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Tax advisor/consultant/accountant

Joined
Jan 14, 2021
Messages
31
I’ve always went the turbo tax route on taxes and I’m quite sure I get shit on every year. Bought my first property and house in 2018, had my first kid this year. Wife and I claim zero but still get a shit return when going through the motion of taxes.

Is hiring a tax person worth it?
 

Alpha_Cock

A Real A Hole
Founder
Joined
Jan 11, 2021
Messages
245
Not really. About 7 years ago, I used a CPA the year that I moved states, sold my house, substantial investment changes, and closed a personal business (no depreciation). They didn't find any extra that I wouldn't have found using Turbotax or HRBlock/Taxcut. Unless you have real sole proprietor income and expenses, major investment activity with cap gains, K-1s, or other income tax issues; you really don't need a tax accountant to do your taxes.

I don't game the system very well. My wife and I claim zero on W-4s. With minor investment ordinary income and some minor capital gains, we end up owing a few grand each year. Which is less than the penalty for under withholding. I much prefer that to allowing the government to hold my money for a refund.
 

ChicagoFats

Overlord
Founder
Platinum
Joined
Dec 1, 2020
Messages
4,511
My accountant is worth it. You kinda have to get the right accountant. .... one that will tell you the gray area and where you can write off stuff etc.

Also depends if you are just a w-2 or pretty straight forward probably not worth it. If you have a couple side businesses it may be worth it.

My accountant has made several money saving suggestions for me. For example, with a home office you can buy art work (sports memoribillia) and get a write off. THat is one of many
 

thenick_ttu

Elite
Founder
Patron
Joined
Jan 8, 2021
Messages
855
My accountant is worth it. You kinda have to get the right accountant. .... one that will tell you the gray area and where you can write off stuff etc.

Also depends if you are just a w-2 or pretty straight forward probably not worth it. If you have a couple side businesses it may be worth it.

My accountant has made several money saving suggestions for me. For example, with a home office you can buy art work (sports memoribillia) and get a write off. THat is one of many

this is pretty much the right answer. If you have w-2s and investment income, it probably isn’t worth it. If you have a business and can find someone knowledgeable and willing to be “liberal” with the rules, then they could probably save you some money. For the record, I am a CPA and have been doing taxes for 15 years now. I tell my friends, family and prospective clients this same thing when they ask if I can help them. It really just depends on what you have going on.
 

RHT 3

Leader
Joined
Jan 9, 2021
Messages
278
I used one when on the fire department because he knew all the stupid rules I could deduct.

With the standard deduction so high now its probably not worth it for a lot of people.
 

tiderollsonu

A man from Nantucket
Founder
Platinum
Joined
Jan 9, 2021
Messages
5,045
Costs me $100 for a cpa to do my taxes, mine are pretty simple though so only takes him 30 minutes. Worth the money iyam, by the time you pay for turbo tax.
 

Zgdaf

Elite
Founder
Joined
Jan 9, 2021
Messages
901
TT has those options now and can talk to someone. Also can get audit protection where they help if you get audited.
That being said I can see using someone that’s been referred at least once to see if they add value.
 

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