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Additional Details
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Additional Details
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dmachelles76 | Tax question about H&R block? |
My husband and I started a business in 2007 and we have not made any profit just yet we still bought things for the business. My husband wants to go to H&R block to have our taxes done so we have less chance of getting audited. My question is do I have to fill out the forms like the 1099 and the schedule C or does the tax rep do that stuff? Plus how much is this going to cost me in the long run for personal and business taxes having them done? |
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scottiethompson
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I would not go to the block..I went there for years never any problems, but One year i was talked into going to a local CPA and he helped me out way more than the block and was about the same price. |
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bostonianinmo
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Where you go won't affect your chances of being audited if your return is properly prepared. The numbers on your return are what can trigger an audit, as well as the luck of the draw.
You don't fill out 1099s unless you are paying an independent contractor for their services. You may or may not receive 1099s for monies paid to you but must claim all income regardless of any 1099 filings. You are required to keep accurate business records to reflect your actual income and expenses.
If your business has not started trading yet, the money you spend in 2007 is treated as start-up costs. You are limited in how much of those you can claim until you actual start your business and bring in income. The balance of your start-up costs is then amortized over a period of years.
I would suggest a consultation with a local tax expert to get yourself started. Locate a CPA or EA, it will be worth the time and expense. Do NOT trust this to a store-front tax prep mill! This is not their area of expertise and I've unwound many of their mistakes over the years.
Note: Any tax preparer worth their salt will cover any penalties and interest due to their own errors. Block is no different on that. However they will NOT represent you in any discussions with the IRS unless you use their Premium service. Their Premium service is provided by CPAs and tax pros with extensive experience but their rates are VERY high compared to what most CPAs in private practice will charge. Block's advertising is very specific that they do NOT represent you but will only be availabe to answer questions as to how your tax return was prepared. |
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grillgirl
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I had a small business and used H&R Block for my annual tax income return, to good results. But only after I asked specifically for one of their staff who had done business-related returns for years. This is just common sense. Basically; if you have been organised and efficient with your paper work (payroll, tax remits, sales slips and purchases etc.), and can provide them with your expenses, costs and income figures, they will do the rest. It usually cost me about $200-$300 (Cdn.), and a few appointments to wrap it all up. Helpful hint: try to get it all done in February or March, and beat the rush later on, also the tax prep person will be less stressed/rushed. Good luck with your new business! |
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Grannie
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Hi,
Whether you go to H&R or a local CPA, they will fill out the forms
.
The advantage of going to a local person is the availability of their being there next year and as another answerer pointed out, the cost factor will be pretty near the same.
Make an appointment, ask them to fax or mail you a list of everything you'll need to bring, if they can't or won't do this call someone else, then when you go, ask about a yearly fee for accounting services (to include next year's return).
Frequently a local CPA will cut you a better deal then it's possible for H&R type companies to do. Plus you have someone to call for advice throughout the year.
Good Luck with the new business....hope it goes well for you both, hang in there the first 2 years are the hardest. |
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wartz
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If you have a business and are not tax savvy yourself, you need to hire a tax professional not go to a chain preparation company. An enrolled agent--We SpEAk Tax--would be just right for a small business. |
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Mark S
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My question to CB is how much of your 60 months of education is in taxation? My guess is not as much as accounting.
Not all CPAs are experts in taxation.
I have been with Block for 16 years and have done Individual, Corporate and Partnership returns. I have amended returns that CPAs have prepared because they were not correct. I have even prepared balance sheets from check registers because the clients had no records of income and expenses.
Do some preparers do returns that are over their head? Absolutely. Is it the majority? NO.
Its the same with CPAs. Like I said, not all CPAs are tax experts and can really screw up returns. |
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Gary
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The tax prep can do a Schedule C. Prices are set by the company based on the form that is completed. Fees are also determined on how fast you want your money. The fastest will cost you more. Why would you complete a 1099? Business Income or Loss will be indicated on a Schedule C and then the amount is annotated on a 1040 form. By the way if you itemized your deductions for 2008 then the tax preparation fees can be listed on a Schedule A and on a Schedule C. You would have to allocate so much as the tax prep fee for business (Schedule C) and the rest on a Schedule A. |
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travelguruette
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HR Block also has a guarantee. If you have your taxes done there and they make a mistake they will pay the penalties and interest. If you buy the Peace of Mind ($30)guarantee then they also pay up to $5000 in taxes also and can represent you with the irs. |
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CB CPA in TN
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Proceed at your own risk! "I've got people!" who wish they'd never heard of HRBlock. HRBlock preparers may or may not have a level of expertise necessary to prepare a particular return. Sometimes, they don't even know they're in over their heads. All "people" are not created equal.
CPAs have 60 months of education at mimimum and years of continuing education. We stay current and KNOW when we need to know more about your situation.
All tax return preparation software is not created equal. Most of the canned tax packages you use either thru purchase from Staples, etc or online are thru companies which outsource their jobs to workers from India, Philippines, etc. Do you really want your SS# and wage info in a computer system which can and is accessed by foreigners?
My tax software and all their employees are in NC. www.TaxEfilers.com is a safe and secure website to use for filing your own tax return online. But, when you need expertise, you can always count on the professional who stands behind the website. |
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