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  1. #1
    Andrew Kling's Avatar
    Andrew Kling Guest

    Default Should I get an accountant when first starting out?

    I'm going to start my LLC this week, and am consulting an attorney today actually about some minor details.

    I enjoy the marketing side of things, making the rounds at the realtor offices, hitting up open houses to introduce myself and my services, etc. But I'd prefer to not have to deal with the quarterly taxes and so on.

    So in your opinion, should I try them myself or just go hire someone to do it for me? Obviously I'm not going to be making much money just starting out, might not even break even for the first year, with equipment to buy, organizations to join, etc.

    What did you guys do when you first started your businesses?

    Andrew Kling

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  2. #2
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    Default Re: Should I get an accountant when first starting out?

    Quote Originally Posted by Andrew Kling View Post
    What did you guys do when you first started your businesses?

    Andrew Kling
    Ask my wife for money,

    ' correct a wise man and you gain a friend... correct a fool and he'll bloody your nose'.

  3. #3
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    Default Re: Should I get an accountant when first starting out?

    That depends on you. I do my own, but also have a good concept of the tax codes and through the years have spent hundreds of hours reading filing instructions, etc.

    But, if I would have had an accountant I probably wouldn't have previously filed a 1065 return when it wasn't needed and probably wouldn't have sent estimated tax payments to the wrong account twice

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  4. #4
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    Smile Re: Should I get an accountant when first starting out?

    Andrew,get as much advice as you can,than make your business plan,good luck


  5. #5
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    Default Re: Should I get an accountant when first starting out?

    I've been self employed for 35 plus years and always had an accountant do my taxes.
    The 1st year in business I went to the tax guy with a shoe box of papers on the 12 or 13 of april, he got the taxes done by the 15th , and got me something like $ 2 or 3,000 back, been going to him every year since.
    I'm not sure he may be screwing up for the past few years, lately have to pay a s..t load of taxes every year

    I figure the tax deductable $3-400 it costs me per year is far cheaper than explaining my lack of what I didn't know to an IRS agent.

    Phoenix AZ Resale Home, Mobile Home, New Home Warranty Inspections. ASHI Certified Inspector #206929 Arizona Certified Inspector # 38440
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  6. #6
    Andrew Kling's Avatar
    Andrew Kling Guest

    Default Re: Should I get an accountant when first starting out?

    Thanks for the input, I do appreciate it. I'll start looking around for a tax professional.


  7. #7
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    Default Re: Should I get an accountant when first starting out?

    I still do my personal taxes, but I have an a tax guy for the company. Since, I'm just a one man corp., it only costs $200 a year for his service. I do my own monthly payroll and taxes and quarterly's, using Payroll Mate. It's much cheaper than Quick Books (which ain't quick or cheap).

    If you choose not to decide, you still have made a choice.

  8. #8
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    Default Re: Should I get an accountant when first starting out?

    Interview a couple of them first to find one you can actually talk to and understand. my first accountant charged me way too much money, and didn't do anything, he did a lousy job. I then found a bookkeeper that was much better at getting me all the deductions. However, none of them advised me properly on setting myself up as a paid employee.

    You want to start off with a good set of books. It's a mess trying to do it after the fact.

    Even though you may feel it is not in the budget, set yourself up as a paid employee. I did not, and though I avoided paying into SSI and workmans comp for several years, it came back to bite me later. Now I am trying to fill for disabilty with SSI for my wife (my partner and co-worker) and are being denied because we didn't pay into SSI for the past few years (even though we both paid into the system for years and years before that). Eventually uncle sam gets their due.

    And do worry about health insurance. You may feel young and impervious now, but eventually you will need it.

    - - - Updated - - -

    Interview a couple of them first to find one you can actually talk to and understand. my first accountant charged me way too much money, and didn't do anything, he did a lousy job. I then found a bookkeeper that was much better at getting me all the deductions. However, none of them advised me properly on setting myself up as a paid employee.

    You want to start off with a good set of books. It's a mess trying to do it after the fact.

    Even though you may feel it is not in the budget, set yourself up as a paid employee. I did not, and though I avoided paying into SSI and workmans comp for several years, it came back to bite me later. Now I am trying to fill for disabilty with SSI for my wife (my partner and co-worker) and are being denied because we didn't pay into SSI for the past few years (even though we both paid into the system for years and years before that). Eventually uncle sam gets its due.

    And do worry about health insurance. You may feel young and impervious now, but eventually you will need it.


  9. #9
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    Default Re: Should I get an accountant when first starting out?

    I've been through a couple different accountants over the years and found a lot of variation in price and service so ask around and don't be afraid to jump ship after a couple years if you're not happy. The guy I have now does the best job and is the cheapest! $650/yr to do S-corp taxes and I think maybe another $200 to do the quarterly reports (I use to do them but it's just a PITA with my crazy state so I just pay him). Also, if you get to the point of employees we use Intuit online payroll service which is outstanding. We use to use Paychex and the intuit deal is 1/3 the cost and a much easier system to use (I can run payroll and print checks at 2AM if I like). Also, my accountant has a pword and just signs in and gets what he needs


  10. #10
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    Default Re: Should I get an accountant when first starting out?

    If you need to ask, you need an accountant.
    There are good programs for doing your own, tho.

    I use an MS Access program that tallies up all my receipts. Type them in while watching hockey with one eye. End of the year, I produce a printout or two, all my costs are itemized, I sit there and pencil the thing together and save myself $300 big deal. But I like being the guy in control of what goes on the page in what category. I earn my self a few tax bucks that way. Such as my vehicle, which has been loosing $ and saving me taxes for 30 years or more.

    I hired an accountant to tally up my taxes from the sale of an oyster ranch. I had a list of assets for the sales ad. The oysters on the beach I estimated at $10G, if you wait a year, pick them, sort them. wash them, sack them, transport them 20 miles by boat and 50 miles by truck and got a fair price for them, sure $10G.
    Smarty pants accountant, or more likely his secretary, took the list and put $10G of oysters in the books as a product, for which I had to pay tax. I sold them with the lease, so it was income. I was choked but an appeal would have been futile. Why I do my own.

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  11. #11
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    Default Re: Should I get an accountant when first starting out?

    Lisa Endza
    Director of Communication
    InterNACHI

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