Tax Strategies & Credits

DIY Tax Preparation: Think Twice Before Going It Alone on Taxes

11/4/2015

It seems like do-it-yourself has become all the rage these days. From weekend warriors undertaking home improvement and repair projects to grease monkeys crawling underneath their jacked-up cars, more and more people are trying to save money by tackling projects themselves instead of paying a professional to it for them.

Many small business owners and entrepreneurs are also getting in on the DIY craze. This isn't too surprising since most owners look for any and every opportunity they can find to save money and stretch their limited finances a little bit further.

DIY Taxes: Good or Bad Idea?

One task that a number of small business owners have decided to undertake themselves is preparing and filing their tax returns. Tax prep software programs like TurboTax have been designed to enable even those who aren't accountants or CPAs to prepare and file their own tax returns electronically.

But is DIY tax prep and filing a good idea? Maybe, and maybe not, says Karen C. Drescher, CPA, CGMA. “Business taxes can be extremely complex, especially for a decent sized small business,” Karen notes. “It's not uncommon for owners trying to do their own taxes to end up spending much more money in late penalties and interest that result from errors they've made than they would have spent on a tax professional.”

And this doesn't even consider the lost opportunity cost of not working with a trained tax professional. “An accountant or CPA can usually more than pay for his or her services by helping owners avoid mistakes and uncover deductions and tax-saving opportunities that most owners aren't aware of,” Karen adds.

Micro Business or Larger?

If yours is a micro business with a very simple tax structure, a DIY tax prep software program might be adequate for your needs. You can purchase TurboTax Business for about $150 or TurboTax Home and Business (which is suitable for some self-employed individuals) for about $100.

But any business that's larger than micro should think twice before relying exclusively on a tax prep software program in lieu of working with a trained tax professional. Some of the problems and drawbacks that can arise from DIY tax preparation and filing include:

Penalties and interest due to inaccurate and late tax returns.
IRS audits to investigate suspicious items in DIY-filed tax returns.
Inaccurate financial records due to DIY errors and mistakes.
Tax overpayments due to missed deductions and other money-saving opportunities.
A lack of strategic, big-picture tax planning.
Running afoul of the many tax-related provisions of healthcare reform.

Another drawback of DIY tax prep and filing is a little more subjective and harder to measure, but just as potentially damaging to a small business: We're talking about the amount of time and energy that the owner must spend on DIY taxes.

“Most small business owners have a lot on their plate — there are many different things they have to worry about and take care of,” says Bill Westbrook, CPA. “These typically include sales, operations, human resources, customer service and vendor relations, to name just a few. Adding taxes to this list just adds one more ‘to-do' that keeps owners from concentrating on tasks they should be performing that add the most value to the business.”

How Much Does It Cost?

Hiring an accountant or CPA to handle tax preparation and filing need not be expensive. Most tax professionals charge a flat rate to prepare and file small business tax returns that varies depending on the complexity of the return. Or the tax professional might charge an hourly rate for his or her services.

In some instances, the tax professional's fee may not end up being much more than the cost of a tax prep software program. And when you factor in the time savings to be gained from handing tax prep and filing off to someone else — not to mention the potential savings in penalties and interest from DIY errors and mistakes — using a professional is almost always less expensive than doing taxes yourself.

“I always encourage any small business owner who asks me about DIY tax prep and filing to think carefully about what it's really going to cost them,” says New York based Mark Glazewski, EA. “In most instances, owners are better off working with a tax professional than trying to do their taxes themselves.”

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