I think a lot of people could take the time, read the forms, spend the hours to do their own taxes for their small business and be ok.

But what's your hourly rate? If you're spending a week trying to read through tax articles, how much value could you be getting for your time spent on your own business? Also, there still are things that you might misinterpret.

But, you're a small business. If you've taken the time and do your best, the IRS will most likely at worse send a notice explaining something you messed up and work with you. You might pay minor penalties or interest but as long as you're not making up the rules as you go along and thinking you can make up numbers, it'd be fine.

It's all about your priorities. And if you have the time to make it your project this year, go you. Hopefully at some point your business will do better and you'll find more value letting someone take less time to give you a product that provides you more value than you taking the time to do another job part time :)

I mean, I could probably take 5 years and make a decent pair of shoes (wild guess) or spend the time mowing my own lawn but I'd rather do my job preparing people's taxes (and handling IRS issues, bringing up planning strategies, recommending professionals if they need business referrals.)