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| Do you do your own taxes? |
| Yes, I use TurboTax, TaxAct, etc |
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31% |
[ 9 ] |
| No, I hire an accountant. |
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68% |
[ 20 ] |
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| Total Votes : 29 |
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jordanreynolds
Contributor II
Joined: 26 Mar 2011
Posts: 58
Location: Los Angeles, CA
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 Posted: Wed Feb 08, 2012 4:19 pm Post subject: Taxes - Accountant or DIY? (USA) |
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Hi Everyone!
I already searched the forums on this topic but couldn't really find anything relevant.
I'm not very tax savvy but I've done my taxes using TurboTax over the past 2-3 years. It's starting to become overwhelming because of the following factors.
-I own one rental property
-My wife and I both have our own self-employed business (mine being VO obviously)
-I have a mortgage
-I have a W2 from my full-time employer
I'm just worried that I'm missing out on certain deductions and other things. I'm sure there are other VO talent on the forum that have a similar situation as myself. I'm curious as to how they are handling their taxes.
Thank you for any input!
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http://jordanreynolds.com |
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Diane Havens
Backstage Pass
Joined: 16 Jul 2008
Posts: 460
Location: NYC metro
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| Posted: Wed Feb 08, 2012 4:25 pm Post subject: |
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A good accountant is well worth the investment.
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Diane
Veni, Vidi, Voci
http://www.dianehavens.com |
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heyguido
MMD
Joined: 31 Aug 2011
Posts: 2507
Location: RDU, the Geek Capitol of the South
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| Posted: Wed Feb 08, 2012 4:28 pm Post subject: |
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I recommend an accountant..... with one very important caveat....
Make sure the accountant you use is well-versed in handling the tax issues of self-employed clients. My last one wasn't. My new one is. Nuff said.
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Don Brookshire
"Wait.... They wanna PAY me for this?" |
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SkinnyJohnny
Backstage Pass
Joined: 12 Aug 2007
Posts: 462
Location: Asheville, NC
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| Posted: Wed Feb 08, 2012 4:40 pm Post subject: |
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+1 for a good accountant. I've used them since the late 80s and it's saved me a good bit of money.
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John Weeks Voice Overs
www.johnweeksvoiceovers.com |
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todd ellis
A Zillion
Joined: 02 Jan 2007
Posts: 10529
Location: little egypt
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| Posted: Wed Feb 08, 2012 5:08 pm Post subject: |
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+2 get an accountant you can trust!
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"i know philip banks": todd ellis
who's/on/1st?
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melissa eX
MMD
Joined: 20 Oct 2007
Posts: 2794
Location: Lower Manhattan, New Amsterdam, the original NYC
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| Posted: Wed Feb 08, 2012 6:24 pm Post subject: |
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| Another one here for an accountant. Absolutely worth it. Find one who works not only with the self-employed but also those in the arts. And I would go with an EA rather than a CPA. A CPA is more of a generalist and knows everything about accounting but not necessarily taxes. An EA specializes in taxes and taxes only and is certified by the IRS at the federal level - after taking an IRS exam and undergoing a background check. Many EA's are former IRS employees. |
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Gregory Best
The Gates of Troy
Joined: 04 Aug 2005
Posts: 1853
Location: San Diego area (east of Connie and south and east of Bailey)
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| Posted: Wed Feb 08, 2012 11:04 pm Post subject: |
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We've used an Enrolled Agent for nearly 20 years. Started with senior partner who is also a retire IRS criminal investigator. Saved us much money and hassle. We've been advised to not take several minor deductions in past years even though they were legitimate, they were audit flags. Saved the audit grief. My wife and I each have businesses and W2 income as well.
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Gregory Best
greg@gregorybest.com |
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Deirdre
Czarina Emeritus
Joined: 10 Nov 2004
Posts: 13023
Location: Camp Cooper
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| Posted: Wed Feb 08, 2012 11:59 pm Post subject: |
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I spend between $200 and $300 on accounting for taxes every year.
Besides eight thousand sources of income, I have had addresses in 3 states in the past year. My accountant knows the rules, I know my books.
I present my reports to him and he does my taxes.
It is worth every dime.
| Quote: | There is an old story of a boilermaker who was hired to fix a huge steamship boiler system that was not working well.
After listening to the engineer’s description of the problems and asking a few questions, he went to the boiler room. He looked at the maze of twisting pipes, listened to the thump of the boiler and the hiss of the escaping steam for a few minutes, and felt some pipes with his hands. Then he hummed softly to himself, reached into his overalls and took out a small hammer, and tapped a bright red valve one time. Immediately, the entire system began working perfectly, and the boilermaker went home.
When the steamship owner received a bill for one thousand dollars, he became outraged and complained that the boilermaker had only been in the engine room for fifteen minutes and requested an itemized bill. So the boilermaker sent him a bill that reads as follows:
Tapping the valve: $1
Knowing where to tap: $999
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DBCooperVO.com
IMDB |
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Jeffrey Kafer
Assistant Zookeeper
Joined: 09 Dec 2006
Posts: 4931
Location: Location, Location!
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Gregory Best
The Gates of Troy
Joined: 04 Aug 2005
Posts: 1853
Location: San Diego area (east of Connie and south and east of Bailey)
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| Posted: Thu Feb 09, 2012 12:33 am Post subject: |
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I highly recommend that Jeff. Not only does he have you (and his little girl's -dads think that way) best interest at heart- it keeps peace in the family.
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Gregory Best
greg@gregorybest.com |
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Bruce
Boardmeister
Joined: 06 Jun 2005
Posts: 7977
Location: Portland, OR
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| Posted: Thu Feb 09, 2012 7:15 am Post subject: |
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Using a professional you'll get back every dollar you pay and more in the financial results and in peace of mind.
B
_________________
VO-BB Member #31 Enlisted June, 2005
I'm not a Zoo, but over the years I've played one on radio/TV. . |
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Monk
King's Row
Joined: 16 Dec 2008
Posts: 1152
Location: Nestled in the Taconic Hills
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| Posted: Thu Feb 09, 2012 9:15 am Post subject: |
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Our accountant has been dealing with me for decades. They know that I get a slew of 1099's and I have a mess of receipts for gear. (why else work if ya can't buy new headphones!)
And, she never batted an eye when I turned in a receipt for nearly 300 bucks worth of makeup. False eyelashes are NOT cheap!
For a real pro on keeping things in order, I never met anyone more organized than Tom Dheere. His presentation at FaffCon3 was sheer brilliance. Mileage, expenses, material... everything counts.
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Company, villainous company, hath been the spoil of me...
www.monksvoice.com |
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jordanreynolds
Contributor II
Joined: 26 Mar 2011
Posts: 58
Location: Los Angeles, CA
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| Posted: Thu Feb 09, 2012 4:06 pm Post subject: |
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Wow thanks for the responses everyone! I have to admit that I am a little surprised by the feedback. I've heard a lot of self employed people say they do their own to save money, etc.
I do see some people do their own, according to the poll, but no comments. Maybe they don't want to get eaten alive by the current commenters!
Well, I think this thread has pushed me closer to hiring NOT a CPA but an EA. If anyone on here knows of a trusted EA in Colorado I'd appreciate the recommendation. However, I don't know if anyone on this bored is from Colorado but me...
Thanks again everyone, I love the community here.
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http://jordanreynolds.com |
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Jeffrey Kafer
Assistant Zookeeper
Joined: 09 Dec 2006
Posts: 4931
Location: Location, Location!
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| Posted: Thu Feb 09, 2012 6:13 pm Post subject: |
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| jordanreynolds wrote: | | I've heard a lot of self employed people say they do their own to save money, etc. |
We'd be enormous hypocrites if we thought we could do it better than a professional.
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Jeff
http://JeffreyKafer.com
Voice-overload Web comic: http://voice-overload.com |
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melissa eX
MMD
Joined: 20 Oct 2007
Posts: 2794
Location: Lower Manhattan, New Amsterdam, the original NYC
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| Posted: Thu Feb 09, 2012 6:31 pm Post subject: |
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| Quote: | | We'd be enormous hypocrites if we thought we could do it better than a professional. |
Kafer FTW - lol! |
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