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Jayme
January 3, 2018

Who am I looking for?

  • January 3, 2018
  • 3 replies
  • 0 views

2017 was my first year in business (Handyman/Construction services). Who should I contact about help filing my first year? I would like to do everything through the quickbooks/turbo tax software in hopes that I can repeat the process in the futre by myself. Should I be looking for a CPA? Tax specialist? Who? 

      3 replies

      A
      Anonymous
      January 3, 2018

      @Jayme this is such a great question, especially given how much our recent tax overhaul will be affecting small business owners specifically. I found this December 15 article from "The Balance" helpful:

       

      https://www.thebalance.com/small-business-cpa-versus-accountant-397384

       

      CPA vs. Accountant

      "Accountant" is a general term, referring to financial and tax professionals who follow specific rules and regulations, including Generally Accepted Accounting Principles (GAAP), which are rules and standards set forth by the Financial Accounting Standards Board (FASB).

       

      CPAs are accountants who have passed a licensing examination in a state. So, you could say that all CPAs are accountants, but not all accountants are CPAs.

        ShanaNiederman
        ShanaNiederman
        January 4, 2018

        @Jayme -- Welcome to the QB Community! It's really great to see you here. This is such a great question this time of year because, you're right, you've got an opportunity right now to set yourself up well for this year and for years to come.

         

        I wonder if @Adam_Fenner or @john-pero have any ideas that might get you started off on the right foot?

        Adam_Fenner
        Adam_Fenner
        January 4, 2018

        Thank you @ShanaNiederman

        @Jayme, Depending on your compexity at a minimum I recommend talking with a tax expert. Either an Enrolled Agent or a CPA. I can do my best to answer any questions you may have. I have a client who is in the construction industry so I am comfortable with your niche.

          T
          Teri11_2
          February 6, 2019

          No need for a CPA unless you are a large public company with shareholders and SEC filings, but I would recommend hiring an EA to do your taxes at least for the first year.  The cost is minimal compared to the pain of reading IRS tax information, especially with all of the latest changes, not worth my time so even though I have been an accountant for over 30 years, gladly pay my tax lady to avoid all that. You may decide later you like doing that and get into it, but I suggest get help the first time to get it right and get off to a good start so you have baseline to work from.  You did not mention what type your business is:  C Corp, S Corp, LLC or Sole Proprietor. Important to be clear on your entity type since it determines how your taxes must be reported which then dictates some of the daily requirements for your. Highly recommend hire a degreed Accountant to get you setup and then once you see what is required, you can choose which tasks you will want to do vs. outsource.

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