Thank you for a quick and succinct answer, Annette!
I did engage both a financial advisor and CPA firm when I started my business in 2020. They have been quite helpful in helping me structure the startup. However, before then I had been a TurboTax user for many years for completing my personal income taxes.
With my new business started in 2020, I purchased both Deluxe and Premier versions for 2 reasons:
1) Although a CPA is doing my tax prep, I still want to be able to understand the process and be able to "follow the money". It allows me to ask them better questions, too. Even with CPA preparation, I am ultimately responsible for the accuracy of the taxes, since I sign off on them. (This is usually stated in the engagement letter most CPA firms send you).
2) I would like to have the option to complete all my taxes again in a few years on my own, once my business is up and running and I have the confidence to do them right. However, I may be having too much fun by then, and still pay someone to do them. Its good to have the option.
Again, your reply has given me a path so I can 'follow along' with TurboTax. Thanks again!
