Webster Groves re: TurboTax, Computax. Sure, all these tax guys have computer programs that they use. But I am talking about astute professionals who can advise in such matters as what the normal range of each deduction might be to avoid a possible audit (and advise you if you do get audited); point out items the IRS red-flags (besides the home office deduction that everybody knows about); advise when a section 1031 property exchange might be appropriate(and how to do it); explain what he/she sees that other traders and investors are doing and what their results are on Schedule D (e.g. I recall my guy saying lot less margin players, lot more option players); point out what people in my income bracket and financial situation are doing (e.g. holding more bonds/div. paying stocks, buying real estate) or not doing (e.g. Not seeing big sales of oil stocks on Sch. D).
Well, we are all different. In past, I have had a complex financial story with salary, personal business, real estate, and stocks all at the same time, and my filings have sometimes been 3/4" thick. I guess any computer could generate this, but I'm comfortable talking item-by-item with a tax pro. I also like being able to have someone a phone call away when I consider big financial moves during the year. Most importantly, I believe the tax and financial advice I've received from my guy far, far outweigh the measly costs I have paid for his service.
Here we have recently been talking about what losses can and cannot be offset. This is standard stuff. Someone not knowing much about Sch D or Sch A imo, would benefit from having some dealings with a competent tax guy rather than appearing to limp along in Feb/Mar with tax questions here.
As you say, it does come down to somebody's computer program or somebody else's. I don't know Turbotax or my accountant's. I expect he paid top dollar for his and the latest updates. Those AMT calculations are a bear to understand, and at this point - for me - , beyond my patience level to calculate. Another reason for me for having a professional do it. |
