Author Topic: Is having a tax professional worth it?  (Read 17896 times)


  • Apprentice
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Re: Is having a tax professional worth it?
« Reply #20 on: January 03, 2019, 10:16:40 AM »
It very much depends. 

I am a high-end Big 4 tax consultant who does a lot of M&A tax consulting for PE funds.... I use Turbo Tax.  But I only have a W-2, brokerage accounts, and a little rental real estate.  These are simple. 

OTOH, if you have a business, or are making big private investments, then you should definitely hire a professional. 

Additionally, if you business and/or limited partnership investments result in large and complicated K-1's, you want to outsource that because (1) you could just miss something and (2) your time is probably more valuable than what you'll spend gathering paperwork and inputting into the software yourself.


  • Apprentice
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Re: Is having a tax professional worth it?
« Reply #21 on: January 03, 2019, 12:32:55 PM »
I think it is important to understand your taxes, but also good to consult a professional when needed.  Right now, my taxes are not terribly complicated (2 kids in college, w2 income, 2 mortgages with interest, some interest, some dividends, some capital gains, SALT stuff,... but the tax programs can handle all this stuff pretty well.  I've gone ever several years to a CPA and have them do my taxes (but I also do them myself to compare).

Planning for the future is where tax professionals can help.  I'm getting nervous about retirement and taxes - when to collect SS, RMDs, which sources of income (401K, Roth IRA, Capital Gains, etc.)  to draw from when to minimize taxes. 


  • Chukanbushi (Intermediate Samurai)
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Re: Is having a tax professional worth it?
« Reply #22 on: September 27, 2020, 07:05:18 AM »
I just finished Rob Nixon's Wealthy Accountant.

His book is in a similar vein to Millionaire Fastlane. If I could sum it up in one sentence it would be work on being a trusted financial advisor instead of just a compliance officer. He offers advice on hiring, team culture, and niche selection.

I'm on the fence with getting my CPA and combining programming to own my own firm.
I help market for small businesses FREE of charge: