Accountant for income taxes?



Allen

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In 1969 I enter the work force and had a tax man do my wife and my taxes. Took him about 10 minutes and the cost was $15.

I said never again and learn. I was making 1.50/hour then. Even with some self-employment income I have done my own.

Yes I have had to amend my returns a time or two and yes I have had IRS threat to de-nut me more than once but always won.
My wife would get nervous a time or two due to me losing my man hood but it is still there.

Am I ahead or behind the game by doing myself since then? I have no ideal. db

I would argue you are behind the game. Just think of how many fish you could have caught during all that time you spent on taxes, and how much fuller your head of hair would be if you weren't pulling it out trying to understand the rule changes each year.

I tell ya, the couple hundred bucks I spend on getting my taxes done are some of the best Ben Franklins to leave my wallet each year.
 

Skullet

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As a CPA, my primary focus is tax preparation. The Tax Cuts and Jobs Act simplified and complicated taxes all at the same time. My thoughts are this: if you have one or two W2s, interest, dividends, retirement and social security and no kids you should be able to complete your own tax return. If you have any business income I would recommend getting help. The brand spankin new Section 199A deduction can be very beneficial, but its got more damn wrinkles than I care to count.
 
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shorthairsrus

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a. the postcard turned into 8 pages vs what we had before 2 pages plus the sch A. Trump fail
b. Turbo tax business $150 - make sure you understand the new QBI deduction - very complicated on certain returns and income levels. If your a business at least start out with getting it prepared and then do on your own.
c. doing your own return -- majority of people can do their own -- if all you have w2s you should be doing it. You most likely will not itemize . ------ however with that said - i have seen my fair share of missed education credits; yesterday i seen one that didnt know they could get a property tax return.
d. Do your return early even if you owe. Dont wait until the last minute

Shorts tips of the week.
 

savage270

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I am also a CPA who does tax prep and I echo what Skullet said. If you have basic income and no kids, go wild with Turbo Tax. If your life is more complicated with business income, rental income, etc. I can almost guarantee that a CPA will be able to find deductions you would not have thought of. Turbo Tax works great if you answer all of the questions correctly while going through things. However, I have seen multiple instances where a person has answered one question wrong and it cost them thousands of dollars.
 

3Roosters

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Have to share this funny i read. "I'm glad i learned about parallelograms instead of how to do taxes. It's really come in handy this parallelogram season." :cool:
 

db-2

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Well Allen i do not fish so i did not miss any of that.

However
i do drink beer and when not drinking beer i have ladies to the right of me and women to the left of me.
So yes i could be way behind in what was important in life.

Since 69 and not counting this year the wife and i have paid $372,282 in federal tax and along with our employer have paid $388,392 in SS tax. 2018 will add another $100 plus change to those totals.

I sure hope i did not pay an extra dollar over that time while the beer sat in the fridge and the ladies enjoy each other. db
 
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skywalker

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We use a CPA, mostly because he is my brother in law and my wife is self employed which makes it more difficult for us to do. He is very by the books. Also, the price is right a couple bottles of Jack Daniel's and we are good to go.
 

Fishmission

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Well Allen i do not fish so i did not miss any of that.

However
i do drink beer and when not drinking beer i have ladies to the right of me and women to the left of me.
So yes i could be way behind in what was important in life.

Since 69 and not counting this year the wife and i have paid $372,282 in federal tax and along with our employer have paid $388,392 in SS tax. 2018 will add another $100 plus change to those totals.

I sure hope i did not pay an extra dollar over that time while the beer sat in the fridge and the ladies enjoy each other. db


DB you should have a party sometime. Invites please.
 

mikef

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we are trying Haga Kommer this year, they were recommended by my ranching relatives. we'll see what happens

i use Walt there and have been very happy
 
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