Quote:
Originally Posted by Haggar
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!
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So glad he is a regular on TOTV. . he makes such good tax sense.. .
Remember, tax strategy is about minimizing taxes. . tax strategy is not about how to make money, though there are times when how you structure legal entities when making money is tax strategy.
good luck to all. .