This Forum Has Been Archived
*Click Here To Visit The NEW Forum*

 

 


Filing Taxes: Deducting the cost of a website purchase

Time management, organization, working from home while raising children... Join us here to discuss the issues of daily life - and work - under the same roof!

Moderators: angienewton, tknoppe, WAHumor, terrapin719, lisamariemary, MommyEnterprises

Postby kirkward » Sun Sep 07, 2008 6:36 pm

Cynthia wrote:Problem is I live abroad so that's not as easy as it might be for someone living in the US. Unless, of course, there are CPAs who do phone or email assistance?

The code isn't very difficult if you get a general idea of political and bureaucratic thinking.

Getting familiar with the pubs helps you understand basic concepts. Pubs 17 and 334 are the root guides. Individual (17) and business (334). They both lead off to narrower topics, such as corporations and partnerships. But if you're a sole proprietor, 334 will help immensely. Download the IRS PDF and print to read. Not as long a print job as Pub 17.

I can answer basic questions and point you toward some references, and a cheap tax software program with a business module will do most everything you need.

Cute idea ... As soon as you file your tax return, go into the local embassy wherever you are and ask for an audit. I don't know what the process is overseas, but here I would go into a local IRS office. Do it while your records are fresh and you know where to find the answers. The IRS can only audit you once. They do it this time and you can't be audited for the same year again, ever.

Cheers.
User avatar
kirkward
Elite Member
 
Posts: 545
Joined: Sun Dec 04, 2005 6:36 pm
Location: Ellijay, GA USA

Postby kirkward » Sun Sep 07, 2008 6:45 pm

alexc wrote:Ah, well that does change the situation a bit to be sure. But I'm always up for a challenge :) First stop, go to the U.S. Embassy and see if they can't help put you in touch with a local US tax professional. They almost certainly have someone that they can recommend. Next step, check out this website: http://tax.aicpa.org/ and http://www.cpadirectory.com/ to get a list of CPAs and go from there.

Cynthia,

I do not recommend a small independent CPA. Most are unfamiliar with tax laws, and because of the "prestige" of their license, refuse to admit it. Find yourself an EA (an Enrolled Agent). They sit for a two day exam before the IRS on nothing but tax law. A large firm (big 4) tax professional will be too specialized and too expensive for your needs.

CPAs sit for a two day exam on accounting rules, but do not have a single question on tax law on their exam. Many will try to tell you they have tax questions, but if you corner them, they have to admit that the questions are on the accounting treatment of taxes, not on tax law.

About half of the EA's are former IRS agents who spent a minimum of five years in departments like audits and examinations.

The National Association of Enrolled Agents is their professional organization. Another association is the National Society of Accountants. They support a competing tax credential that is supposedly nore comprehensive than the IRS Special Enrollment Exam, but I never took it. I have taken both the CPA exam and the SEE from the IRS.

Cheers, again.
User avatar
kirkward
Elite Member
 
Posts: 545
Joined: Sun Dec 04, 2005 6:36 pm
Location: Ellijay, GA USA

Postby Cynthia » Sun Sep 07, 2008 7:06 pm

Thanks for all the info and advice Kirk. Much appreciated. :)

I can answer basic questions and point you toward some references, and a cheap tax software program with a business module will do most everything you need.


What cheap tax software program do you recommend? And do you think the Ask a Tax Advisor at H&R Block is a helpful service?

ASK FOR AN AUDIT?
That is scary. :shock:

I'm looking at H&R Blocks Online Office. It might be just what I need. Any thoughts?
Cynthia
 
Posts: 89
Joined: Thu Nov 08, 2007 11:42 am

Postby kirkward » Sun Sep 07, 2008 7:23 pm

Cynthia wrote:Thanks for all the info and advice Kirk. Much appreciated. :)

I can answer basic questions and point you toward some references, and a cheap tax software program with a business module will do most everything you need.


What cheap tax software program do you recommend? And do you think the Ask a Tax Advisor at H&R Block is a helpful service?

ASK FOR AN AUDIT?
That is scary. :shock:

I'm looking at H&R Blocks Online Office. It might be just what I need. Any thoughts?

Most of H&R Block's senior advisors are EA's. I don't know anything about their "Online Office," but they have the resources to do a decent job (take a look at their annual reports on EDGAR). I would presume they also have a bunch of CPA's around to help design decent accounting systems.

Which brings up a point, CPA's are going to be much more disciplined at bookkeeping than many EA's, and EA's will be even more disciplined than an unlicensed accountant/bookkeeper. Even those who will slap an MBA behind their name. I still haven't figured out the benefit of that credential outside of "Management Consulting."

Cheers again.
User avatar
kirkward
Elite Member
 
Posts: 545
Joined: Sun Dec 04, 2005 6:36 pm
Location: Ellijay, GA USA

Postby Cynthia » Sun Sep 07, 2008 8:07 pm

Good to know. I'll look at H&R Block's stuff more closely.

You've been a wonderful resource. Good luck with that ebook! ;)
Cynthia
 
Posts: 89
Joined: Thu Nov 08, 2007 11:42 am

Previous

Return to Home Office Talk

Who is online

Users browsing this forum: No registered users and 1 guest

cron