Posted by Jon on 1/11/09 7:12pm
Msg #274197

FREE Tax advice

The following is my advice for for all who have questions about the preparation of your taxes.

If this is your first year being self employed, I recommend that you find a tax professional to prepare your taxes. This will help you to make sure that you don't miss any deductions that you should be taking or take deductions that you shouldn't be taking. There are many things to consider when deciding which deductions to take, and there may be instances when you are able to take a deduction, but it is not profitable for you to do so. You may want to depreciate some purchases as opposed to expensing them. A tax professional should be able to answer your questions and explain the different scenarios. After the first year, if you are comfortable, you may want to then consider doing your own taxes.

If you have been self employed for longer than 1 tax year and you still have questions, you should find a tax professional to prepare your taxes. Everyone has the subjects that they are knowledgeable about, if you still have questions, taxes are probably not one of yours. There is nothing wrong with that and remember that the amount you pay for the business portion of your taxes may be deductible. Taxes require a high level of knowledge, even with the software that is now available for computers.

When looking for a tax professional, be sure to ask questions. How much experience do they have with self employed taxpayers? Have they ever done a notary's taxes?(There are considerations for notaries that are not available to everyone else) Are they available year round for any questions that may come up? These types of questions may help you to find a tax professional that is suited more to the needs of a NSA.

I would also suggest that you verify any information you receive on this or any other board with a tax professional, or find the applicable tax code to ensure that the info is correct(including mine ). Every year there are posts that have either wrong or very misleading information. Your taxes are too important to trust to a message board on the web. Yes you can get some general guidelines and much of the information will be accurate, but unless you can tell the difference between the good and the bad, it doesn't really help you.

Reply by 101livescan on 1/11/09 7:22pm
Msg #274198

If any one is looking for a fabulous tax preparation/CPA expert, I have one I've used for 25 years. In 1995 I was audited by the IRS, and he pulled my arse out of the fire. It cost me $800 for him to drive to the LA IRS offices, but it would have cost me more had I actually tried to represent myself round trip Santa Barbara to LAX area, and William was able to walk away with a ZERO tax liability for me for three years including 1995. I owe it all to this guy who every year does a fabulous job. He's in Santa Monica, a USC graduate, has a nice little family, very sharp professional. I would never prepare my own taxes, or pull my own teeth! William is totally familiar with tax accounting for notaries, having been in this business all these years. We efile, and he sends me the stuff to sign and I send back with payment or make payment online.

Reply by sueharke on 1/11/09 9:50pm
Msg #274202

In addition to being a notary, I am also a CPA. I agree that anyone who knows what they are doing is able to do their own tax returns. The only issue is when they are wrong and the IRS comes knocking, the cost to solve the problem is greater than the cost to do the return correctly the first time. I tell people who want to use Tax Act or Turbo Tax who needs to adjust the schedule SE for their notary work that they have my blessing. I also tell how much I charge to fix problems (which is more than the cost of the original return).

Reply by MW/VA on 1/12/09 8:10am
Msg #274213

I used TurboTax for the first time last year & was able to take the adjustment on SE.
I have been a tax preparer, so I was coming at it with a little more knowledge. You actually have the go to that line to create the adjustment--it's not in the program. Someone I knew had a person who had prepared their taxes for years, and wouldn't allow her to take that adjustment. It is an unusual exception, and I wouldn't have known about it except for the notary boards.

Reply by Karen/OK on 1/12/09 10:13am
Msg #274223

SE?

Reply by Karen/OK on 1/12/09 10:16am
Msg #274224

Oops.

I knew not to post that. Just brain dead this a.m. I do know SE!

Reply by jba/fl on 1/12/09 7:51am
Msg #274212

"unless you can tell the difference between the good and the bad, it doesn't really help you."

A lot of times Free translates to worthless, or worth less than. Your advice is simply spot on Jon. Thank you.

Reply by notaryinmo on 1/12/09 9:07pm
Msg #274309

There are consents this year from the IRS that have to be signed by a taxpayer if they utilize any paid tax preparer (pro or not). Even if a person goes to HRB or JH - the two largest in the USA, it doesn't mean that they are going to a tax professional. If you want the best tax advice and don't want to talk to the IRS yourself, I might suggest someone like a CPA who is knowledgable about taxes or find someone who knows what they are doing - your taxes are too important to have a novice preparing them - especially with SE. If you are comfortable with preparing your own taxes and want to use an online tax prep, please contact me - I will give you an online tax company that has customer service attached when you need answers to your many SE questions.