Do You — or Don’t You: Do you do your own taxes?

BY INSTORE TEAM

Published in the April 2012 issue

9% YES, I DO
 

Yes and no. I handle all sales tax and payroll tax deposits, my actual corporate and personal tax return is completed by a CPA firm. — Mark Goodman; Goodman Jewelers, Abingdon, VA

We do our own taxes with TurboTax assistance. — Alan Goodheart; Goodheart’s Jewelry, Overland Park, KS I have a minor in accounting from Harvard. Pretty easy to do them. — Jan Cook; Precious Gems, Bradenton, FL

I have my own system and do taxes myself. — Pamela Hecht; Pamations, Calumet, MI

91% NO, I DON’T

CPA is the absolute only way. Anyone owning a business that does otherwise is really not seeing the forest for the trees, in my opinion. My CPA charges me under $1,000 and takes care of everything. If one of our customers tried to set their own diamond we would laugh at them. Why would we try to do our own taxes? — Mark Snyder; Snyder Jewelers, Weymouth, MA

Any time you need to go to the bank, you’d better have a CPAgenerated financial statement. — Bill Elliott; Ross Elliott Jewelers, Terre Haute, IN

We supply data to our CPA once a year and she does the paperwork. Haven’t had any problems so far. Sometimes she will remind us of deductions that we took before but forgot this time. — Mark Thomas Ruby; SunSpirit Designs, Loveland, CO

My bookeeper does the legwork and gives it to the CPA to verify and adjust. — Janet Silver; Roberts Jewelers, Jackson, TN

I give it all to the accountant. I am clueless. — Erin McMichael Hess; Accents, Colorado Springs, CO

Taxes are too complicated to do on my own. I don’t need a visit from the IRS. Got enough problems. — Craig C. Curtis; Downtown Jewelry & Engraving Shop, Belfast, ME

I keep records on QuickBooks, but our taxes are prepared by a CPA. — Cliff Yankovich; Chimera Design, Lowell, MI I used to tackle them myself, but I think the CPA pays for himself in savings. — Steven Wardle; Forest Beach Design, Chatham, MA