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  • The value of an accountant?

    updated 3 weeks ago 0 Member · 1 Post
  • Charles

    Member
    October 31, 2019 at 1:02 pm

    I am a mental health professional in private practice. My business is an LLC and as of September, I have elected to file as an S-corp with the IRS. My yearly gross is now over 100k per year. I would like to know what is reasonable to do on my own versus hiring an accountant and/or bookkeeper. I have historically been a bit lazy with keeping up with expenses (while being a 1099 contractor and after going solo with the LLC). I agreed to allow my last accountant to do bookkeeping, but he mislead me and charged me an extraordinary fee without an estimate for exactly what he would do (and didn’t even categorize my expenses correctly), so I decided to buckle down and stay engaged with QuickBooks and my own bookkeeping methods. I spoke with another accountant who wants over 5k per year to monitor profit and loss, payroll, and monthly statements, and I find this outrageous. They referred me to a bookkeeping service, but I figure I can manage these things on my own with some extra time to get it right. Who else has my back like me, right? I plan to consult about what’s needed for income tax returns, use an accountant for tax return preparation, use a payroll company to pay myself and file monthly/quarterly tax reports, keep track of income and expenses in QuickBooks, and calculate/pay my own gross receipts taxes (I’m in one of those states). This can’t be that hard. Right? Right? Am I being unreasonable? – by hq overview PsychedelicDoc – –

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