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LLC and its taxes/CPA?

Discussion in 'Business & Tax Advice' started by Brainzzzz, Dec 29, 2013.

  1. Brainzzzz

    Brainzzzz Newbie

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    Planning to open one up sometime this month. Currently looking for a book keeper. Quick question about that, when my accountant does my taxes i should only supply him my invoices right? From what i have been told, book keepers sometimes ask for your bank statements and its best not to give them out.

    Also what kind of taxes will i be looking at 15% on profits?
     
  2. danms

    danms Regular Member

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    Speak to an accountant, don't ask those things over here.

    When I was asked by mine to add bank statements and credit cards - I did. If you don't trust them, hire another firm.
     
  3. Brainzzzz

    Brainzzzz Newbie

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    Why can't i ask such questions like that here? All i want to know is the reasons why i was told that. Why is it bad to provide him my bank statements. From what i can tell it would be privacy/trust thing. Other than that i may be able to cheat a little by not telling him everything. Is there any other reasons for it?
     
  4. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Not everybody is on the level.
    To be honest if you don't trust somebody then never work/do business with them.

    There is an old saying about never lying to your Doctor or your Accountant. They can't help you without all the facts.

    A Bookkeeper just makes entries based on the figures you give them.
     
  5. thisismymp3

    thisismymp3 Power Member

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    mine just asks me for my numbers, income, expenses, rent, ad costs, host cost, computer, etc
     
  6. Brainzzzz

    Brainzzzz Newbie

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    What can they do with my bank statements if lets say they tried something shady? Also, idk if i can trust him/her or not. I have to find a book keeper i have no connection with. No one in my family seems to know any good ones that would be able to do this for me.
     
  7. thisismymp3

    thisismymp3 Power Member

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    ​steal your idea
     
  8. thisismymp3

    thisismymp3 Power Member

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    anyway, where do you live? i know a guy who knows a guy
     
  9. Brainzzzz

    Brainzzzz Newbie

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    Steal my idea how? From bank statements all he would be able to tell is how much i withdrew and what came in. But anyway im in MD.
     
  10. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    If they have your bank details and they are scammers then they could clean you out. It does happen.
    BUT the majority of Bookkeepers are providing a legitimate service.

    Having said that, book-keeping isn't that hard to do yourself.
    Double Entry book-keeping did stump me for a while in the very early days but once you get to grips with it, it will make sense.
     
  11. thisismymp3

    thisismymp3 Power Member

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    i heard a story on here once, when some dude had his taxes done, the cpa saw what he was doing and started doing it himself, i know its far fetched if you were in ny, id give you my guys info.
     
  12. Brainzzzz

    Brainzzzz Newbie

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    Well they wouldn't be getting my bank details right? Only the statements. There isn't much info on the statements themselves to do anything with it. Any valuable info that he shouldn't see i can just cross out.

    As far as the accounting goes, i think id rather have someone do it for me. I tried to learn accounting from youtube and reading up online and there is so many rules and little details that i would just rather someone do it.
     
  13. Brainzzzz

    Brainzzzz Newbie

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    Well in my case he wouldn't really see much. Only deposits and withdraws from banks. My invoices don't show any detail either. He would have to ask me what i do and i wouldn't give him any details on that.
     
  14. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    There are software alternatives:
    http://quickbooks.intuit.com/
    http://www.sage.co.uk/sage-instant-accounts
    http://myob.com.au/
    +many others

    Even an old copy of Microsoft Money might work

    http://en.wikipedia.org/wiki/Comparison_of_accounting_software
    http://en.wikipedia.org/wiki/Category:Free_accounting_software
    http://en.wikipedia.org/wiki/Category:Accounting_software
     
  15. jmcgoose

    jmcgoose Junior Member

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    Stop being so cheap and go to well known Accountant in your area. Top notch accountants do very well for a living and there is no reason for them to do shady stuff.
     
  16. Brainzzzz

    Brainzzzz Newbie

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    The well known ones are usually big firms. I don't need a big firm to do this for me. I'm not a huge business yet. But yea i am looking for one now.
     
  17. Brainzzzz

    Brainzzzz Newbie

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    Noob question here. How would it work if i used quickbooks myself? I just enter up all my sales and expenses and send it to my accountant?
     
  18. TimeToGo

    TimeToGo Regular Member

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    How exactly does a account steal your idea and run the business himself?
    If you're doing IM, then there's only deposit from affiliate network right.
     
  19. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Yes more or less.
    You just enter the figures and the software does the calculations.
    Some software even have the correct forms and complete the returns for you and can send them electronically.
    Even if you want somebody to check them afterwards it still saves time.