Author Topic: Get an accountant  (Read 1892 times)

jeffpickens

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Get an accountant
« on: August 04, 2014, 09:19:15 AM »
I'm debating on if I need an accountant so I'm wondering how many of you use and like/dislike paying for tax advice.

I know that I can get programs like TurboTax that will facilitate processing my taxes but it will only compute what I have already done throughout the year. Is there any advantage to paying someone who, throughout the year can offer suggestions/advice on exactly how to minimize my tax burden when taxes come due?

Our finances aren't that complicated - 2 full time jobs but we also have a few funky things (SEP-IRA for money on the side, Inherited IRA, etc.)

Thanks for all the helpful suggestions

Cheddar Stacker

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Re: Get an accountant
« Reply #1 on: August 04, 2014, 09:30:45 AM »
I am an accountant and you are likely fine without one. Post some questions here if you have any. If you get overwhelmed they can be a great resource for you, but so can this forum.

aj_yooper

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Re: Get an accountant
« Reply #2 on: August 04, 2014, 09:30:56 AM »
I don't use an accountant as I am happy with using tax software; my current favorite is TaxActOnline.  I have been contacted by IRS on 3 occasions (over a lot of years) for minor questions and have used the software to generate a reply to the IRS.  No problems.  Before software, I used the paper forms and feel it helped me understand the process more. 

usmarine1975

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Re: Get an accountant
« Reply #3 on: August 04, 2014, 09:31:22 AM »
My opinion would be that it sounds like you could probably get away with Turbo Tax, although I have personally known someone save over 30k by using an accounting opposed to the turbo tax return they didn't submit.  They had an inherited IRA.

For myself I use an accountant.  My situation is beyond me doing them myself and I have enough trouble getting everything together for the accountant yet alone to fill the forms out properly myself. 

If you get an accountant look for one that gives you a price sheet or a list of how much they charge per item they do for you.  If they simply quote you 500/yr run.  That 500 will inflate rather quickly. 

NumberCruncher

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Re: Get an accountant
« Reply #4 on: August 04, 2014, 09:36:24 AM »
I would go all or nothing with accountants. Either do it yourself (with TurboTax or other program), or get a CPA. I have had bad experiences with tax "professionals" that were not CPAs...

If Alternative Minimum Tax is something you are close to paying, then an accountant might have some more use.

jeffpickens

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Re: Get an accountant
« Reply #5 on: August 04, 2014, 09:40:07 AM »
Thanks everyone