Comments on: Do I Need an Accountant or CPA? Knowing When to Outsource Your Taxes http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/ Helping a unique generation achieve financial independence. Fri, 25 May 2012 01:44:43 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: RecardoMandy http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-503097 RecardoMandy Sat, 21 Apr 2012 13:41:47 +0000 http://genxfinance.com/?p=1872#comment-503097 my buddy's ex-wife makes $88 every hour on the computer. She has been without work for seven months but last month her paycheck was $20148 just working on the computer for a few hours. Read more here http://lazycash23.com my buddy’s ex-wife makes $88 every hour on the computer. She has been without work for seven months but last month her paycheck was $20148 just working on the computer for a few hours. Read more here http://lazycash23.com

]]> By: Generation X Finance http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-481592 Generation X Finance Thu, 01 Mar 2012 07:03:43 +0000 http://genxfinance.com/?p=1872#comment-481592 Haha, thanks. I try to represent everyone equally. Haha, thanks. I try to represent everyone equally.

]]> By: Will Chen http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-481591 Will Chen Thu, 01 Mar 2012 07:03:41 +0000 http://genxfinance.com/?p=1872#comment-481591 I strongly support the trend of seeing more Asian folks in stock photos. :p I strongly support the trend of seeing more Asian folks in stock photos. :p

]]> By: Dan http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-127889 Dan Mon, 01 Mar 2010 16:18:20 +0000 http://genxfinance.com/?p=1872#comment-127889 I have been doing a lot of research in this area for our tax & accounting firm. Tax software really is great for those individuals with simple returns. In theory, software and professionals should end up with the same results; however, the accuracy of the software is left to the knowledge and understanding of the individual inputting the figures. For that reason, we too recommend that individuals with major life changes, businesses or complicated tax issues use an accountant. Here are the results of an experiment I conducted between free software and a tax professional: http://www.msftaxes.com/tax-software-vs-tax-professional I have been doing a lot of research in this area for our tax & accounting firm. Tax software really is great for those individuals with simple returns.

In theory, software and professionals should end up with the same results; however, the accuracy of the software is left to the knowledge and understanding of the individual inputting the figures. For that reason, we too recommend that individuals with major life changes, businesses or complicated tax issues use an accountant.

Here are the results of an experiment I conducted between free software and a tax professional: http://www.msftaxes.com/tax-software-vs-tax-professional

]]> By: Beyond Paycheck to Paycheck http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-124061 Beyond Paycheck to Paycheck Wed, 13 Jan 2010 19:08:40 +0000 http://genxfinance.com/?p=1872#comment-124061 @Evan: When I first started my career as a financial planner, I learned that many of the best financial planners had financial planners of their own. So I'm with you - we can always benefit from an outside, less emotional, opinion (provided it's unbiased and competent.) Jeremy, I enjoyed this piece. Here's yet <a> another take on the tax prep landscape</a>. @Evan: When I first started my career as a financial planner, I learned that many of the best financial planners had financial planners of their own. So I’m with you – we can always benefit from an outside, less emotional, opinion (provided it’s unbiased and competent.)

Jeremy, I enjoyed this piece. Here’s yet another take on the tax prep landscape.

]]> By: Credit Girl http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-123748 Credit Girl Fri, 08 Jan 2010 16:27:13 +0000 http://genxfinance.com/?p=1872#comment-123748 One of the most important things that you mentioned was interviewing to make sure you find a good CPA/accountant and getting references from family members or friends because once you have that one trustworthy person, you can always return to them for years to come. One of the most important things that you mentioned was interviewing to make sure you find a good CPA/accountant and getting references from family members or friends because once you have that one trustworthy person, you can always return to them for years to come.

]]> By: Peter http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-123747 Peter Fri, 08 Jan 2010 16:26:33 +0000 http://genxfinance.com/?p=1872#comment-123747 I think this year may be the first that I'll be going to an accountant because of online and blog income, and because I want to make sure I get all the deductions/etc that I should be. Plus, staring at all those tax forms makes my head hurt. I think this year may be the first that I’ll be going to an accountant because of online and blog income, and because I want to make sure I get all the deductions/etc that I should be. Plus, staring at all those tax forms makes my head hurt.

]]> By: FinanceDad http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-123742 FinanceDad Fri, 08 Jan 2010 15:19:20 +0000 http://genxfinance.com/?p=1872#comment-123742 I'm an Accountant and I agree with most everything you said. I just wanted to add that most people who make under $35-40k per year can do their taxes for free with various online applications or software. Check out the IRS for their approved vendor list. I’m an Accountant and I agree with most everything you said. I just wanted to add that most people who make under $35-40k per year can do their taxes for free with various online applications or software. Check out the IRS for their approved vendor list.

]]> By: Jeremy http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-123705 Jeremy Fri, 08 Jan 2010 00:18:28 +0000 http://genxfinance.com/?p=1872#comment-123705 Even, I think we share the same sentiments. It has always drove me nuts how so many people make it sound like you have to manage your finances yourself or else you're just throwing money away. I've never understood that, but it's a common talking point as you mentioned. I think we can all agree that people should avoid handing their money over to a salesman who's going to simply make money by selling them high-commission investment products, but even a fairly savvy investor can reap many rewards from a competent fee-only planner. Even someone who knows the importance of saving, investing, and diversification can often stand to learn something from a good advisor/planner. I think the same rules apply. If you're just earning a simple wage, don't have much debt, and are contributing to the minimum to your 401(k) or IRA, then maybe getting professional help isn't the best use of your funds. But as you begin earning more, start experiencing more complicated financial issues, and want to go beyond just dumping money into a retirement account there can be many benefits in hiring a professional. So, I completely agree with you and wouldn't put the need for a CPA or attorney above that of a financial planner or CFP. Even the smartest people in the world can't be experts at everything, and if you value your time and a professional opinion it usually a good decision. Even, I think we share the same sentiments. It has always drove me nuts how so many people make it sound like you have to manage your finances yourself or else you’re just throwing money away. I’ve never understood that, but it’s a common talking point as you mentioned.

I think we can all agree that people should avoid handing their money over to a salesman who’s going to simply make money by selling them high-commission investment products, but even a fairly savvy investor can reap many rewards from a competent fee-only planner. Even someone who knows the importance of saving, investing, and diversification can often stand to learn something from a good advisor/planner.

I think the same rules apply. If you’re just earning a simple wage, don’t have much debt, and are contributing to the minimum to your 401(k) or IRA, then maybe getting professional help isn’t the best use of your funds. But as you begin earning more, start experiencing more complicated financial issues, and want to go beyond just dumping money into a retirement account there can be many benefits in hiring a professional.

So, I completely agree with you and wouldn’t put the need for a CPA or attorney above that of a financial planner or CFP. Even the smartest people in the world can’t be experts at everything, and if you value your time and a professional opinion it usually a good decision.

]]> By: Evan http://genxfinance.com/do-i-need-an-accountant-or-cpa-knowing-when-to-outsource-your-taxes/comment-page-1/#comment-123704 Evan Thu, 07 Jan 2010 23:57:02 +0000 http://genxfinance.com/?p=1872#comment-123704 Jeremy, I go back and forth on an issue and I think you can help me out. Why is it ok for people to NEED CPAs and attorneys (attorney here), but when the concept of paying an investment advisory is brought up PF Bloggers freak out, and assume that everyone has the desire and capacity to learn about asset allocation? Jeremy,

I go back and forth on an issue and I think you can help me out. Why is it ok for people to NEED CPAs and attorneys (attorney here), but when the concept of paying an investment advisory is brought up PF Bloggers freak out, and assume that everyone has the desire and capacity to learn about asset allocation?

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