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Any benefit from using an accountant for taxes?

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  • Any benefit from using an accountant for taxes?

    For those of you with straightforward taxes (i.e., w2, investment capital gains/dividends, charity and mortgage interest deductions, with no real estate or other forms of income), have you found any benefit from having a CPA? I have always done my taxes with taxact but because our joint income has increased (between $375-$450K), I'm debating whether to get a CPA to take a second look (my tax rate appears to be about 22% this year). Thanks!

  • #2
    It probably will make no difference on the final result unless there are issues with your state that you might overlook (I find that quite often here in KY). And in the area of non-cash charitable deductions, I have, on occasion, been able to save clients more than the cost of tax prep (buy the book Deduct It! Deduct It!). If you start a side business, set up a home office, consider buying into a partnership, etc., you should use a CPA with experience in those areas. Having an experienced pro involved in your finances is worth the cost for many, especially in the event of an audit (we offer free audit support for any returns prepared, for example).

    Otherwise, as long as your situation remains simple and you don't mind doing it yourself, stick with it. You'll get plenty of helpful advice here on the forum.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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