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Running a CrossFit Facility Tips and guidance on how to open and operate a CrossFit gym.

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Old 01-10-2013, 11:52 PM   #1
Noah Drew
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Taxes

Who does yours? How much do they charge?

We opened about 6 months ago and are having a hard time with the books. I'll be honest, I neglected the books too much and am having to work up hill. I need some help ASAP! I went to get help and it was crazy how much they wanted.

Do you pay someone to do your books? Are you able to file your taxes on your own? I need some serious direction.
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Old 01-11-2013, 02:04 AM   #2
Steve Loeding
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Re: Taxes

Every state is different- but in MN we just go online, enter the amount we earned and the website gives you the taxes owed. Pretty simple.

I do my own books - not too difficult, yet.
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Old 01-11-2013, 06:18 AM   #3
Brendan McNamar
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Re: Taxes

Bite the bullet and pay someone.

I have a bookkeeping service that cost about $100 a month including payroll help.

I forgot that I made an S-Corp election for my LLC and filed my taxes incorrectly my first two years. I paid my taxes but filed the wrong return. Now I have to carefully go back and try to get it fixed without incurring a couple of big penalties for not doing it the right way. If I had had my bookkeepers from the beginning this wouldn't have happened.

I have a back ground in this stuff but it is just too much to keep track of unless your doing it full time for a living.

My bookkeepers are $25 an hour.

Bookkeepers prevent me from falling behind. First of every month I have to send them the bank statements and any additional information they need to create a P&L. This prevents me from falling behind because I'm accountable to their schedule.
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Old 01-11-2013, 07:03 AM   #4
Tommy Alfinito
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Re: Taxes

I agree with Brandon completely. An accountant is cheaper than you think and will probably save you close to what you pay them. I just send my statements in every month, answer a few questions through email and all of my forms and statements are done for me. It's worth it to have that time for more important things.
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Old 01-11-2013, 11:31 AM   #5
Aushion Chatman
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Re: Taxes

Best decision I ever made...Married a CPA!

I would pay someone...it's much too important to your business to have the accounting done right. Remember bookkeeping and accounting are two different things...and a good bookkeeper may not be a good accountant and vice versa...
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Old 01-11-2013, 11:39 AM   #6
Kevin Mueller
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Re: Taxes

In almost any business, it is much cheaper in the long run to have an accountant/bookkeeper and an attorney involved early and regularly. Preventing tax/legal issues is much much cheaper (and easier) than dealing with and fixing tax/legal issues.

In both cases, find one that has experience with similarly situated business, i.e., start-up serviced-based entreupernuarial businesses. You will likely find that they are much more reasonably priced than you'd expect, or even have a flat-fee service available.

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Old 01-11-2013, 12:53 PM   #7
Brian Strump
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Re: Taxes

We keep our own with Quickbooks. Its simple. Hardest part is the first time you set it up.

I pay my accountant $595/yr for my taxes, and he takes care of any other needs. He also does my payroll for $50/mon.

I would highly recommend NOT doing your taxes by yourself.
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Old 01-14-2013, 11:30 AM   #8
Mike M. Jones
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Re: Taxes

Noah,

My bro inlaw is a tax accountant/CPA and I asked him about your post. He says the quote you got is probably higher than you expected because if your books are as neglected as you say it is really time intensive to re-create books from scratch, especially with little record keeping.

As others have mentioned, bookkeepers and CPA have different skill sets, Bookkeepers are usually cheaper by hour so maybe you can get a bookkeeper to help you straighten out your books and then have the CPA review and file your taxes...
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Old 01-14-2013, 05:33 PM   #9
Noah Drew
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Re: Taxes

Thanks everyone! As always you guys are a great help. I found a book keeper to teach me quick books. It's been tough but I'm slowly but surely moving in the right direction.
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