- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
pros/cons of using a CPA
Posted on 7/15/12 at 4:57 pm
Posted on 7/15/12 at 4:57 pm
I'm about to start studying to get my catastrophe insurance adjusters license with my dad. He recommended that after we start working I should get a CPA to help sort out my finances. I trust my dads advice and he rarely steers me wrong but I don't know a lot about it and was wondering if anyone on here has experience with working with one. Things I should look out for/ what they really help with etc.
I appreciate any help and thanks in advance.
I appreciate any help and thanks in advance.
4
Posted on 7/15/12 at 5:07 pm to jiffyjohnson
The biggest pro is a CPA might prevent you from becoming a con.....
Posted on 7/15/12 at 5:10 pm to LSURussian
Meaning I won't have to deal with the penalties of doing my taxes wrong?
Posted on 7/15/12 at 5:39 pm to jiffyjohnson
I am in the adjusting business, lots of friends do their taxes wrong, miss deductions etc. It is better to pay a professional to maximize your deductions. When I say professional, I don’t mean someone at Jackson Hewlett…
Posted on 7/15/12 at 5:45 pm to jiffyjohnson
quote:
I'm about to start studying to get my catastrophe insurance adjusters license
Could you tell us a little about this career? I'm already set in my path but have found that job to be interesting. How much do you guys make (range)?
Posted on 7/15/12 at 6:01 pm to I Love Bama
quote:
Could you tell us a little about this career?
Money can be good to great to nothing. No work, no pay you are a contract employee. Work depends on the weather. All expenses, equipment, hotels, food, etc will be paid by you. I spent 159 nights in hotels last year; I was in Memphis from April 4th till late June in one stretch, made it home for Memorial Day weekend. You get a phone call from deployment and need to be able to be on the road in less than 12 hours. I normally work 7 am to midnight, 7 days a week when I am on the road. You get will get paid on a fee based system; the more the claim is written for the more you make, but you have someone that will come behind you to make sure you paid all you were supposed to but no more. You will be graded and that grade will go into determining if and how often you get called back out. Unless a major hurricane hits it is a very tough business to get started in. If you are not a high ability multitasker you will not make it…
Posted on 7/15/12 at 6:04 pm to I Love Bama
CPAs plan your transactions and investments to minimize your liability and maximize your deductions before and during the tax year.
The tax software is only reactive to what you have already done in the prior tax year.
The tax software is only reactive to what you have already done in the prior tax year.
Posted on 7/15/12 at 6:50 pm to I Love Bama
The classes are around 200-300 bucks and I just ordered the materials. I'm completely new at this but most of what wickowick says checks out with what I've heard. An uncle of mine made around 400 grand during katrina, but didn't have a CPA. However he did possess some outlaw tendencies which ended him up in jail for tax fraud.
I just don't have any experience with them so I'm wondering how I select one and what to watch out for.
Any advice for someone starting out? I've heard its basically feast or famine but any little bit of inside info could help.
Like how'd you choose your CPA?
I know you said you're a contract worker through a dispatcher but do you know of anyone who freelances? I'm starting to think I should make a thread asking more questions about the job I'm getting
I just don't have any experience with them so I'm wondering how I select one and what to watch out for.
quote:
wickowick
Any advice for someone starting out? I've heard its basically feast or famine but any little bit of inside info could help.
Like how'd you choose your CPA?
I know you said you're a contract worker through a dispatcher but do you know of anyone who freelances? I'm starting to think I should make a thread asking more questions about the job I'm getting
This post was edited on 7/15/12 at 7:06 pm
Posted on 7/15/12 at 6:56 pm to jiffyjohnson
I got a letter from IRS saying I owed taxes on $25k in stock which was sold in 2010. Gave the letter to my cpa and didn't lose an ounce of sleep. She figured it all out and in the end, the IRS will be giving me a $300 refund. She's worth every penny as far as I'm concerned.
Posted on 7/15/12 at 7:04 pm to guttata
I can see how she would be useful
Looks like noone has anything bad to say about getting one.
Looks like noone has anything bad to say about getting one.
Posted on 7/15/12 at 7:13 pm to jiffyjohnson
quote:
400
Was made on totaled flood claims and might never been seen again.
My best advise is learn Xactimate, get licensed in the state that you live and learn roofs.
If you can't get deployed for adjusting look at selling roofs to get experience...
This post was edited on 7/15/12 at 7:15 pm
Posted on 7/15/12 at 7:20 pm to wickowick
Would you say getting comprehensive is a waste of time? In case I wanted to do cars as well as property?
I'll look into that for sure tho. Thanks for the help
I'll look into that for sure tho. Thanks for the help
Posted on 7/15/12 at 7:25 pm to jiffyjohnson
Cars are a waste of time and money. All the insurance companies have clamped down on the money independents make. It is much harder to make money than it was even a few years ago and the requirements put on the independents is more tha ever. Money can be made but it is not as easy as it was even a few years ago...
Posted on 7/15/12 at 7:28 pm to wickowick
Posted on 7/16/12 at 12:47 am to jiffyjohnson
quote:
Meaning I won't have to deal with the penalties of doing my taxes wrong?
depending on how bad something is messed up as well as the circumstanes around it and how good/bad the CPA is, you might have to deal with some amount of liability.
Good CPAs will be fair and won't charge you if they mess up or if the government messes up and bills you for something that they can fix easily.
On the flip side, if you (maybe even accidentally) withhold info they asked for or give them bad info, they might charge more for it.
Typically they'll come to an agreement with you on total cost to do your taxes or charge a set fee for each different type of schedule they need to fill out. They also might charge an hourly rate.
They're not allowed to charge a contingent fee, so in the case of the IRS coming after you, there is no way for them to pay a portion or percentage of the liability, especially based on how much the IRS eventually levies in tax, interest, or penalties.
ETA: but if they make a mistake, they may pick it up or pay interest or penalties. A good CPA, especially if you have a job with the opportunity to claim alot of deductions but need to fill out alot of forms, is worth their weight in gold.
This post was edited on 7/16/12 at 12:50 am
Posted on 7/16/12 at 8:11 am to jiffyjohnson
I am a CPA so I thought I'd stay out of this discussion until people had the opportunity to comment independent of my opinions.
Early in my career as a tax accountant I was taught that clients are not simply looking for someone to prepare their tax returns as a matter of convenience. They are looking for someone who can become their trusted business advisor. That requires a lifetime relationship that is mutually beneficial. The benefits to the CPA are pretty obvious, revenue for his services. What are the benefits to the client?
First, there is compliance with legal and regulatory requirements. The CPA will insure you file all tax returns and other regulatory filings on time, and completely and accurately.
In addition, the CPA should be able to assist you in establishing an accounting system that is appropriate for your business needs, and organizing the record keeping for your personal finances. An appropriate accounting system is important in that it will provide the business owner with information regarding the condition of the business needed to make critical decisions.
The CPA should know of your long-term goals and objectives. So he can help you assess your needs for other service providers, such as insurance brokers and benefits advisors, and he will generally have professional relationships with someone in most professions that he will be able to refer you to.
There are more benefits, but if the ones listed above aren't enough, then I wouldn't expect more to convince you of the long-term benefits of using a CPA.
Early in my career as a tax accountant I was taught that clients are not simply looking for someone to prepare their tax returns as a matter of convenience. They are looking for someone who can become their trusted business advisor. That requires a lifetime relationship that is mutually beneficial. The benefits to the CPA are pretty obvious, revenue for his services. What are the benefits to the client?
First, there is compliance with legal and regulatory requirements. The CPA will insure you file all tax returns and other regulatory filings on time, and completely and accurately.
In addition, the CPA should be able to assist you in establishing an accounting system that is appropriate for your business needs, and organizing the record keeping for your personal finances. An appropriate accounting system is important in that it will provide the business owner with information regarding the condition of the business needed to make critical decisions.
The CPA should know of your long-term goals and objectives. So he can help you assess your needs for other service providers, such as insurance brokers and benefits advisors, and he will generally have professional relationships with someone in most professions that he will be able to refer you to.
There are more benefits, but if the ones listed above aren't enough, then I wouldn't expect more to convince you of the long-term benefits of using a CPA.
Posted on 7/16/12 at 12:59 pm to Poodlebrain
Poodle I'm studying for it now. I'm more on the financial accounting side than tax, but Iwant to get basically competent in doing somewhat simple returns to make some extra $$$.
Jiffy-another sign of a good CPA: they'll tell you their limitations and they'll know when they are out of their sphere of competence and will say "maybe we need to go talk to someone who specializes in this area."
But there are so many complexities to the tax system and code, if they know what they are doing and you're in a complex situation, they can really help you maximize your dollars.
Jiffy-another sign of a good CPA: they'll tell you their limitations and they'll know when they are out of their sphere of competence and will say "maybe we need to go talk to someone who specializes in this area."
But there are so many complexities to the tax system and code, if they know what they are doing and you're in a complex situation, they can really help you maximize your dollars.
Posted on 7/16/12 at 1:06 pm to Poodlebrain
My father used to say that income tax is probably your biggest expense of the year, spend a few hundred bucks and get it done right
Posted on 7/16/12 at 6:24 pm to Poodlebrain
Thanks poodle. I'm pretty much sold on hiring one now.
Posted on 7/16/12 at 8:34 pm to Poodlebrain
poodle...you know any colleagues that work with a lot of construction companies?
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News