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“I should have gone to an accountant in the beginning.”
That was Anthony Fasano’s conclusion after spending 20 hours trying to do his own taxes. “I realized I really had no understanding of the tax laws from a business standpoint.” Mr Fasano is founder of Powerful Purpose Associates, an executive coaching company in Ridgewood, NJ.
In The Accidental Entrepreneur, published in the Wall Street Journal (Feb 13, 2011) author Sarah E. Needleman details the reasons why it is probably better for small businesses and self-employed individuals to pay a tax professional to handle their taxes.
According to Sarah,
Business tax returns are undoubtedly complex. They include a vast number of rules and options that frequently change.
“Most people can do the tax returns themselves, but it’s a hassle,” says Keith Hall, national tax adviser for the National Association for the Self-Employed, a nonprofit business group in Washington DC. “It’s about how much you want to spend on Advil for the headaches you’re going to get.”
There are a number of deduction options that entrepreneurs may not be aware of. says Cathy B. Goldsticker, a tax partner at Brown Smith Wallace in St. Louis, MO.