- 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
Should I hire a tax pro CPA to do my 2012 taxes
Posted on 1/21/13 at 9:34 pm
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
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 1/21/13 at 10:10 pm
4
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.
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 1/21/13 at 9:48 pm
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
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 1/21/13 at 10:11 pm
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.
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?
Posted on 1/22/13 at 9:13 am to Zilla
Yes get a CPA, spend $300-500 and have some peace of mind.
Posted on 1/22/13 at 9:26 am to OnTheBrink
quote: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.
Could I give that to the CPA? Just a total?
Posted on 1/22/13 at 9:31 am to Poodlebrain
quote:
Poodlebrain
Do you have an email you would not mind posting?
Posted on 1/22/13 at 9:51 am to OnTheBrink
tdpoodlebrain@gmail.com
Posted on 1/22/13 at 9:57 am to Poodlebrain
Got it, you can delete it now if you would like...
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.
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.
Posted on 1/22/13 at 12:11 pm to Cajun Revolution
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.
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 1/23/13 at 11:04 am
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
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News