Do you feel that you don't have control over your business tax return?

General
1

I’m a business owner. My tax return should be simple, however because of R&D credit, QBI deduction, filing in different states, etc. it’s very hard to assess if my accountant did it correctly and utilized all the deductions and credits. It’s also hard for me to fluently go through the tax return. I feel that I’m not in control over one of the most important things in my business. Does anyone feel the same?

2

Do you feel the same when a mechanic works on your car?

3

Emerson said:
Do you feel the same when a mechanic works on your car?

Or a surgeon that operates on you?

4

Emerson said:
Do you feel the same when a mechanic works on your car?

Anyone who doesn’t feel the same when a mechanic works on their car is nuts.

5

  1. Ask questions. Your accountant will likely appreciate it because it shows you take ownership and care. If they don’t, find a new accountant.

  2. Understand that you can’t know everything about tax, which means at some point, you have to let go and trust them to do their job. If you don’t trust them, find a new accountant.

  3. Business taxes aren’t simple. If they were, you would do them yourself. If you don’t like it, call your congressperson.

6

@Kei
Also, your tax return being “simple” versus you getting all the deductions and credits you are entitled to are mutually exclusive. Can’t have it both ways. This is the problem with the whole “simplify the tax code” crowd.

7

Doesn’t sound so simple after all.

8

Well, as a business owner, growth is somewhat dependent on how much you’re able and willing to delegate.

Your skill as the CEO (or whatever you call yourself) will depend on who you hire, who you can trust, and how you can incentivize high performance. This is why companies have accounting departments, marketing departments, etc., etc. The CEO can’t do it all.

9

Exactly why there are professional tax preparers—CPAs, registered agents—and why there are certified mechanics, neurosurgeons, architects, engineers, programmers, etc.

We do what we’re good at and rely on others to help with, or do, the things we don’t understand.