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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Webster Groves who wrote (60846)	2/28/2006 1:49:38 AM
From: Paul Senior	Read Replies (1) \| Respond to of 206316

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.

To: Webster Groves who wrote (60846)	2/28/2006 9:43:44 AM
From: Tommaso	Read Replies (1) \| Respond to of 206316

I think you are correct. You show me a tax expert who really understands foreign tax treaties, return of capital payments, adjusted basis, tax treatment of foreign taxes withheld in IRA accounts, ditto for cash accounts, oil depletion, allocable investment expenses, and so on, and I will show you someone who will charge about $2,500 to do your tax return. Now if you are making a million dollars a year, you want someone like that. I mean MAKING, as income, a million a year. But actually if you use the guidelines provided by many companies and funds and use TurboTax, you get it gone for about $40 instead of $2,500. Like you, I am really tired of hearing about how I have to "consult an expert." I bet not one "tax expert" in a hundred understands marking to market commodity contracts and the 40/60 ratio of long and short term gains or losses.

To: Webster Groves who wrote (60846)	3/1/2006 5:44:30 AM
From: MoneyPenny	Read Replies (1) \| Respond to of 206316

Thank you for your observation. It squares with mine, exactly. Turbo Tax has accountants studying the tax code and making adjustments to their programs constantly. I am fine with Turbo Tax and will continue in my same pattern. We at Silicon Investor spend a good deal of time finding ways to be better individual investors without using "experts" like brokers and financial planners. I know I am years ahead of where I would have been had I followed Smith Barney down the road to ruin. The internet and computers have changed the game plan for brokers and tax accountants. MP