Do you use an accountant for your taxes or just a program like Turbo Tax? I ask because I'm part of a photographer's group on Facebook and everyone recommends using an accountant even if your business is small because you will not miss deductions.
Honestly, I'm hesitant because:
A. Photographers (not all, but many) tend to be on the artsy side and not good at the business side of things, hence perhaps more of a need for outside help. Also, I have a business degree that required 2 accounting courses and I support an Accounting/Finance dept at work. While those certainly do not correspond directly to tax accounting, I do understand the general principles well enough.
B. Outside of med school tuition/loans, our personal taxes should be relatively straight forward. We're not in repayment or anything on the loans right now, so other than including the tuition statement, I'm not sure what else to look for (TurboTax didn't bring up anything last year), but, then again, I'm not an accountant.
C. Thanks to my new darling little tax deduction, I did very little with my business this year (guess who didn't make a profit!!), so I'm not worried about it getting complicated, especially as I am a sole proprietorship. It's seriously just a few line items of income and a few of expenses. I know everyone says there are always things you didn't think of that you can claim as business expenses, but I REALLY doubt it for my situation and it really wouldn't make much of a $$$ difference in my situation.
What do you think? Honestly, I guess I'm gearing this more towards those in training because I do see the wisdom of having a good accountant with a post-training income/private practice. But is it worth it for my little pile of beans?
Honestly, I'm hesitant because:
A. Photographers (not all, but many) tend to be on the artsy side and not good at the business side of things, hence perhaps more of a need for outside help. Also, I have a business degree that required 2 accounting courses and I support an Accounting/Finance dept at work. While those certainly do not correspond directly to tax accounting, I do understand the general principles well enough.
B. Outside of med school tuition/loans, our personal taxes should be relatively straight forward. We're not in repayment or anything on the loans right now, so other than including the tuition statement, I'm not sure what else to look for (TurboTax didn't bring up anything last year), but, then again, I'm not an accountant.
C. Thanks to my new darling little tax deduction, I did very little with my business this year (guess who didn't make a profit!!), so I'm not worried about it getting complicated, especially as I am a sole proprietorship. It's seriously just a few line items of income and a few of expenses. I know everyone says there are always things you didn't think of that you can claim as business expenses, but I REALLY doubt it for my situation and it really wouldn't make much of a $$$ difference in my situation.
What do you think? Honestly, I guess I'm gearing this more towards those in training because I do see the wisdom of having a good accountant with a post-training income/private practice. But is it worth it for my little pile of beans?
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