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Message
re: At what point did you decide a CPA is worth it over TurboTax?
Posted on 2/27/25 at 5:53 pm to cfotiger
Posted on 2/27/25 at 5:53 pm to cfotiger
quote:
however, every single new client I picked up from H&R Block or who had prepared their own return using TurboTax or other programs, had significant errors in their returns. Each time, I filed amended returns and was able to get my client a significant enough refund to more than pay for their tax prep fee.
OP is an idiot. If OP's wife is an MD for real they should have got a CPA 2 years ago with rental properties, especially.
Given that, I've used a CPA for around 12 years and twice i've gotten money BACK from the IRS that my CPA had me overpay. These were both top 5 of the South's biggest CPA firms. One year was $1800 I can't remember the other. I'm just playing devil's advocate, I think most CPA's are worth it. But where they really should be worth it is your PLANNING not what you owe its too late at that point usually.
3
Posted on 2/27/25 at 6:17 pm to baldona
Well the rental only started last year
Posted on 2/27/25 at 6:21 pm to baldona
quote:
If OP's wife is an MD for real they should have got a CPA 2 years
If you’re w2 what does being an MD have to do with anything?
Posted on 2/27/25 at 6:58 pm to fareplay
In 2021 we did IVF, so medical expenses were like 30k, and my wife started a 1099 job in the same year, so I got help that year. 2022 we were back to W-2 employees, so I did it myself.
Then, in 2023 we bought a business, so obviously with a CPA firm now.
Then, in 2023 we bought a business, so obviously with a CPA firm now.
Posted on 2/27/25 at 9:25 pm to baldona
quote:
If OP's wife is an MD for real they should have got a CPA 2 years ago with rental properties, especially.
If OP’s wife is a W2, then a CPA is not really worth it.
quote:
Given that, I've used a CPA for around 12 years and twice i've gotten money BACK from the IRS that my CPA had me overpay. These were both top 5 of the South's biggest CPA firms. One year was $1800 I can't remember the other.
Obviously I don’t know your specific financial situation, but getting you within $1,800 is pretty good if you’re paying quarterly. You probably would’ve been fuming had you owed $1,800.
Posted on 2/27/25 at 10:44 pm to fareplay
Mine isn’t even complicated and I use my parents accountant
She charges $150. Seems fair to me. I don’t know a damn thing about taxes and it’s worth peace of mind for her to do it correctly .
She charges $150. Seems fair to me. I don’t know a damn thing about taxes and it’s worth peace of mind for her to do it correctly .
Posted on 2/27/25 at 10:51 pm to fareplay
Farmers and doctors should always have a CPA - landlords a close 3rd place
If you are self employed and generated any level of income, you need the cpa.
Everyone else, as assets get close to $1MM or your w2 salary is more than $350k a year.
Commodity, stock, derivative traders need a cpa.
Should you inherent land, a business, investments, you should have a cpa.
If you like kind exchange or have any tax credits, you should have a CPA.
We can have another thread about when you need an attorney.
Have a team that includes an attorney, cpa and investment professional is priceless.
If you are self employed and generated any level of income, you need the cpa.
Everyone else, as assets get close to $1MM or your w2 salary is more than $350k a year.
Commodity, stock, derivative traders need a cpa.
Should you inherent land, a business, investments, you should have a cpa.
If you like kind exchange or have any tax credits, you should have a CPA.
We can have another thread about when you need an attorney.
Have a team that includes an attorney, cpa and investment professional is priceless.
Posted on 2/27/25 at 11:30 pm to KillTheGophers
quote:
doctors should always have a CPA
I have no clue why you think this
quote:
landlords a close 3rd place
There’s dozens of reasons a landlord should use a tax professional over a salary earning doctor
quote:
Everyone else, as assets get close to $1MM or your w2 salary is more than $350k a year.
Neither of these have a thing to do with the complexity of your tax return
Posted on 2/27/25 at 11:50 pm to KillTheGophers
quote:
Everyone else, as assets get close to $1MM or your w2 salary is more than $350k a year.
What about this makes someone need a tax professional??
Posted on 2/28/25 at 5:54 am to fareplay
I almost pulled the trigger on a CPA this year. Maybe next year.
Posted on 2/28/25 at 6:38 am to JohnnyKilroy
Planning
Don’t use the CPA for simply filing your tax return. Those types of people need to be planning / strategizing with their cpa.
Don’t use the CPA for simply filing your tax return. Those types of people need to be planning / strategizing with their cpa.
Posted on 2/28/25 at 8:06 am to KillTheGophers
quote:
Farmers and doctors should always have a CPA - landlords a close 3rd place
If you are self employed and generated any level of income, you need the cpa.
Everyone else, as assets get close to $1MM or your w2 salary is more than $350k a year.
Commodity, stock, derivative traders need a cpa.
Should you inherent land, a business, investments, you should have a cpa.
If you like kind exchange or have any tax credits, you should have a CPA.
We can have another thread about when you need an attorney.
Have a team that includes an attorney, cpa and investment professional is priceless.
This might be the dumbest take on the money board in a while. If you and your spouse are W2 then you can file yourself.
If you are a high income earner, it would be better to hire a CFP to help you plan on how to start earning passive income. Only once that starts happening do you need a CPA.
Our income last year was 450k. All W2, no CPA required.
Posted on 2/28/25 at 9:43 am to cfotiger
quote:
I strongly encourage you to use a CPA,
What does a CPA cost for a simple return ?
I took some money out of an IRA, I inherited, to use as a down payment on a new house "this year", I did my taxes with Turbo Tax and I owe 10K.
I stopped before finishing and am contemplating hiring someone
But I don't want to pay someone $800.00 to tell me what I know already
Posted on 2/28/25 at 9:44 am to KillTheGophers
quote:
Planning
There’s nothing to plan if you have w2 income
Posted on 2/28/25 at 9:46 am to The Torch
quote:
What does a CPA cost for a simple return ?
Depends on the size of the firm. Probably anywhere from $300 to $500.
quote:
I took some money out of an IRA, I inherited, to use as a down payment on a new house "this year", I did my taxes with Turbo Tax and I owe 10K. I stopped before finishing and am contemplating hiring someone
That IRA is taxable income to you and is likely why you owe $10k. I don’t see a need to hire anyone. If you used TurboTax I think they offer “professional” review, could try that.
Posted on 2/28/25 at 9:50 am to jordan21210
quote:
that IRA is taxable income to you and is likely why you owe $10k.
I realize this, I had the option to have taxes taken out but deferred.
Now it's time to pay the piper
Posted on 2/28/25 at 9:54 am to Lawyered
quote:
Mine isn’t even complicated and I use my parents accountant
She charges $150. Seems fair to me. I don’t know a damn thing about taxes and it’s worth peace of mind for her to do it correctly .
Accountants lie cheat and steal too.
Saying that as an accountant.
I see these little yard signs up every year around this time of people selling tax prep.
Just find it kind of funny. Most likely these people are running your shite through freetaxusa and then charging you for it.
This post was edited on 2/28/25 at 9:57 am
Posted on 2/28/25 at 10:53 am to dgnx6
If I hire an accountant, I would like the dirtiest one possible that skirts every line for maximum return returns. Sadly, when I interview accountants or CPAs to see if I want to use them, they always seem legit.
Posted on 2/28/25 at 10:55 am to HeartAttackTiger
quote:I used this for years as it is significantly cheaper than TurboTax. Switched to TT a couple years ago when I had a K1 with codes that FTA didn't recognize. I will say TT is much easier with the account linking feature and it removes some of the guesswork in inputting 1099s. That said, it's pretty pricy - enough so that if any additional complication is added to my taxes I'll switch to CPA.
FreeTaxUSA.
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