Is it ever a good idea for business owners to do their own taxes?
Generally I would say no. There are changes consistently from year to year and if you are not up to speed you could lose out big time. If you see a professional their fees are usually tax deductible anyway.
- Owner at Startup Chucktown
- Charleston, SC, United States
I would say in the long term, no. I currently run my own books, but at the moment I'm not generating many sales so it is fairly easy to keep track. Also, I personally excel at math so I don't find it too bothersome. However, I don't fully understand all the ins and outs of tax law so I will be switching to having a bookkeeper / CPA in the near future.
A dedicated professional will help ensure you file things in a timely manner. They will potentially be able to save you additional money by knowing what you can write off versus what you can't. And honestly even if you can do your own taxes, unless you are running a tax business, you probably have more important items that need your attention.