Finding someone to do taxes - is H&R block enough?

[jellowars]

Always did taxes myself, but now with becoming a partner in my practice and having some delayed tax forms, as well as K1s from various states, I figured it wasn't worth the hassle and would rather just pay someone to do it. Question is, do I need a specific CPA (a "tax guy" as some of my friends refer to) for something like this or will a large chain like H&R Block do the trick? I don't have a particularly complex financial life; my wife and I are both W-2 employees and I have some K1s like I mentioned.

[wideopenspaces]

Definitely find a good local CPA. HR block can't handle K1s, we tried! They know less about doing taxes than you do. The $600 we spend each year on our CPA is well worth the peace of mind we have knowing everything is done correctly.

[CordMcNally]

I have K1s and do everything through H&R Block’s program. I haven’t had any issues in 7+ years. You can always use a CPA and do it yourself for a few years to get comfortable to see if you need the professional help.

[Larry Ragman]

I don’t find K-1’s that difficult to receive and process. It would be different if I had to prepare them…

Anyway, if you don’t want to do your taxes that’s fine. The real value of a CPA is in tax planning though, as opposed to tax prep. I recommend you interview two or three and see if they can offer you any tax savings insights in your current situation.

[jfoxcpacfp]

Yep, tax prep services are one of the least-regulated and most error-prone businesses around, especially when you get into complex situations. A K1 can go from super-simple to super-complex. Partnership/S-corp K1s are usually fairly simple as long as the basis is appropriately tracked, and that is where you can (not necessarily will get into trouble). The prob w/HRB is that, unless you have enough knowledge to know whether they are being accounted for correctly (like Larry and Cord), you won’t know what you don’t know. Agree with Larry that the value is the planning throughout the year - esp when you are a ptr or s/h, it is very common to get hit with an unexpected 5-figure tax bill in April. It would also help to know if the ptrship CPA is valuable or just a “preparer” who shows up to sign up all the new partners for personal services.

[Hank]

McTaxes? Not my first choice.

[MPMD]

to me the only use of HR Block is for people w/ very simple returns (e.g. one w2) who still don't feel confident preparing them.

i would never use them for anything beyond this.

i also don't think the OP is at the point to throw in the towel. if you have been doing your own up to this point it sounds like all you need to do is file for an extension (takes 30 seconds on TT) and enter some K1s (5 min/form in my experience).

[Hank]

Totally agree with MPMD above. If you’re getting late K-1s, you’ll need to file an extension. May also need to file additional state tax returns depending on what state’s generate the income for these K-1s. (The delay and extra trouble with this is an argument against some of these real estate investments. VTSAX is unlikely to make you file a state tax return somewhere other than your state of residence.)

You might need a slightly more expensive version of TurboTax this year. There’s the outside chance that things have grown so complex that you actually need a skilled CPA. Too complex for TurboTax but the local seasonal help at a chain McTaxes place can handle it? Unlikely.

[Tim]

How do you qualify to do taxes for H&R Block?

https://www.hrblock.com/corporate/income-tax-course/

Take the free course of course!

[CordMcNally]

I will add that I was talking about using strictly the H&R Block program. If you're talking about using a tax advisor, etc. through them then I would suggest finding your own.

[jfoxcpacfp]

I will add that I was talking about using strictly the H&R Block program. If you're talking about using a tax advisor, etc. through them then I would suggest finding your own.

Appreciate your clarification - must admit, I was scratching my head.