do I need to PAY for an tax advisor/financial advisor

[hueimo]

Originally Posted by forest beekeeper

We have a duty to file our 'taxes' each year, and to do our best to avoid paying.

I decide how to spend my money.

Only folks who do not really care about their money just allow the government to take 25% - 40% of it from them.

is your tax situation pretty simple? married? children? have a personal business? how does your CPA do it? do you do your tax yourself?

[Submariner]

Originally Posted by hueimo

is your tax situation pretty simple? married? children? have a personal business? how does your CPA do it? do you do your tax yourself?

My primary profession required a great deal of spending on my part to keep me competitive and up-to-date with my trade. Trade journals, tools, specialized clothing, travel, continuous advanced education courses.

Attending trade conferences during vacation trips are a good way to write-off travel.

I am married, we do have children.

We collected apartment buildings while I was in the Navy, so we had a collection of those. Then when I retired, we sold most of them and used the 'profits' to buy a farm, where we live now.

We do a little catering, I sell produce at a farmer's market,

We generally file a couple schedule 'C's [each 'C' represents a business]. We have operated many businesses over the years.

We file a schedule 'E' ['E's are used for rental properties]. As I said we used to have a collection of apartment buildings.

We file a schedule 'F' ['F's are used for farming things]. We have used 'F's are years, though only of recent do we actually have a farm. I started filing a 'F' when all I had was one bee hive in a city. 5.000 livestock in a manner of speaking.

[slcmo]

Originally Posted by forest beekeeper

My primary profession required a great deal of spending on my part to keep me competitive and up-to-date with my trade. Trade journals, tools, specialized clothing, travel, continuous advanced education courses.

Attending trade conferences during vacation trips are a good way to write-off travel.

I am married, we do have children.

We collected apartment buildings while I was in the Navy, so we had a collection of those. Then when I retired, we sold most of them and used the 'profits' to buy a farm, where we live now.

We do a little catering, I sell produce at a farmer's market,

We generally file a couple schedule 'C's [each 'C' represents a business]. We have operated many businesses over the years.

We file a schedule 'E' ['E's are used for rental properties]. As I said we used to have a collection of apartment buildings.

We file a schedule 'F' ['F's are used for farming things]. We have used 'F's are years, though only of recent do we actually have a farm. I started filing a 'F' when all I had was one bee hive in a city. 5.000 livestock in a manner of speaking.

I think that's why we pay a lot more tax than you whom don't have to, because we don't have rental property, since we need to save the money to buy a home to live.. we pretty much don't have business expense, we only provide service and the internet is all we need with our knowledge in our brain which isn't a business expense. My husband works for someone and he's income is more than average, so that's where a lot of tax goes...with just one child, that doesn't help much with the tax..does this make sense to you that we're paying so much tax? do we need an advisor to tell us what to do?

[Submariner]

Originally Posted by slcmo

I think that's why we pay a lot more tax than you whom don't have to, because we don't have rental property, since we need to save the money to buy a home to live..

I have never paid any of my money to buy a house.

We have owned a few homes, but have always bought them zero-down and let the renters cover the mortgage payments.

We certainly may save your money to buy a home. That is one option. We feel that life is too short, and while one couple might still be saving for a home, we would have already collected three or four apartment buildings.

... we pretty much don't have business expense, we only provide service and the internet is all we need with our knowledge in our brain which isn't a business expense. My husband works for someone and he's income is more than average, so that's where a lot of tax goes...with just one child, that doesn't help much with the tax..does this make sense to you that we're paying so much tax? do we need an advisor to tell us what to do?

You operate a business which does not cost you any money to operate, okay. I doubt that, but I will not argue the point with you.

Many folks commute to work, or have medical expenses, or have educational expenses; which are all write-offs.

Folks who have 'higher' incomes, have all the more reason to consider tax-planning.

I have never made over $100k/year, personally. So as you can see my income has always been fairly low. I congratulate your Dh on his higher income.

You might be well advised to seek a financial planner.