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Message
Do I need to get a CPA???
Posted on 1/9/16 at 2:28 pm
Posted on 1/9/16 at 2:28 pm
Not a brag question... Just trying to see if I need to track down a CPA... Or continue using turbo tax...
Income above $150k
Some un-reimbursed employee expenses (write offs)
Other normal deductions
No business owner ships
Some schedule D income
I guess my biggest question relies around Student loan interest deduction. I make above $75k so I cannot deduct student loan interest, which is fricking stupid IMO.
Is there anyway to get my income, on a W-2, down to that range, allowing me to take advantage of that???
Tia
Income above $150k
Some un-reimbursed employee expenses (write offs)
Other normal deductions
No business owner ships
Some schedule D income
I guess my biggest question relies around Student loan interest deduction. I make above $75k so I cannot deduct student loan interest, which is fricking stupid IMO.
Is there anyway to get my income, on a W-2, down to that range, allowing me to take advantage of that???
Tia
Posted on 1/9/16 at 2:33 pm to cjared036
quote:
I make above $75k so I cannot deduct student loan interest, which is fricking stupid IMO.
Is this really a rule?
Posted on 1/9/16 at 3:21 pm to wutangfinancial
Yes it is so fricking stupid...
Posted on 1/9/16 at 3:48 pm to cjared036
I should clarify a cpa could maybe help suggest so ways to generate losses if you wanted to start investing in something like real estate, but I think you could educate yourself with 30 minute google though.
For example, you could invest in some rental properties, generate passive activity losses, then turn them into losses to offset regular income or cap gains when you sell the property. Of course depreciation recapture might eat up the passive losses at the end of the day.
Point is your situation doesn't seem like one that you would get much benefit from a cpa with.
For example, you could invest in some rental properties, generate passive activity losses, then turn them into losses to offset regular income or cap gains when you sell the property. Of course depreciation recapture might eat up the passive losses at the end of the day.
Point is your situation doesn't seem like one that you would get much benefit from a cpa with.
Posted on 1/9/16 at 4:28 pm to cjared036
quote:
Is there anyway to get my income, on a W-2, down to that range, allowing me to take advantage of that???
you are asking if you could cut your taxable income by roughly 75k so you could reduce your income further for an additional 2.5k in reduction of taxable income from student loan interest.
You do realize this is a dumb question.
This post was edited on 1/9/16 at 4:30 pm
Posted on 1/9/16 at 5:20 pm to cjared036
I would say you don't need one either.
Posted on 1/9/16 at 7:55 pm to cjared036
I'm a CPA, you don't need one.
Posted on 1/9/16 at 9:31 pm to cjared036
I'm a CPA and I would think you would not need me.
Just make sure you keep track of your unreimbursed expenses, but if you have a W-2, you know it's a high threshhold to meet anyways.
Just make sure you keep track of your unreimbursed expenses, but if you have a W-2, you know it's a high threshhold to meet anyways.
Posted on 1/9/16 at 10:21 pm to barry
Yeah I know just trying to make sure there is no crazy accounting trick I could take advantage
Posted on 1/10/16 at 2:08 pm to cjared036
quote:there are very few if any "crazy accounting tricks" for someone in your situation. You don't need a CPA but you could maybe find a small one man shop to do your taxes in case you don't want to do turbo tax. Up to you.
Yeah I know just trying to make sure there is no crazy accounting trick I could take advantage
Posted on 1/10/16 at 5:16 pm to cjared036
quote:
Yeah I know just trying to make sure there is no crazy accounting trick I could take advantage.
Worked really well for Wesley Snipes.
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