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re: Another Tax Question: Can a CPA "Work Magic" compared to TurboTax
Posted on 2/12/13 at 2:26 pm to GaryMyMan
Posted on 2/12/13 at 2:26 pm to GaryMyMan
It's hard to say. Do you have any depreciable assets you are claiming? Sometimes that can be a little harder to determine on your own if you aren't familiar with it.
Don't forget that you can also deduct the cost of health insurance if you paid it with post tax dollars. I don't know if you included that in your 4,000 in medical but I'm assuming you have.
Do you have any investment income? Sometimes it's best to go to a cpa for guidance on that.
I'm assuming your penalty for not paying the quarterly estimated taxes is included in that amount you wrote down?
The computer programs are often pretty thorough but without knowing every expense you had it's hard to know if there's something you may have missed. My guess is that you haven't missed anything major.
Don't forget that you can also deduct the cost of health insurance if you paid it with post tax dollars. I don't know if you included that in your 4,000 in medical but I'm assuming you have.
Do you have any investment income? Sometimes it's best to go to a cpa for guidance on that.
I'm assuming your penalty for not paying the quarterly estimated taxes is included in that amount you wrote down?
The computer programs are often pretty thorough but without knowing every expense you had it's hard to know if there's something you may have missed. My guess is that you haven't missed anything major.
2
Posted on 2/12/13 at 2:31 pm to weaglebeagle
quote:
Do you have any depreciable assets you are claiming?
The vehicle questions were pretty complicated and I'd best sit down and be thorough with my actual expenses in that regard.
quote:
The computer programs are often pretty thorough but without knowing every expense you had it's hard to know if there's something you may have missed. My guess is that you haven't missed anything major.
It seemed very thorough. Last year I ran my numbers through Turbotax but my dad convinced me his CPA could do better. We were within $50 of each other, but with a much smaller income (I had only been on the job a month). I guess the few hundred I'll spend on the CPA will give me some peace of mind, and when we're talking about $10K+ it's probably worth it.
This post was edited on 2/12/13 at 2:32 pm
Posted on 2/12/13 at 3:08 pm to weaglebeagle
quote:
The computer programs are often pretty thorough but without knowing every expense you had it's hard to know if there's something you may have missed.
This. A program will not know to ask you for certain things, help you with planning for future years, etc.
For most working stiffs the program is probably just fine but if you run a business or something of that sort a CPA is probably the way to go.
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