Can anyone recommend a good accountant for tax return filing?
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My acct is great. I'm an independent contractor and he's saved me tons of money each year. Legit. Based in BK but I upload all of my docs to his site and just email the office and they do the rest. He's also filed for extensions for me in the past.
You’re cutting it close. Maybe file for an extension, gives you more time to find the right firm instead of panic picking. You’re gonna need someone really sharp to do what it sounds like you want to do.
Extension only gives time to file paperwork; taxed owed (if any) is still due when it is due (18 April by midnight). If taxes are not paid on time IRS may assess penalties, fees and interest.
I dont want anyone shady. Just someone who knows what can be deducted that i am not aware of.
We have used TurboTax for years and usually find they are on the ball when it comes to deductions and credits. The last bit is what you want to find more of than latter as credits reduce taxes owed more than deductions.
sometimes the questions are not easily understood .
i know somehow with myself and others that have posted there is an issue with capital loss carry overs being duplicated somehow .
it obviously has to do with the answers to some questions but none of us know exactly where we went wrong .
but we were tax savvy enough to pick up on it .
it also doesn’t help much with things you don’t know about . like not all k1 forms you get contain your personal cost basis ….just going line by line via the questions and filling in the boxes based on what you see can simply have you over stating the gains or income .
our k1s from our LLC partnership had the gains and losses of all the sales of the property
but what they never reflected is the money we paid to buy a share in the LLC itself and the legal fees involved .
lucky i realized that the initial buy in was never reflected in the.sales of the property so i had to take them when we closed the LLC .
IT NEVER occurred to the other partners that those k1s were strictly the gains and losses on the real estate but never reflected our personal costs since when you get a k1 you simply enter box by box but never see what those numbers actually consist of on that k1
so for the average tax payor with very little hitches turbo can be fine but as forms and questions get more complex you can miss some of the things you don’t know.
unfortunately we don’t know what we don’t know
Last edited by mathjak107; 04-16-2023 at 05:38 AM..
My acct is great. I'm an independent contractor and he's saved me tons of money each year. Legit. Based in BK but I upload all of my docs to his site and just email the office and they do the rest. He's also filed for extensions for me in the past.
Having a business is a completely different animal when it comes to taxes and write offs.
For a standard typical return there are not many other strings to pull other then what Turbo Tax has built in. The numbers are the numbers.
I wound up speaking to my friends accountant at their suggestion. She wouldn’t do the return because she was too busy but gave me advice after I gave her some if our numbers. Since my wife was given a 1099 this year, that allows us to deduct her work mileage and expenses, use of a percentage of the house for an office, cell phone, computers, internet, etc. That brought things down quite a bit. We never include this stuff every year so we might as well start now. Didn’t think it would make that much of a difference. Plus, summer camp gets a deduction. I feel better. Thanks for the responses.
Having a business is a completely different animal when it comes to taxes and write offs.
For a standard typical return there are not many other strings to pull other then what Turbo Tax has built in. The numbers are the numbers.
Yea, I guess. I really have no idea. I do gig work as a Doordash/Uber eats driver, so I write of most of my miles along with car expenses (repairs/gas). He also uses a profit/loss form. I think that's where most independent contractors go wrong trying to do their own taxes. They treat it as a W2 worker when really they are a profit/loss business.
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