Doing Own Taxes vs. CPA

[Lovisa]

How many of you do your own taxes and don't hire a professional? This is my first year as a provider and I only worked less than half of the year (it has been a slow start for sure). I didn't make much (between 5 and 6 grand roughly). I have done quite a bit of research on figuring out the time space percentage, finding out what can and cannot be used as a write off, etc. I have kept good records of hours worked (both watching kiddos and cleaning/bookkeeping time), money made, meal counts, kept all receipts, etc.

I guess I'm just wondering if it is super complicated to where a tax pro is needed or will Turbo Tax or H&RBlock make it easy enough to file on our own.

TIA!

[kendallina]

I've been doing my own since I opened 5 years ago. If you're accustomed to doing taxes and do your research, you should be fine. I would absolutely recommend getting some of Tom Copeland's books. I would have endless questions if I hadn't read his books.

ETA: I hired an assistant this year, so I did meet with a payroll accountant that could help me understand how to handle an employee's withholdings and taxes specifically in regards to state and local taxes. Tom's book covers federal taxes for employees.

[Cat Herder]

I do both.

I use MMK Pro religiously, then print everything off for my CPA.

Worth every penny, and then some. To me. happyface

[Lovisa]

I've been doing my own since I opened 5 years ago. If you're accustomed to doing taxes and do your research, you should be fine. I would absolutely recommend getting some of Tom Copeland's books. I would have endless questions if I hadn't read his books.

We have always done our own taxes Definitely plan on getting some of those books before my husband and I do our taxes!

[Thriftylady]

I do my own. One year I paid someone and got them back and looked them over and she had put my whole house as a 100% deduction. I called her about it and she argued it was legal due to the home office rule. After that I don't trust anyone.

[Blackcat31]

I do both.

I use MMK Pro religiously, then print everything off for my CPA.

Worth every penny, and then some. To me. happyface

This ^^^

I dont have the time or interest to do them myself.

ETA: my CPA charges me less than $200 so MORE than worth it to me.
Plus that cost is tax deductible too

[Lovisa]

Man, I just signed up for the 30 day trial of MMK (never heard of it until now) and it is CRAZY helpful! I wish I had this for all of last year! I am paying the yearly amount today and will be using this every day. Such a helpful site!happyface

[Michael]

Here is a previous poll on the subject: https://www.daycare.com/forum/showthread.php?t=41854