And how bad are you getting boned? Purposely delaying the inevitable for as long as possible because I had a big increase in comp and I know this SALT cap is gonna screw me. Any data points to share? Location, comp range, y/y increase in tax liability, etc. would be interesting to know.
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Waiting on my CPA to send me the damage report now. I'm expecting to write a big check, mainly due to uncertainty of proper withholding due to some outside business activity.
Why do people who work in finance pay someone else to do their taxes?
Honestly,
My dad has an accountant on retainer for his business. There is no point in not taking advantage of it. Also, the later you are in your career the more non-traditional investments you'll have. Is it possible to read up / learn on your own? Sure. But why not have an accountant whose job it is to understand the tax code to help you plan / navigate tax season every year?
Why do people who work as marketing agents or police officers pay someone else to do their taxes?
Because the two disciplines are literally nothing alike
Ain't nobody got time for that.
Seriously, if you're a first year Analyst, single, renting, etc. just TurboTax it up. But I have real estate, investments, married, kid, offshore bank accounts, wife has a side business with a home office, and a bunch of other complications. I pay the CPA to be a professional and check everything to make sure we're 100% compliant because when you work in Finance there is no substitute to being extra careful.
I have a masters degree in accounting and spent several years working in the tax department at a big four accounting firm. Following that I worked as an outsourced CFO for smaller companies. Now I'm a financial advisor. You know what I know how to do really well? Property tax controversy and appeal work for telecommunication corporations and airlines; corporate finance for companies between $5mm and $50mm in revenue; and manage money for families.
I'm not as well versed in the part of the tax code that pertains to me. So I hire someone who is.
havent decided what i'll be reporting yet
Getting a refund over here plair.
Not going to get a K1 for quite some time. Will apply for an extension.
I have. Got a huge refund. Rent, don't own. Upper middle income bracket. Child tax credit and double standard deduction did a lot to help me (dont itemize).
Curious to know how m_1 has done his taxes considering he's got his own company and is a CEO.
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