcsantoli

Good point. So how much should I look at spending on an accountant for both personal and business. I have all my files in order for both. Personal return has a few charitable donations, mortgage interest, 3 sales of stock, and a small amount (500 or so) of 1099 income. The business only had about 4 invoices and a lot of expenses (categorized in Peachtree) My expenses were tracked using a long term liability shareholder loan.

Thanks for your help gar!

--Marc

gar1976

My minimum fee is $250 for personal returns, so expect to pay at least that when looking for just your 1040. The S-Corp is probably going to run $500-$1,000 alone for the first year, expect around $600-$750 thereafter for the S-Corp for a decent CPA.

If you don't mind extending, you might be able to negotiate a lower fee. An LTC (licensed tax consultant) might also do it cheaper, but go back to my previous post for my opinion on that.

Single CPA's working alone will be cheaper than a firm, however, your risk of an error increased proportionately as well.

Last thing you could do is have the corporate return done, and then do your 1040 yourself.

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Blistex, in regards to crappy games -

They made pong look like a story driven RPG with a dynamic campaign.

marcsantoli

Wow, well looks like my next invoice that goes out will be used to cover the taxes. Thanks so much for your help gar.

--Marc

Captain Nemo

My two cents, it's too bad you don't live around me. I've been known to do returns like yours for beer, albeit really, really good beer. Like a couple of cases of Chimay Grand Reserve.

Hey Gar, cheers to the season....

gar1976

'Sup tax return buddy.

__________________
Blistex, in regards to crappy games -

They made pong look like a story driven RPG with a dynamic campaign.