Monday, January 26, 2009

D.I.Y. Inc. & LLC; Re: IRS & FTB

It is definitely edifying to pay attention to one's companies' financial records in QuickBooks. It is also fascinating to import various records into TurboTax for an S-corporation, a C-corporation, and a limited liability company taxed as a partnership - and notice how all three are different animals altogether.

That said, it is almost certainly worth it to have professionals double-check your work (and by "your work," I mean the computer's work). Then you can spend more time running your business, whether in the arts or manufacturing widgets.

And by "you," I really mean me. Okay, I mean you, too, if small/medium/big business is your thing. While you might be tempted to defer all this heavy lifting to a qualified CPA (or two), it is worth it to know the in's and out's of your business(es), especially when it comes to tax time. Then defer away.

It's exhausting and at times mind-numbingly tedious, but it's worth it.

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