Web Hosting Talk : Web Hosting Main Forums : Running a Web Hosting Business : Taxes

[SiperNet]

Just wondering if any hosts here do there own taxes? If so, is it that difficult? Or should I have someone do them for me. Any suggestions would be appreciated!

[Chicken]

Everytime I try to do my own, I wish that I'd have brought the whole mess somewhere. Everytime I bring it somewhere, they make it look so easy that I wish I'd have tried it myself.

I think it is good to have an high priced CPA take care of everything for $300/hour just so you can feel like it is too complicated for the average human to do, and you *must* pay someone exorbitant fees to accomplish what should be able to be accomplished by anyone.

A really long way of saying: I take it to someone.

[SiperNet]

Your right chicken, I better just play it safe and take it to the experts. I have a hard enough time doing the usual taxes, let alone my business taxes.

[Keeg]

try it when you get to my size i have 3 people who do the monthly crap roughly 14,000 in wages for that, then their is the auditing firm so we can prove to the shareholders we are spending their hard earned money wisely, about 15,000 every three months for that. after you get all these high priced people in snooping through your books for a week they have you sign off on their audits which basically says. " we looked at the books and as far as we can tell the company isnt doing anything dishonest,but, there is no way we can be sure of it." All this and im still a privately held company, when we go public then the real expenses begin. however even before that stage you should definatly hire people to do your business taxes and books it will save you much time effort and headache in the long run.

Steve

[SiperNet]

Steve, I have a while before I have to think about my army of accountants. Oddly I can not wait for that day, call me deranged!

[KDAWebServices]

I filed my own tax return earlier in the year in the UK, it wasn't that difficult to do, but then again I only had the one business at the time as I wasn't involved with WebHosting (Well I was but it wasn't up and running) which makes things more complicated, especially as more than one person is involved in the ownership of the webhosting business.

[compunite]

As the owner of Compunite, and being in business for 13 Years I have found that you can make more money doing what you do best and leave the stuff your not so good at for the people who are. It's worth every penny to pay some one else and you wil be more productive and profitable.

[SiperNet]

Ahhh, to hell with it all. I`m just not going to file this year! They won`t catch me, right?

[Chicken]

Naaaaahhhhhh. Boooo -down with taxes! I must say that I am reminded of how annoying taxes are just about this time of the year. I actually get a decent paycheck, but after it is sliced and chopped away, it ends up being too little. *Then* anything I buy gets taxed over 8%. Really, I feel I'm lucky if I have anything left over.

[compunite]

You could always go to an H&R Block type place if your stuff is'nt too complicated, you have any employees?

[Edited by compunite on 12-21-2000 at 10:50 AM]

[kunal]

well im glad I have my dad to file them for me He's a CA

[SiperNet]

We do not have any employees. Just me and my partner. How much on average does it cost to have them done?

[compunite]

I have an accounting firm do mine, cause we have 10 people here, but probally 2 returns about 250 a piece, prices vary so call around and ask... good luck and happy new year.

[ODE]

I'm surprised no one mentioned Turbo Tax by quicken. You just sit down with all your papers and expenses through out the year and answer the interview questions and It automatically fills out all the neccessary forms for you. You can try different tax scenarios as well. Very easy.

[SiperNet]

Have you or anyone here ever used it?