I have found an accountant for a new contracting business I started, I have only two deductions and no gain for the year as I have not started contracting yet. I will be filing a tax form 1065 and two W-2′s from previous jobs, I was given a price of nearly 0 for these items by the accountant (5 for the partnership 1065, 0 for the two w-2′s), I find this a little high of a price for these filings. should i accept this price? I am happy with his expertise but I dont want to be gouged on the price.

i drive all day in my personal vehicle for work–my route has recently changed–and now I have to pay a lot of tolls and for parking while at clients homes..

i normally take the standard mileage deduction
can i do that and also deduct tolls and parking as business expenses?

i do my taxes by myself–i can’t afford an accountant….
my friend uses an accountant-i find her more deductions–because the accountant doesn’t know what to ask her..i had an accountant review my taxes 1x-he said i did everything…
nara-i KNOW you are completely wrong-a salaried employee who is required to use their own vehicle to travel between clients throughout the say CAN deduct mileage—
and how do you ‘find that I am a salaried employee’
a pizza delivery person who does not get reimbursed by their employer can deduct mileage–
the only time a salaried employee cannot deduct is if the employer reimburses-my employer does not
this is US income taxes-

if you are referring to another country you need to indicate that and remember that not all countries are the same

turbo tax has us with 36,413 basically saying I am not taxed at all after my deductions for having a home business and just using my husbands income.. and my accountant has us at 38,511 why the differance I gave them both the same numbers… except my account said I couldnt use the interest on my business vehicle and I did look it up on irs website and I can… though when I went into turbotax and took it the interest out it didnt change our refund ( turbo tax has us getting 1,000 more then our accountant)

I’m looking for some info on filing income from being an independent contractor. I worked 6 months in 2008 doing contract work (graphic design). I gave the company invoices and was paid monthly with no taxes or other deductions taken off. I’ve been putting aside a certain amount from each cheque based on an income tax calculator.

Now that it’s almost tax time, I’m not sure how to file this income – I usually use Quicktax or another software to do it myself. Do I claim it as small business income (T2125)? I read that if you make under 30k (my amount is roughly 20k) from small business, you don’t need a GST number – I don’t have a GST number so I am hoping this is correct.

I may end up getting an accountant to do my taxes for me, but if it itsn’t too complicated I’d like to do it myself as I like to learn about these things and do it on my own.

I have always used an accountant with my business/personal taxes. It’s not "too" complicated to figure up my sales and expenditures. I host websites, design websites for a living, so I dont have to worry with too much overhead stuff.
My question…should I use turbo tax in hopes of finding more deductions and returns?
My accountant is around 5…Turbo Tax is around 0, but I have to do all the stuff.
Have you switched to turbo tax and regretted it?…thanks for any input.
I dont want to get audited…even though I have nothing to hide. I just dont want to go through the headache of it.

I am an incorporated consultant. My client(s) pay my corporation, my corporation pays me.
Last year, my corp. collected roughly 60k in income. It paid me about 40k gross before source deductions.
I had an accountant do up my taxes (I’m looking for another accountant, too many issues with this guy), and he listed 20K as a bonus payable.
My Corp. still has roughly 20K in my business account. I seems to me that to pay this bonus payable, I have to calculate with WinTOD & winRAS (Quebec), the source deductions (Fed/QC Income tax, QPP) on 20K and pay about 11K in source deductions (employee/employer) on this and that only leaves about 9K in my hands.
My question is, what are my other options? What can I do to maximize the amount of the 20K in my hands? Would it be better to leave it in the company and pay corp. taxes on it? Should I have my corp. buy something worth 20k and deduct it? I hope there are better ways to handle 11K then to sign it over to the gov. as source deductions.
Thanks.
Karen, this is the type of thing I’d prefer to do, but I’m a little confused on the accounting side of things.
Since I already filed the corp. tax return where the accountant listed the 20K as bonus payable on my balance sheet, I’m not sure if I’m now somehow obligated to pay source deductions on this, since I know WinTOD/WinRAS have a “bonus” option, or if I actually have to do anything with it at all.
It seems like if I just leave it in the company then the balance sheet I filed would be wrong, and I’d have to file an adjustment? Or claim it as profit next year?
But regardless, I’d like to know what kind of other options I have to remove 20K from a corp. bank account?
Can I have my corp deposit it into an RRSP in my name without taking deductions off it?

I just opened a small business in May (yea!) as a sole-proprietorship. I’ve spent a ton on business related items to get me started. The only thing I’ve done with taxes is file my sales tax returns…otherwise I am CLUELESS when it comes to taxes, deductions the whole bit. Would you suggest going to an accountant for this first time around or getting a program like tax pro? I’m a resident of NH but temporarily living CA (where I pay my sales tax to)–do the computer programs account for those sort of "weird" circumstances?

I am starting a painting business (homes). It will be a partnership. I was wondering how I should go about doing my taxes. Should I hire an accountant to do them? will it cost a lot. I will be claiming many deductions for my company and pretty straight forward income statements. does it matter when during the year I begin my company?

I was talking to my mother this afternoon and she told me that her accountant said that if she doesn’t show a profit this year that the government will shut her business down and not let her claim any deductions; that they will consider it a hobby rather than a business. This will be her 3rd year filing taxes for her shop. It is a metaphysical studio that has a gift shop and holds classes and groups. She and I have never heard of such a thing. I thought that most young businesses don’t show profit for years! Is it possible for her shop to be shut down? If so, is there anything she can do to prevent this from happening? She is just a wreck and I told her I would see what I could find out. Thanks for your help!

I have always used an accountant to do this, and I am pretty sure that they are ripping me off since they always have an excuse to charge me hundreds more than their quote. Like she would say "only 0 if I organize my records in a certain way, so I do that exactly and she thanks me on getting them organized perfectly, yet still charges me 0 and says it is due to buying new Quickbook software". I tried searching for other accounts but they charge 0+ too.

I created a script that automatically categories every single penny I have spent on my business, very clean and only a couple of pages long. I am wondering if I can try H&R Block for this? When I worked a regular job I used to go to them and they seem like regular Walmart type employees, not degree carrying accountants who are working to build their reputation and client base.

So would H&R Block give me all of the possible tax deductions (and can they file all of this electroonically?) for a normal rate around 0 dollars? Thanks.