We are asked a lot to file tax returns for self-employed people (contractors, solopreneurs, etc.). While we definitely do this, I like to make sure you know what you would be paying us for.
With today’s software like Simple Tax, filing personal tax returns is not really difficult. Even if you are self-employed, they make it really simple (get it?). I liken it to changing your oil: not really that difficult, but some people just don't want to get their hands dirty. That's fair enough (I am one of those), but I don't expect that Mr. Lube will change my oil better than I could. It's kind of the same with us: if your taxes are filed, they are filed. You just need that extra bit of knowledge to do it.
Sure, there are a few deductions people miss, which we have written about (see links below), but hiring us won't likely pay for itself unless one (or more) of these situations apply:
You are growing a business and need help structuring financial operations
You are growing a business and your time is better spent elsewhere (sales, marketing, hiring, etc.)
You need some outside eyes on your business to keep you accountable
You are incorporated
You are allergic to doing your own bookkeeping and accounting and just want someone else to take care of it
If you want to hire us to do your taxes only, know that we probably won't save you time (we need to extract information from your brain) or money (we don't have magical deductions we can deploy). Sorry, but it's true! We are really nice though, so if you don't like changing your oil (like me) and like working with nice people (like us), then by all means hire us!
Ok, so if you want to take this on yourself, read on. If you want to hire us, reach out to us here.
Self-employed filing guide
We've developed a guide to help you file your tax return on your own. With the software that's available now, it's often just easier than hiring an accountant.
Here are the articles we have put together:
- How to easily file your tax return for free
- What expense you can deduct in your business
- The commonly missed tax deductions for self-employed people
- Keep track of your income and expenses with our free bookkeeping template
- Do I have to charge GST? (quick answer: maybe) and if so, is it hard to file? (quick answer: no)
- Should I incorporate my business?
If you have more questions, please reach out! We are ever-expanding this guide, so your questions are much appreciated. If something is unclear in one of our articles, we want to know about it.
Did you find this information useful? What other questions do you have? Please reach out and we’ll answer them.
Best of luck!