If you’re like most small-business owners I know, you don’t want to spend money if you don’t have to. You’d rather invest any extra cash in growing your business (or your vacation fund!).
So this time of year can pose a dilemma: Should you try to save some money and do your business tax returns yourself – or are you better off hiring a tax professional to do the job for you?
We put that question to small-business ace and Microsoft Office Live Small Business columnist Joseph Anthony, who happens to be a highly regarded tax professional based in Portland, Ore. His response may surprise you, since he does not suggest that you’re completely out of your gourd if you don’t hire a pro.
Instead, Joseph drops six clues that can help you determine whether you have the skills and/or inclination to do your taxes yourself – or should seek the services of a professional. Here’s just one example: If your business hasn’t changed much and this year’s return is similar to previous returns, you may be just fine handling it yourself. On the other hand, if you’re doing business as a partnership or corporation for the first time, you’ll be swimming in a sea of tax forms you’ve never dealt with. In that case, it probably makes sense to get professional assistance.
With April 15 fast approaching, you might want to read up on Joseph’s five other clues in his column. Plus, check out our Resource Center for more expert advice.
Monte Enbysk