A 'hidden cost' of being a pro Locked

Started Dec 20, 2012 | Discussions thread
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OP PenguinPhotoCo Veteran Member • Posts: 6,284
a few other 'hidden costs' to keep in mind

Things coming up that are 'hidden costs' - as in not things i'd planned on doing

I have a couple of employees so there is payroll every couple of weeks and some year end things to do.
I get notices from the state regarding tax changes that I have to get to my payroll service.
I have workers comp insurance and they do an annual audit every january - an hour of that plus gathering all the info he needs (payroll iinfo, pretty easy to get).
This year i've been randomly selected to be audited by the state for unemployment compensation tax. They want to see the payroll info, fine - but also my tax return, general ledger, and 15 other things - it's a whole page of things. Many don't apply to me (like corporate minutes) but it's a very extensive list and it takes time to assemble all the bits and pieces.
I've got to do my year end finances and go see my CPA. I can pay him $60/hour to add up my receipts or I can do it and just give him the totals, but it needs to be done regardless.
All that ads up to probably a day of shuffling papers. And none of it can be foisted off on someone else.

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