Anyone do their own S-Corp taxes?

[thegenius]

Wondering if anyone here has incorporated themselves, designated themselves with the "S" election (S-Corp), and also does all their own taxes, payroll, etc. I'm going to be doing this starting the new year and have looked into it extensively, doesn't appear all that difficult. I might also get a CPA to help.

Anyway for payroll there are dozens of online services like Quickbooks, ADP, Gusto, Waypoint, etc.

For taxes, I'm thinking of using TurboTax Business edition which is only offered as computer software now, it's not online.

Just curious if anybody is doing this themselves, what their experience is like, any tips, things like that. Thanks

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[GeneralVeers]

I have a payroll company do all of my payroll, pay the taxes, and contribute to the 401K. It costs me a bit, but saves me probably 20-30 hours of my time per year. I let my accountant deal with the rest of it.

 

[Vandalia]

How much do you make an hour at work?
What is a low end estimate for how long it will take you to do the taxes?
Multiply the two together.
Compare with what an accountant would charge.
That is the most important tip.

 

[GeneralVeers]

My accountant is about $1200 to both my personal and corporate taxes. It saves me probably 20 hours of time. 20 hours x $300/hr = $6000.

 

[Vandalia]

My accountant is about $1200 to both my personal and corporate taxes. It saves me probably 20 hours of time. 20 hours x $300/hr = $6000.

Exactly. Unless you have a deep love of accounting, it rarely makes economic sense. I mow (riding, of course) for relaxation, and do a lot of minor things around the house, but for the most part "professionals" can do things a lot cheaper and in a fraction of the time. If you are a physician, particularly EM, time is more valuable than cash.

If you love it, sure, do it yourself. If you hate it, have someone else do it. When I saw the landscaper spreading mulch and trimming bushes in 105 degree heat I thought, "that is why I went to med school."

 

[thegenius]

Exactly. Unless you have a deep love of accounting, it rarely makes economic sense. I mow (riding, of course) for relaxation, and do a lot of minor things around the house, but for the most part "professionals" can do things a lot cheaper and in a fraction of the time. If you are a physician, particularly EM, time is more valuable than cash.

If you love it, sure, do it yourself. If you hate it, have someone else do it. When I saw the landscaper spreading mulch and trimming bushes in 105 degree heat I thought, "that is why I went to med school."

Yea...I've looked into a few places they wanted to charge way too much money. Like $750-1000/month for payroll and ****, then more for the return. There are other places that will do it for less but I need to find them.

I do all my own taxes. I have a profound distrust of anyone who is a professional who wants to sell me something and make money off me. If they want your money, then they have to be unscrupulous.

I live a lonely life.

I would pay $3K/year for someone to do all my payroll, quarterly and year end taxes. But I don't know if I can find that (I'm sure they exist...)

 

[Vandalia]

I have a profound distrust of anyone who is a professional who wants to sell me something and make money off me.

Like a physician?

(For the record, I think that is my first use of an emoji, ever. Hopefully I got the right one.)

 

[thegenius]

Like a physician?

(For the record, I think that is my first use of an emoji, ever. Hopefully I got the right one.)

Well I paranoid but I have reason to be. I had a CPA / company do my taxes 2 years ago and they screwed up saying I owed like 4K, when I did it I had a refund of 3K. I did it correctly. The apologized and said the would do better next time, this and that...but I dumped them.