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Any recommendations on tax planners - someone who is good at tax laws and help the clients plan well. Did not help to get the CPA who does taxes. So looking for someone in that niche.
Any recommendations on tax planners -
someone who is good at tax laws and help the clients plan well.
A good CPA should be able to do that well.
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Did not help to get the CPA who does taxes.
Was this an actual CPA or just a tax preparer?
In any case, you're on the right trail; you just need to be pickier.
You'll also need to expect to pay more for their time than what the tax form guy charges.
Was this an actual CPA or just a tax preparer?
In any case, you're on the right trail; you just need to be pickier.
You'll also need to expect to pay more for their time than what the tax form guy charges.
Any recommendations on tax planners - someone who is good at tax laws and help the clients plan well. Did not help to get the CPA who does taxes. So looking for someone in that niche.
Thanks in advance.
What sort of "tax planning" are you talking about? In general, CPAs are pretty knowledgeable on tax issues, but it depends on the tax issues you're dealing with.
I have not found that to be the case. I am beginning to think that simply no one is willing to provide true tax advice to folks in the middle class - there's probably not enough money to be made.
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Originally Posted by MrRational
You'll also need to expect to pay more for their time than what the tax form guy charges.
And that's the rub: It begs the question whether the cost of true tax planning is higher than the benefit thereof.
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Originally Posted by synchronicity
What sort of "tax planning" are you talking about?
I cannot speak for the OP, but I suspect the desire is for someone who will help with restructuring finances to substantially reduce tax exposure, both now and through retirement.
I cannot speak for the OP, but I suspect the desire is for someone who will help with restructuring finances to substantially reduce tax exposure, both now and through retirement.
Well, if you're typical "middle class" (working at a job for a company, maybe own a house, have limited savings outside of a 401K and/or IRA) there's not a heck of a lot one can do. Most of one's income is wage/salary income. You can max out pre-tax savings opportunities, but even there one has to assume that their effective tax rate in retirement on distributions will be about the same or lower than it is on their contributions. It might make sense to do a Roth rather than a regular IRA if one has the option, depending on an individual's circumstances. If there's a company match, a 401(k) contribution to company match almost always makes sense, and if one's earnings aren't terribly high then there's the retirement saver's credit to give a bit of an extra incentive to save.
Qualified dividends and LTCG are tax-preferenced compared to interest income if one is saving outside of a qualified plan, but often people want much of that savings in non-volatile investments. Plus, with any planning, you don't want to let the tax tail wag the investment dog.
It's not that "the rich" have BETTER tax options (as in lower tax rates overall), but rather that they have more complex issues to deal with and more assets that can be deployed in much different ways. Granted, this is a "such problems one should have" issue (Oh noes, I have to worry about estate taxation! Darn that ten figure net worth!), but the point is that if you're "middle class" your federal tax liability often isn't terribly high and there isn't a whole lot you can do to minimize that more. Also, any planning should likely focus more on investment planning than on just "taxes".
Circular 230 Disclaimer - I don't claim to know a darn thing about taxes or investing. I Am Not A Financial Planner and This Is Not Advice. I could be as dumb as post and completely wrong on everything I type. Talk to a real tax and/or financial advisor. The IRS doesn't care what strangers on the intermawebz told you when you file a tax return.
there's not a heck of a lot one can do. Most of one's income is wage/salary income.
This has been my conclusion, at least so far.
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