Quote:
Originally Posted by Dr.Butler
You don't. You can literally do it all yourself, for free. The issue is they can be very complicated so we pay so we don't get in trouble.
|
Yes- you can do yourself for free.
You might be missing something. The code is 30,000 pages long - plus the rulings, procedures, letters, interpretations, etc .
BUT - I talked to a client who has done it himself for many years. He gave $40,000 to charity and wasn't aware of QCDs. His IRA distributions exceeded $100,000 a year. Nothing in the tax software alerted him it existed,
Some schedule C businesses should be LLC's taxed as S corps. Your tax software wouldn't tell you that.
If you are well read - keep up not only with tax law changes - but read articles from financial institutions and publications - you may be aware of all the "loopholes".
Continue doing your returns yourself but do yourself a favor every few years. Pay a Doctor in Accounting - also known as a tax professional - to go over your returns. It may be worth it!