Get an accountant

[jeffpickens]

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]

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]

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]

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]

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]

Thanks everyone