Death and taxes (well, mostly taxes)

[WestsideWax]

Anyone on Tribe have any suggestions as to someone trustworthy in the west end who my wife and I might be able to go to for help with relatively simple tax returns that could still use an expert hand? One, regular income avec T4, one self-employed with some standard deductions - no vehicle, properties, RRSPs or anything of that sort. We had someone in Scarborough we were traveling to every year who only charged us a $50 flat fee per return, but he's been suspended by the CRA for a year and quite frankly, I was getting tired of going all the way out there just to sign a piece of paper. Only other quote I've been given is $300 for a self-employment return, which hardly seems worth it when we only received back about $1400 last year.

If someone has a happy medium somewhere between the two they can point me to, I'd be very appreciative. I'm looking for a personal recommendation, as I know the board is good for that sometimes - not "google 'Toronto accountants'", please and thanks. Fyi, I don't currently trust myself to do the work, which is why I'm seeking outside help.

 

[acheron]

if your taxes are that simple why not use something like turbotax? Does most of the work for you.

 

[glych t.anomaly]

simpletax ! its free, online, and is third on the recommended list on the NETFILE -- Certified Software for the 2013 NETFILE Program (2012 tax return) site !

hella easy

but i digress i havent used this for a personal business. but there is lots of options to explore from the comfort of your computer.

 

[WestsideWax]

I've considered the tax software route, but from what I've been told, if you're self-employed it's best to procure an accountant, just to ensure you aren't missing or overstating anything.

 

[agentRC4]

self employed people are 3-5x's more likely to be audited. Get an accountant if you are self employed. I finally convinced my wife of this

 

[the_fornicator]

If you think $300 is expensive, accountants for personal businesses charge closer to $2500 to do your taxes.

At least, that's what my accountant charged me. Seems to be the standard rate.

 

[praktik]

Ya 300 seemed in the ballpark to me. I have a name that I can give you if interested, handled some complicated years for me but the rate will be around that much.

 

[erika]

Mine is around $450.
But he does all those arcane things for me, like depreciation on stuff and so on. I do my own books based on spreadsheets he provides me. Well worth the money (and his fee is an expense I can write off of course ).

 

[WestsideWax]

Right, I didn't think of that. From the feedback I've been getting, it sounds like $300 is reasonable, especially if I can learn enough from observing to become reasonably self-sufficient for future filings - our business model isn't going to change that drastically from year to year, so neither should our tax forms.

 

[Liability]

I've considered the tax software route, but from what I've been told, if you're self-employed it's best to procure an accountant, just to ensure you aren't missing or overstating anything.

I am self employed and use the Turbo Tax Business addition. It is fairly comprhensive based on my knowledge of taxes and deductions. The package is about 35-50$ depending on any discount coupons you might have access to.

I have never been audited and the program guides you though deductions and what you can claim.

 

[MoFo]

I am self-employed and I too used Turbo Tax. Really simple.

But if you're willing to just pay $50, just got to H&R Block or The Bay or something. It's under $100 and they'll do it all for you.

Doesn't sound like your taxes are complicated if you paid only $50 last year (but your guy got fucked by CRA so you should probably look at your taxes from last year, buddy). I paid a guy last year and it was $100. This year, I just did it myself.

 

[Jeffsus]

Post.

-jM
A&D

 

[[- FuNKtiOn -]]

hmmm... I also need a small business accountant as mine has been less and less reliable with getting things done on time. Given how simplified this year should be (literally only one source of revenue to input and all taxes paid up to this time), I might try the Turbo Tax route, but Im holding Tribe accountable if I get audited (we can do that right?).

 

[jmaggs]

If you think $300 is expensive, accountants for personal businesses charge closer to $2500 to do your taxes.

At least, that's what my accountant charged me. Seems to be the standard rate.

Not really true. think you're mixing up terms. The cost of having an accountant do a tax return for an Incorporated business can be in the thousands.

For someone who is self-employed in a sole-proprietorship, you're looking in the $300-$400 range.

 

[Liability]

hmmm... I also need a small business accountant as mine has been less and less reliable with getting things done on time. Given how simplified this year should be (literally only one source of revenue to input and all taxes paid up to this time), I might try the Turbo Tax route, but Im holding Tribe accountable if I get audited (we can do that right?).

Just as a side note: You can purchase something called 'Audit Defense' through Turbo Tax. I haven't used the service, but it offers assistance in case of an audit.

Again, I have used Turbo Tax for years as a sole-proprietor and have never had any problems.

 

[the_fornicator]

Not really true. think you're mixing up terms. The cost of having an accountant do a tax return for an Incorporated business can be in the thousands.

For someone who is self-employed in a sole-proprietorship, you're looking in the $300-$400 range.

Ah. My mistake -thanks for the clarification.

I was wondering why my accountant charged me $2700. I thought I paid less than that, but I guess not.

 

[MoFo]

hmmm... I also need a small business accountant as mine has been less and less reliable with getting things done on time. Given how simplified this year should be (literally only one source of revenue to input and all taxes paid up to this time), I might try the Turbo Tax route, but Im holding Tribe accountable if I get audited (we can do that right?).

Well, if you get audited, it's probably not because you did your taxes wrong. It's probably because your deductions seem fishy. Red flags on income without any deductions, home office renovations or notes about where it came from, meals/entertainment and car usage usually.

A full audit I hear is a huge pain but if they feel you're missing information, they just ask you for extra stuff like a list of your customers, a floor plan of your home with the office areas highlighted or originals of all your meal receipts with a list of clients you took out and their contact information. That's not necessarily an audit per se.

You have what, 6 years to be in the clear for each tax year. Which also doesn't mean they won't go back beyond 6 years. It just means it won't be as likely.

I've been obsessing over cases where CRA caught the fuckers for cheating the taxman. You can access all the very detailed press releases on the website. It's so humiliating. Names, offenses, how they schemed, who they schemed, how much they got, their punishment... A lot of house arrests. Douches.