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BigDave

Taxes

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Didn't feel like this fit in any of the other categories, but if a mod wants to move it, please do...

For those of you U.S based, how do you handle your taxes when it comes to your online business? Are you still doing them yourself? 

If you have someone else handling them, do you find it to be a big benefit? 

I'm growing, but I still do the taxes myself. Honestly, the business is not that complex. I don't have employees. It's basically just revenue offset by expenses. Doing the taxes is not that hard for me or time consuming.

Maybe I am missing something that an accountant would know. The phrase, "You don't know what you don't know," keeps popping in my head. 

When do you know it is time to get professional help?

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I had a significant year of online affiliate earning but was doing it as well as day job. The wife used H&R Block for everything. All I produced was a spreadsheet showing online affiliate earnings and outgoings/expenses, bank statements, paypal statements etc. (anything to back it up) That was it really. I suggest perhaps  physically dealing with a person that using H&R Block (or similar) provides, just in case. They can answer any questions and find any loopholes. They only charge a few hundred bucks, However, you may need to do that once every few years just to keep up.

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20 hours ago, BigDave said:

Didn't feel like this fit in any of the other categories, but if a mod wants to move it, please do...

For those of you U.S based, how do you handle your taxes when it comes to your online business? Are you still doing them yourself? 

If you have someone else handling them, do you find it to be a big benefit? 

I'm growing, but I still do the taxes myself. Honestly, the business is not that complex. I don't have employees. It's basically just revenue offset by expenses. Doing the taxes is not that hard for me or time consuming.

Maybe I am missing something that an accountant would know. The phrase, "You don't know what you don't know," keeps popping in my head. 

When do you know it is time to get professional help?

If you are asking yourself if you need an accountant or not, it's probably time to sit down with one.

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