94% of Surveyed Jewelers Hire a CPA to Do Their Taxes. Here’s Why

do you or don't you: Many say they could do it, but their time is more valuable elsewhere.

Published

2 years ago

March 14, 2022

INSTORE Staff Instore March 2022 Issue Online Extra

question:

Do you use a CPA or other professional to handle your tax return?

Yes: 94%

They are the pros and they keep me out of trouble. — Joseph Villarreal, Villarreal Fine Jewelers, Austin, TX
I’m a CPA myself! But my business is jewelry and it is something I can outsource. — Debbie Fox, Fox Fine Jewelry, Ventura, CA
We all have our specialties! Just like I don’t want a plumber setting my diamonds, I need an accountant to balance the books. — Beth Cevasco, Scott’s Custom Jewelers, Dublin, OH
My sister is the Auditor General for our state, and she recommended we do so. — Charlene Foltz, Pentaltha Jewelers, Tallahassee, FL
Taxes are complicated, and I do not want to be in the position of having to explain something to the IRS. I do not look good in a jailhouse jump suit. — Ed Menk, E.L. Menk Jewelers, Brainerd, MN
I’m a professional with my job, I hire professionals for their jobs. — Sandra Locken, Sarini Fine Jewellery, Vulcan, AB
It’s too complicated for me! I need someone who is aware of the constantly changing tax laws to make sure we take advantage of every deduction. — Doreen Vashlishan, Werkheiser Jewelers, Bethlehem, PA
I graduated as an accountant. But there are so many changes every year in tax rules, you really need a professional to keep on top of things. — David Lindsay, Purdy’s Jewellery & Gems, Bobcaygeon, ON
Of course. Why wouldn’t you? It is the same reason I tell people not to repair their own jewelry. — Chad Elliott Coogan, Gems of La Costa, Carlsbad, CA
Because the ever-changing tax codes are complicated, and although I could eventually figure them out, my time is better spent elsewhere. — Melissa Quick, Steve Quick Jeweler, Chicago, IL
Been audited before. He took care of everything and saved me $60,000. — Tim Bodis, Diamond Designs by Bodis, Rice Lake, WI
Why wouldn’t you hire a qualified professional to handle your most important filing of the year every year? How would you feel if your accountant tried to set his own diamond? Don’t be silly, this is a no-brainer and the cost is minimal for the enormous value! — Mark Snyder, Snyder Jewelers, Weymouth, MA
I don’t “math.” — Mary Jo Chanski, Hannoush Jewelers, Rutland, VT
That way it’s their fault if something isn’t right! — Paul Krueger, Krueger Jewelers, Fort Atkinson, WI
Have found that they are able to save me money. We have QuickBooks, so they don’t charge a lot since most of the work is done. — Don Bullock, Bullock’s Jewelry, Roswell, NM
As my 100-year-old father taught me, it’s not how much volume you did, it’s what you are able to keep after the smoke clears. — David Abrams, Grand Jewelers, Rancho Cucamonga, CA
I can do bench work, wait on customers, and pay bills, and doing my own taxes takes more time than I am willing to give up. By the way, he is relatively inexpensive. Does my taxes, my business partner’s and wife’s taxes and the store’s taxes for about $500. I can do so much more to make a sell or a piece of jewelry for the time it would take me to pay the $500. Tim Wright, — Simply Unique Jewelry Designs, Yorktown, VA
It can be the best or worst of times. I was almost ready to close our mom-and-pop store two years ago after 16 years because I felt it was a waste of energy. The problem was a terrible accountant that we used for 10 years or so. Met with a SCORE counselor, got my mind right, hired a new accountant, and things have gotten waaaaay better in the past 18-20 months. — Cliff Yankovich, Chimera Design, Lowell, MI

No: 6%

I understand the tax codes and find that doing my taxes is not a major problem. — James Doggett, Doggett Jewelry, Kingston, NH
I have an accounting degree. — Jo Goralski, The Jewelry Mechanic, Oconomowoc, WI
I’m a sole proprietor, filing under my social security number. I had a tax professional do it for me for several years, but now I do it myself with TurboTax. Relatively quick and easy, and one-third the price. — Janne Etz, Contemporary Concepts, Cocoa, FL
We seem to be able to handle on our own since family members have accounting backgrounds. — Alex Weil, Martin’s Jewelry, Torrance, CA
I’m a CPA, so I guess technically we use a CPA. Kriss Roethlisberger, — Ace of Diamonds, Mt. Pleasant, MI

What’s the Brain Squad?

If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”