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Do you file your own taxes?

AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

Hi everyone!

We at Wave are always eager to learn more about the business owners who use our products, and the businesses they proudly run. We want to learn more about you because it allows us to better understand for whom we build, maintain and support Wave, and how to best make your lives a little easier.

So today, I want to know whether or not your file your own business taxes, or if you use an accountant. Is there a particular reason you do one over the other?

Do you file your own taxes?

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edited August 30, 2018 in Wave Discussion

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    Ellie_Writes_ThingsEllie_Writes_Things Member Posts: 42 ✭✭

    I file my own, but I'm running a pretty small side-business to supplement the day the job. It's nothing too complicated. It'd feel like I'd spend a lot of money to get it done by a professional. Plus I'm savvy enough with tax forms.

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    CentanniCentanni Member Posts: 27
    I prefer using an accountant.

    I go to my accountant for it. I could probably figure it out if I really wanted to, but the truth is, I can't really afford to spend the time it would cost me to teach myself to do it right on top of the time I'd spend actually filing my taxes. That's time I could be spending at the office, making my business better, or with the family. Both of those are worth much more to me than what my accountant charges.

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    AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    I'd love to hear from @Kendricks866, @Edwin, @Rpmerritt57 and @Enrique on this!

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    Kendricks866Kendricks866 Member Posts: 16
    I prefer using an accountant.

    Definitely use an accountant. Family taxes, business taxes, personal taxes. It gets overwhelming quickly and there's just so much time in a day. Plus there's always questions about pesky rules and laws that you want to have an accountant handy to ask questions to throughout the year.

    That being said though, I also enjoy keeping a tight leash on my numbers, so to me it's important that whatever my accountant does remain transparent (to me anyways) and NEEDS to be translated directly into Wave so I have immediate access to the numbers.

    Accountants tend to not do that, so it becomes a bit of a chore to extract that information from them. I'm tired of hearing "hey don't worry about the assets, I'll take care of that". I know you will, but I still need to know!

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    CharlotteCharlotte Member Posts: 671 admin

    @Kendricks866 this is great insight! Apologies if you've posted elsewhere about this already but I'm curious: have you added your accountant as a collaborator on your Wave account? If not, is it because of the want for an audit trail or more/different permissions? Are Wave's exports sufficient in providing you with what you need for year end?

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    Kendricks866Kendricks866 Member Posts: 16
    I prefer using an accountant.

    @Charlotte Yes, my accountant has been added to Wave as a collaborator. Ideally I'd like him to work with it a bit more, but my experience so far with accountants is that they do their own thing, and tend to not even really use Wave that much beyond basic reports.

    That being said, it's my first year with this accountant (2nd one), we'll see what he actually does with Wave, but it's my understanding that he'll grab the info from it, and do his thing, and then I'll have to input and 'translate' all that he does into Wave, by myself.

    So as a whole, Wave IS sufficient for what I need. Where I'm having a hard time is finding an accountant who will work with Wave and fix my books in it (no luck so far). Short of that, I have to input everything myself into Wave. He'll tell me what he does, give me the tables, spreadsheets, all the info I need, but I'll be on my own to translate it all into Wave to make sure my books are up to date, live.

    So in the end I have to heavily rely on Wave support to get these things done. Just ask @Alexia...

    Just for perspective, I've been using Wave for over a year now and my books are still not up to date. It's been a big time sink, even while dealing with accountants.

    I'm sure I'm not alone in this situation, and I do have some suggestions to improve it all.

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    KimptonKimpton Member Posts: 78 ✭✭

    Kendricks866, my Wave clients have their Wave account brought up to date with the latest info every month.
    You can contact me at kimptonb@telus.net to discuss how best to get your books up to date, and keep them there.

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    Wynters_BookkeepingWynters_Bookkeeping Member Posts: 3
    I prefer filing my own taxes.

    I've seen this first hand. Accountants need to keep their independence for stuff like audits and reviews, this makes them afraid to touch their clients "live" books even when they aren't involved in audits and reviews for that client.

    Saying that accountant's programs are more robust when it comes to taxes. Wave suits my needs for day to day accounting for me and my clients, however, I need to import into my accounting program for audit trail purposes (lead sheets, testing) when making financial statements. It then also has the GIFI code for importing into my tax program.

    Wave does meet all my requirements and all my clients are updated monthly with their latest info.

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