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Started By
Message
Tax prep advice
Posted on 1/2/23 at 10:13 am
Posted on 1/2/23 at 10:13 am
I'm in my mid 40s and have been doing my own taxes through TurboTax for as long as I remember. I file jointly with my wife and she started her own consulting business this past year which has me wondering whether I should grow up and seek some professional help with our taxes as there may be things I/Turbotax is missing, especially with potential deductions for her.
Any advice on how I should be thinking about whether to continue with TurboTax or find a professional? Our income is primarily from our respective salaries/bonuses and some dividends/capital gains from stocks. All income is earned within Texas, so no state taxes to worry about.
Are there any other factors which should drive this decision? Any help would be appreciated - basically looking validation if TurboTax is still the right way to go.
Any advice on how I should be thinking about whether to continue with TurboTax or find a professional? Our income is primarily from our respective salaries/bonuses and some dividends/capital gains from stocks. All income is earned within Texas, so no state taxes to worry about.
Are there any other factors which should drive this decision? Any help would be appreciated - basically looking validation if TurboTax is still the right way to go.
4
Posted on 1/2/23 at 10:37 am to Pheeze
Getting a professional set of eyes and ears on your taxes even if it is just this once isn’t a terrible idea especially with the consulting business starting up.
Posted on 1/2/23 at 10:44 am to Pheeze
Tax professionals can pay for themselves very quickly. With the consulting business, I would think a professional set of eyes on expenses that could be claimed or not could be valuable.
Posted on 1/2/23 at 12:29 pm to lynxcat
I did mine forever, then took two years and had a cpa do them. Left after two years (after getting a little bit of advice) and now do them on my own again. I have two small gigs that I just file through my personal return.
I also am a commercial banker and look at tax returns all day. I don’t know the tax law once it gets down to the 500 foot level (with large companies) but rarely is a small business involved with anything that complicated.
I also am a commercial banker and look at tax returns all day. I don’t know the tax law once it gets down to the 500 foot level (with large companies) but rarely is a small business involved with anything that complicated.
Posted on 1/2/23 at 2:20 pm to Pheeze
How much side revenue does your wife have?
Hou many hours a week is she putting into the gig?
Hou many hours a week is she putting into the gig?
Posted on 1/2/23 at 2:48 pm to LSUFanHouston
Small business is also just being about organization. Go get her a QuickBooks app account. It’s super easy and literally $20/month.
9 out of 10 small business owners have their shite strung out everywhere and have things poorly documented so it’s a shite show trying to pull their taxes together.
9 out of 10 small business owners have their shite strung out everywhere and have things poorly documented so it’s a shite show trying to pull their taxes together.
Posted on 1/2/23 at 4:50 pm to Pheeze
In your situation OP I don’t think there’s a perfect solution. A good cpa won’t be cheap. But it will make your life easier and additionally give you more confidence you are doing all you can to save.
Posted on 1/3/23 at 8:37 am to baldona
Thanks to all for the advice. Agree is seems wise to have a professional set of eyes look at our taxes, at least for this first year.
Now to the next question - any advice on how to find help? Should I just google local CPAs and interview a few? I'll also ask a few of my local friends, neighbors for references.
Wondering if this is the kind of service where you can find a quality solution online or whether a local, in person provider is the best option. I've gotten so used to doing so much business through Zoom/Teams that it feels like it can be used for this application as well.
Now to the next question - any advice on how to find help? Should I just google local CPAs and interview a few? I'll also ask a few of my local friends, neighbors for references.
Wondering if this is the kind of service where you can find a quality solution online or whether a local, in person provider is the best option. I've gotten so used to doing so much business through Zoom/Teams that it feels like it can be used for this application as well.
Posted on 1/15/23 at 7:05 am to Pheeze
I’m also looking for advice on how to best find a CPA.
Wife and I have great paying jobs but very limited time to focus on finances / taxes.
We’re both younger if it matters. Late 20’s
Wife and I have great paying jobs but very limited time to focus on finances / taxes.
We’re both younger if it matters. Late 20’s
Posted on 1/15/23 at 9:32 am to BUGAtGOAT
I’m also looking for advice on how to best find a CPA.
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Start by telling the board where you are located.
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Start by telling the board where you are located.
Posted on 1/15/23 at 10:26 am to ItzMe1972
Who are you Nola folks using for a CPA? Been doing them on my own for years but things just got a little more complex.
Posted on 1/15/23 at 8:18 pm to ItzMe1972
DFW, Rockwall TX
Posted on 1/21/23 at 6:50 pm to BUGAtGOAT
quote:
Any advice on how I should be thinking about whether to continue with TurboTax or find a professional?
Like many have said, using a CPA could end up saving you some money. But..... the only way you will know which is best is by doing both. Do the Turbo Tax program and have a CPA do your taxes, and compare. If your CPA uses some deductions you did not know, try putting that information in the Turbo Tax program and then compare the results again.
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