Posted by Jon on 1/7/05 2:57pm
Msg #15744
Tax Advice
I've noticed several posts regarding taxes, as is normal for this time of year. As a registered tax preparer for the State of California, 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 proffessional 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  ). I have seen many 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.
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