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Planning To Do Your Taxes Yourself? Are You Sure?
It seems like an easy decision: to prepare or to let someone else prepare your taxes. It's anything but. Business owners think nothing of mounting a multi-thousand dollar advertising campaign, because they can trace the expenditure to sales (hopefully enough to cover the ad costs). But when it comes to professional services such as tax preparation, or business continuation planning (such as funded buy-sell agreements between partners), things get blurry. Why not just grab that off-the-shelf computer program and do it yourself? Isn't that just the same as hiring a professional? Not by a long shot. Software dots the I's, crosses the T's, and in general, complies with the IRC (Internal Revenue Code). It's the interpretation of the tax law, and the creativity that goes along with understanding it and practicing as a tax professional, that you are paying for. NOT the mechanics of pushing your data on to an IRS form. If you have needs beyond mere tax prep, such as financial reporting, or payroll, or any other compliance-related issue, the debate becomes easier. You simply cannot afford to bring these types of functions in-house, unless your company is large enough. Even then, a professional earns their keep, guiding your staff, staying within the regulations, and allowing you to sleep at night. So, think long and hard before going down the accounting/tax D.I.Y. road. In all but the most simplistic of cases, it's a penny-wise but pound-foolish choice.
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