Quote:
Originally Posted by Haggar
First, not all accountants are "high priced". I am a CPA with an active practice.
I get people coming in to me all the time I recommend do their own taxes because they are simple and they would be spending unnecessary money for me to do their return.
Especially with the fact 80% of taxpayers longer itemize.
But there are returns that should be done by someone qualified. These taxpayers have more complex issues - selling property as an example (not their residence) that because of my doing taxes for many years can save the client more money than my fee.
One respondent mentions QCD's-an excellent option for retirees. Using turbotax or HR Block doesn't educate the taxpayer about this option.
As to fees I find that my fee is sometimes the same or lower than HR Block after they added all their extras. And I don't recommend HR Block where you get your taxes prepared by someone with three weeks training. They fill in the boxes but are not proactive in asking questions or suggesting ways to reduce taxes.
I recently had a client - in the villages - running their own business making a fairly good income. My reeommedation was he elect S Corp status for their LLC. He saved $4,500 in social security taxes. Does Turbotax suggest that?
|
@Hagger, excellent response and comparison of the difference between tax
strategy and tax
filing.
No disagreement there!
Turbo tax is for tax filing. CPAs are for tax strategy.
I always assume that the tax strategy has been done, or one does not need the expertise of the CPA to answer questions, for most retirees. And this is a global web site, so I have to generalize, and that's why I asked the questions in the first post. For most non LLC non corporate filings, Turbo tax will do almost anything needed. . .
Also interesting is your response to this particular post. Many here feel the need to post when they professionally disagree with a poster. I have a mental list of professionals here who I read and don't disagree because their expertise is not my expertise, or within my professional experiences. So I very much appreciate your post to highlight the nuances of tax strategy!
So readers, please respect Haggar's posts as professionally a CPA for tax
strategy which is always done prior to filing taxes, and not the day prior to filing taxes, as tax filing is just a formal, perfunctory quarterly or annual requirement/process.
I like Haggar!