Tag Archives: preparation

Cost of Tax Preparation?

Posted on October 20, 2011 by admin| 5 Comments

What does it usually cost to have H&R Block or Jackson Hewitt prepare a tax return? We have no home business, and just the normal 1040 with schedule A deductions – married filing joint, if that helps.
I’m considering having someone else do them because my husband is adamant – we’ve used turbo tax for the last several years with no issues, but I can’t convince him that we’re not “getting less than we should.” That’s the only reason I’m entertaining this option – if it were up to me, I’d do them myself.

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Accountant fees ?

Posted on July 16, 2011 by admin| 5 Comments

What is a reasonable fee to pay a CPA for a s-corp. federal and state tax preparation ? The revenue of the s-corp. is under $50,000.00. With clean and simple records kept by us.

Also a fair fee for personal joint returns federal and state. with GAI of $120.000.00 with cleanly kept records.

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Posted in Federal Tax Return

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Accounting: In house vs outsourced?

Posted on July 15, 2011 by admin| 2 Comments

I own a business with revenues of $1.2 MM. We are currently paying $450 a month to an accounting firm for payroll, financial statement preparation, bank reconcilation, and preparation of the annual tax return.

I was thinking of taking everything except for the payroll inhouse by using Quickbooks Pro. After spending some time in QuickBooks, I can see it will take some time to learn and use. I am now wondering if savings of $225 a month (savings net of payroll costs) is worth it in terms of staff time.

One advantage of QuickBooks is that has much better features and functionality than the web based accounting software used by our accounting firm.

How much savings do I need to justify brining the financial reporting in house?

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Posted in Tax Return Software

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Accounting: In house vs outsourced?

Posted on July 12, 2011 by admin| Leave a comment

I own a business with revenues of $1.2 MM. We are currently paying $450 a month to an accounting firm for payroll, financial statement preparation, bank reconcilation, and preparation of the annual tax return.

I was thinking of taking everything except for the payroll inhouse by using Quickbooks Pro. After spending some time in QuickBooks, I can see it will take some time to learn and use. I am now wondering if savings of $225 a month (savings net of payroll costs) is worth it in terms of staff time.

One advantage of QuickBooks is that has much better features and functionality than the web based accounting software used by our accounting firm.

How much savings do I need to justify brining the financial reporting in house?

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Posted in Tax Return Software

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free IRS tax returns year 2010?

Posted on May 21, 2011 by admin| 3 Comments

IRS provides Income tax filing/printing software for computer preparation of income tax returns

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Posted in Tax Return Software

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Is there free on-line tax preparation software for years 2003-06?

Posted on May 9, 2011 by admin| 3 Comments

I have to re-do some returns and would like to find something akin to TurboTax to do the returns for 2003-06. Is there anything available for free on-line (or anywhere else). Thanks!

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Posted in Tax Return Software

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I think the best way to help working families would be to raise the std deduction to $30,000?

Posted on May 6, 2011 by admin| 2 Comments

Additional 2-6 people would be $10,000 and any more $2000. This would eliminate any income tax for all making less than $30,000 and simplify most tax preparation for most of the country. Raise corporate taxes and raise rate on all brackets that are left to pay for it.

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Tax preparation Software?

Posted on May 2, 2011 by admin| 4 Comments

Which tax preparation software should one buy when the emphasis is on:
- ease of preparation and filing return
- cost of software
- user friendliness

Does one need to purchase the upgraded software each year for returns to be recognized by IRS?

What other specifics should I consider before purchasing this software?

Thank you in advance.

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Can I deduct expenses for a self-published comic book as a ‘hobby’ on my taxes?

Posted on April 4, 2011 by admin| 5 Comments

I self-publish a comic book online for fun, that I do sell, but the profits from sales are extremely minimal (under $50 for ’06). Considering preparation and printing costs well exceeded any profits I made, could the expenses of printing and supplies be deducted as ‘hobby’ expenses when filing my federal return?

Also, I’ve spent money on supplies like paper, ink, brushes, etc. Could this also be deducted as part of the hobby?

Thanks.

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Posted in Federal Tax Return

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