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Monday, February 25, 2008

I need to...

...do the taxes, or hire someone to do them for me. One of the two. I have always just done them myself, but, I am completely confused by my "non employee compensation" from my lia sophia business. I can't figure out if I can still telefile the state tax. I looked at the telefile sheet and there is a spot for 1099-MISC information, but it's for winnings and fees, not for non employee compensation. I gave up pretty quickly when I sat down to do it the other day, so I might try to spend some more time with it today, and see if i can figure it out. the lia website actually has a spot to look for questions about small business taxes, so I might check that out as well.

On the other hand, it might be interesting and beneficial to pay someone to do it for us. We usually make out pretty well with taxes but it would be interesting to see if we could find more money. There is an H and R Block right in town, but I don't know if it would be better to go to a smaller type place and get more a more personal touch?


Anonymous said...

If you do end up having someone do them, do not go to H&R Block. Have an accountant do them. We have an accountant do ours because of Jeff's business, and we do pretty well. It is about $200 to have them done, which is about the same you'd be paying H&R Block, where it will definitley NOT be an accountant.

The Dew's said...

I dont recommend H&R block either.

we pay 140 for our taxes and have been going to same place in hingham for 9 years.

DO NOT I REPEAT DO NOT waste your time on H&R like jen said.

Anonymous said...

I agree - H&R is not a good idea. Use Turbo Tax - it prompts you along and is very easy - even if your taxes are not completely uncomplicated - and will cost less than $100!

Jay said...

Schedule C, or C EZ, as it's business income. You'd also deduct expenses there like your fair table.