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Zilla 
LSU Fan
Friendswood, TX
Member since Jul 2005
9560 posts
| Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/21/13 at 9:34 pm)
Quick summary about me ... My mom volunteers as a tax assistant for the elderly and has been involved for about 20 years ...worked at H&R, etc ... So I've always kind of leaned on her...
For the last 10 years or so, my return is pretty easy taking the standard deduction and using turbo tax....
2012 I moved out of state... kept my house and have been renting it out since Sept ... bought a new house in TX ....
So obviously this will be my first time to itemize...
Do you think it would be money well spent to hire a pro to get me on the right track with deducting properly, etc ... I thought they might do a better job than turbo tax would and save me more money... then what I learn from what they do to my return would serve me next year doing my return on my own....
thanks for any tips
This post was edited on 1/21 at 10:10 pm
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Spock
LSU Fan
Baton Rouge, Louisiana
Member since Mar 2010
1077 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/21/13 at 9:45 pm to Zilla)
Honestly, mortgage interest/property tax deduction is not complicated at all. Turbo tax will get you the same refund that a CPA would.
Edit: Sorry , didn't see that you were renting out your old place. I would actually suggest you go to a CPA because of this.
This post was edited on 1/21 at 9:48 pm
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Tigerpaw123 
USA Fan
P'ville
Member since Mar 2007
7566 posts
 Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/21/13 at 9:53 pm to Zilla)
Income tax is your single biggest expense, spend a few hundred and get your return done by a professional
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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9560 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/21/13 at 10:09 pm to Tigerpaw123)
What is the typical cost of this 300 or 800 ?
This post was edited on 1/21 at 10:11 pm
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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2400 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 7:18 am to Zilla)
The lower end of your range if you are organized and give your CPA totals, not a shoe box full of receipts.
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OnTheBrink 
Alabama Fan
TN
Member since Mar 2012
1810 posts
Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 7:48 am to tigeryat)
quote:
not a shoe box full of receipts
I am kind of in the same boat. Have to go to a CPA this year due to selling a rental. I have never kept/issued a receipt, just totaled it on a spreadsheet. Could I give that to the CPA? Just a total?
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Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3266 posts
Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 9:13 am to Zilla)
Yes get a CPA, spend $300-500 and have some peace of mind.
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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
12691 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 9:26 am to OnTheBrink)
quote:
Could I give that to the CPA? Just a total?
Yes, but the CPA should still ask you if you can substantiate the amounts on your return, and he will make you sign a statement that you provided him with the information that is reported on the return and that he did not review or audit documents to support the amounts reported.
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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
1810 posts
Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 9:31 am to Poodlebrain)
quote:
Poodlebrain
Do you have an email you would not mind posting?
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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
12691 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 9:51 am to OnTheBrink)
tdpoodlebrain@gmail.com
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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
1810 posts
Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 9:57 am to Poodlebrain)
Got it, you can delete it now if you would like...
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CajunRevolution
LSU Fan
Member since Apr 2009
28816 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 10:50 am to Zilla)
I was kind of wondering the same thing.
I have 4 W-2s
Started a LLC
Took 401k distribution
Significant charity donations
Business write off expenses.
Currently it looks like I owe Feds $1900. I'm not sure this is right. Is there really any advantages to having a CPA find deductions or whatever over HR Block at Home software? Anybody recommend a good CPA in BR or firm? Thanks.
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LSUchuck
LSU Fan
Member since Dec 2004
1389 posts
Online
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 1/22/13 at 12:11 pm to CajunRevolution)
It could be right. What kind of LLC? s-corp, c corp, sole proprieter?
Are you old enough to take the 401k dist without penalty? Why did you take the distribution?
There are many questions needed to be asked here.
This post was edited on 1/23 at 11:04 am
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xenon16
LSU Fan
Metry Brah
Member since Sep 2008
1476 posts
| re: Should I hire a tax pro CPA to do my 2012 taxes (Posted on 4/29/13 at 2:21 pm to LSUchuck)
Not to mention the 401k distribution. There is an early distribution penalty that may be applied. There are some ways around the penalty, depending on what the money was used for
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