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Old 07-14-2008, 10:50 AM
 
14 posts, read 53,218 times
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I was told to pay $250 per hour if we need a tax advisor whom can show us what to look out for to seek for tax shelter and therefore save tax during tax filing season. Is there other places where we can seek for advise for free of charge or a lower cost?

all these years, we have an accountant whom will just do our tax, but not much advice unless I ask for specific questions. all the questions brought out was per my knowledge, I need more advice, advice in areas where I didn't know that could save us tax...please advice, I live in the Utah area. Thanks.
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Old 07-14-2008, 11:30 AM
 
3,460 posts, read 4,949,021 times
Reputation: 6677
For over $4 a minute, it better be some good advice.....

Look at your situation, how complex your finances are, how much you make and have to pay in taxes. Maybe it will be worth an hour with the advisor, and when you do it, have everything put together to save time for the advisor and money for you. Just think of it as a one time expense that may pay you back $500 for your $250 investment. Or you might not get anything....

An option would be to take a copy of your taxes to several accountants and tell them that you're looking for an accountant who is proactive in helping you to save money. They'll probably look it over for free and tell you if there is anything you could be doing better. If any are outstanding, give them your business.
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Old 07-14-2008, 11:35 AM
 
24,843 posts, read 32,389,194 times
Reputation: 11453
It's a deduction next year. You get what you pay for.
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Old 07-14-2008, 05:39 PM
 
Location: Houston, TX (Oak Forest)
4,701 posts, read 11,731,886 times
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If you can type irs.gov then you don't really need a tax accountant unless your doing $1 million+ per year.
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Old 07-14-2008, 07:15 PM
 
24,843 posts, read 32,389,194 times
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I do mine myself. Look at a schedule "C".
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Old 07-15-2008, 07:01 AM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
Reputation: 19129
Quote:
Originally Posted by slcmo View Post
I was told to pay $250 per hour if we need a tax advisor whom can show us what to look out for to seek for tax shelter and therefore save tax during tax filing season. Is there other places where we can seek for advise for free of charge or a lower cost?

all these years, we have an accountant whom will just do our tax, but not much advice unless I ask for specific questions. all the questions brought out was per my knowledge, I need more advice, advice in areas where I didn't know that could save us tax...please advice, I live in the Utah area. Thanks.

That is high.

Keep in mind that you need to ask very specific questions of these guys.

1. How much did they gain from their investments for each of the past ten years?

2. Have they experienced any tax obligation for the past ten years?

A lot of 'advisors' earn a living from advising. Which does not indicate that they have any clue of how to: budget, invest, or tax-plan.

If your investments perform better than theirs do, then drop this guy.

If they are paying income taxes, then drop this guy [he has no clue].
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Old 08-07-2008, 05:21 PM
 
546 posts, read 1,936,385 times
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Quote:
Originally Posted by forest beekeeper View Post
That is high.


If they are paying income taxes, then drop this guy [he has no clue].
I thought everyone will need to somehow pay some income taxes? who doesn't?
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Old 08-07-2008, 06:09 PM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
Reputation: 19129
Quote:
Originally Posted by hueimo View Post
I thought everyone will need to somehow pay some income taxes? who doesn't?
Uh, no.

I don't pay income taxes.

I know many folks who do not pay income taxes.

In fact according to the IRS website between 25% and 35% of the US 'taxpayers' do not pay income taxes [it varies each year].
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Old 08-07-2008, 06:21 PM
 
24,843 posts, read 32,389,194 times
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I do not either.
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Old 08-07-2008, 06:40 PM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
Reputation: 19129
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.
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