"s3r3nity1" <s3r3nity1[at]yahoo.com> wrote:

- quote -

Penny wise = pound foolish.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"s3r3nity1" <s3r3nity1[at]yahoo.com> wrote:

- quote -

I know it is tempting, but it is foolish to pennywise and
pound foolish. What you think you might save by doing your
own return will quickly be eaten up by your time - you will
be extremely inefficient - and possible penalties and
interest - it is likely that you will make several mistakes,
and they may be costly.

Additionally, pass-through taxation (S Corps & LLCs) are
particularly intricate. Income, deductions & credits MUST
retain the same character on your personal return as they
had on the business return - for instance, interest income
does NOT go on page 1 of the 1120S return because it cannot
be mixed in with ordinary income. Then there are
depreciation issues at both the entity and shareholder level
that need to be considered.

Considering you don't know what forms you need, it is likely
that you will NOT do a good job on the return. I strongly
suggest you engage a local tax pro - at least for the first
return.

Good luck,
Gene E. Utterback, EA

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I have had a business for just half a year (though I've been
an s-corp since mid-2003) and this will be my first time
filing on my own. Can someone please tell me what forms I
need besides the 1120s and 941 for income taxes? Also, is
TurboTax Business accurate to use? My business is very
simple and we just broke even, so I would prefer not to pay
a lot for an accountant.

Thanks.

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