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Tax Planning

Started by teeta, April 07, 2021, 02:17:49 PM

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Greetings all! Hope all is well. 

Just curious at what point (income level) do you guys using CPA or tax strategist to optimize your taxes.  I've been doing my own taxes for years so i have a decent knowledge but always wanted to have a second set of eyes that could better my tax situation.  Many thanks in advance!


I started using a CPA from my first years of making money. Granted it was the family CPA, but still a benefit. I have since found that doing taxes on my own on the side in draft format was the most effective for me to learn the best ways. I did this for the last 10-12 years. However, more recently, I've made some large financial moves and have come into some serious unicorn stocks and windfalls. As a result I'm starting to lean toward outside sourcing. Our family CPA has since retired, and I have elected not to use another, since I learned how to do it all effectively myself.

My friend who is in a similar boat, has just crossed the $24M net worth range, and he too is starting to outsource for the first time. He however works in numerous states, and has property holdings under various companies so it make sense from a time perspective to have someone else do it.

To answer your specific question though, I think it wall depends on how complicated your taxes are. W2 and small property holdings - do it yourself. Anything beyond that, it might be worth the second look.