Originally Posted by 71TA
First thing I tell people that ask about starting a business is save yourself the headache and find a CPA. My sister-in-law is a nanny for a CPA. He said he wouldn't be the right fit for me since he deals with comanies over $50M. He said most CPA's work in "brackets" for lack of a better term. He recommended one in the $1-5M "bracket" WHO HAS BEEN GREAT. They do my bookeeping monthy. Have access to my bank account and business credit card so they download and sort everything. Just ask a couple "what was that purchase?" occasionally. Probably spend less than $5000 with them and WELL WORTH IT. The first "accountant" gal I dealt with for 5 years was WAY over her head. She should have refused my business. She was only capable of filling our simple personal income tax stuff. Not setting up S corps and telling me to put cash on hand in CD's and money markets. My accountant actually helped me MAKE $XX,XXX extra per year.

Originally Posted by Rhinodart
Originally Posted by poorboy
When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit

For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.

Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good


I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! eek My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... mad


This. I have a cpa in the family and they really do specialize in certain things. Some only do simple stuff that you could do without a cpa, like 1040ez. Some do small businesses. Some do large. Spme do oil and gas. Some file things whatever way you want so you don’t owe anything(illegal when you get caught and we know of one that for sure does this).

I want my fair share