Tax Advisor
As I go through the joy of making my estimated taxes for year end, I was curious how everyone else in PE / credit deals with their increasingly complex filings and stacks of K-1s.
Who do you use for your personal taxes and how much does it generally cost? I’ve heard anything ranging from $500 - 10K+ a year from colleagues.
Ah, the thrilling adventure of tax season in PE and credit! It's like navigating through the jungle with a compass—you need the right tools and expertise to not get lost in the thicket of K-1s and complex filings. Here's the lowdown from the WSO jungle:
Tax Professionals: Many in the PE/credit sphere turn to CPAs or specialized tax advisors who are well-versed in handling the intricacies of partnership structures and investment-related filings. It's like having a seasoned guide who knows the terrain.
Cost Spectrum: The cost for these tax gurus can vary as wildly as the stock market. It really depends on the complexity of your individual situation. Some might get away with paying around $500 if their affairs are more on the straightforward side, but for those with a web of investments and K-1s, the tab can easily climb to $10K or more. It's like the difference between a day hike and an Everest expedition—the more gear (or in this case, tax forms) you have, the more you'll have to shell out.
Finding the Right Fit: When choosing a tax advisor, consider their experience with clients in similar financial situations as yours. It's like picking a trail buddy; you want someone who won't get spooked by a little complexity.
Remember, it's always a good idea to start the hunt for a tax advisor early, so you're not scrambling when the tax vines start to tangle. And hey, if you're feeling a bit lost in the tax jungle, the WSO community is here with a machete of wisdom to help clear the path!
Sources: The TAX CUT - How you plan to spent it, Life in General Will Cost More Than You Think, The insanity of the US tax code: Bad Laws and Predictable Consequences, How much have you saved?, I cant save money
I pay mine a flat fee of $2K annually. Am a VP in California with carry and K1s across ~5 fund vehicles.
Any chance you could DM me a referral? looking for a tax provider at that price point - thanks a bunch.
Same, would love a referral if possible. Thanks!
At what point did you find it helpful/necessary to start to seek outside help? Do you feel that it’s been significantly beneficial to your tax savings/structuring?
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