Quote:
Originally Posted by Haggar
I'm a CPA. My answer is no - you do not need to consult a CPA. If your tax last year was more than $1,000 you will need to make sure that the tax you paid in through withholding or estimates are at least what your tax was in 2022 to incur no penalties - just a balance due in April 2024 depending upon what your final tax is for 2023.
As to the poster who said anyone on TOTV doesn't need an accountant there are many situations where a good CPA CAN save a taxpayer money. Yes there are many on TOTV who do know many aspects of the tax law but this is what I do full time, reading extensively, and attending seminars and webinars and having discussions with colleagues to keep up on the latest and greatest from the IRS. There are over 60,000 pages of tax code, regulations and issuances from the IRS! Good luck to the preparer who doesn't know all the the key items to reduce your taxes. Turbo tax is excellent (I use the professional version - Pro Series) and it asks a lot of questions but IMHO it doesn't replace a professional tax preparer for all taxpayers.
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When you says tax, do you mean my refund? I had $2600 refund on federal. My total income was $79000, most of which was from an inherited IRA. Is the penalty on the state taxes(Ohio) , cause i had a an underpayment on the Ohio tax for underpayment of school district taxes for $29? Maybe i do need a CPA this year to explain this to me? Wait, tax withheld on federal $15000.