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    #11
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    Quote Originally Posted by Run&Gun View Post
    Something else to think about, what kind of support, if any, are you going to receive from any of the software solutions when you get audited? It’s not really a question of IF you will get audited, it’s simply WHEN. Most CPA’s/accountants go to the audit with their clients.
    Is that common in freelance video production?


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    #12
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    I don't think my CPA would attend an audit with me.

    Actually, I was curious about what I felt was a decline in service. I googled them "Bottaini Gallucci & O'Hanlon" (portland) and there are 6 google reviews from recently that are somewhat terrifying, and not great yelp reviews. I started with them years ago and they were really fantastic, working with me overseas, etc.

    More recently, rates going way up and service way down. Maybe it's time to shop around? Or maybe there are just some disgruntled people...


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    #13
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    My current CPA is honest and now a friend. He is knowledgeable and helpful when I have questions.
    My previous CPA was a pharisee (hypocrite) and not knowledgeable. Also a crook, liar, scoundrel and slow motion con man.

    My opinion is a good one is worth it due to the help they can provide on top of getting the taxes done right. Costs more than doing turbo tax yourself, yes, but how much is all the help worth?
    If you don't have questions and need help probably not worth it. But the tax laws are intentionally ever changing and complicated so I'd never be able to stay on top of it all.


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    #14
    Senior Member Run&Gun's Avatar
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    Quote Originally Posted by NorBro View Post
    Is that common in freelance video production?
    We have a lot of red flags. Income and deductions can swing wildly from year to year. For the year that I was audited I had a large jump in income and made ~$100K in equipment purchases, which was way above normal for me(went HD that year). And it doesn’t help that this is just an oddball business. The agent kept looking at me like I had three heads when he’d ask me some things and when I’d answer and he’d look at me like I was crazy. He just couldn’t understand why I had made all of these expensive purchases and made all this money(at the time) and I didn’t have any contracts with anyone for work.


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    #15
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    In the old days, LOTS of photography hobbyists would try to write off their photo GAS as business expenses. Same with musicians, and more recently, people buying video equipment. Plus, the whole contractor/employee thing, a history of people in the broader creative world not being universally great at record keeping... Ya, I'm told by accountants (know a couple as friends, have one) say our returns often raise red flags.
    ----------
    Jim Feeley
    POV Media


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    #16
    Senior Member chris f's Avatar
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    In my experience a good tax person's value is not so much in preparing your taxes (Intuit is so on top of things now - they've really thought of everything and put it in such an easy to use experience), but in knowing the history of your business and helping you position yourself and your business moving forward in a way that will not only take advantage of current tax laws, but have a good idea of what's coming down the pipeline. Two years ago I switched from a sole proprietorship to an LLC here in California because my tax person looked at my projected income in our yearly mid-year planning meeting. The switch cost me quite a bit more to form the LLC and to have my taxes prepared being an LLC filing as an S-Corp, but bottom line saved me like $5,000+ in self-employment taxes. (Something I would HIGHLY recommend everyone looking into doing).

    Side note: I have a friend that has been in business longer than me and in all likelihood is making considerably more than me, but is still a Sole Proprietor and it kills me knowing how many thousands of dollars they're lighting on fire every year by not becoming an LLC that files as an S-Corp.


    Maybe I could have figured all of that out myself (unlikely), but I view hiring a tax person just like hiring any other crew member on a shoot - if they provide more value than what they're charging, it's a no brainer to hire them instead of trying to figure out how to do it myself.


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