You are absolutely correct. I did have to spend time gathering records,
but it took about 3-5 hours. Since my CPA told me exactly what I was
looking for, and I keep all my finances in Quicken it was a breeze. I
even saved queries so it will be even easier next year.

#3 is were all the savings happens. I would have spent hours just trying
to research and understand the home office deduction alone, let alone the
nanny tax, and my wife’s consulting write-offs.

With #2 there is still stress in trying verify and understand what numbers
to put were.

Finally, I agree mistakes do happen, but I still do feel like I don’t have
to worry about anything. I get representation if I get audited, and even
if I get audited I know there isn’t anything to catch accept honest
mistakes or mis-calculations. I don’t lose any sleep over that at all.

Thanks for the helpful link and the thoughts.

Your statement implies that using a CPA will relieve you of that 10 to 30 hours of work. This is not true. As you know, there are three aspects to tax returns:

1. Gathering tax records
2. Inputting tax data
3. Tax advice/knowing where to input information to minimize taxes

All taxpayers must do No. 1, whether or not they use a CPA. This sample tax organizer shows how much information taxpayers have to gather for a CPA. Anybody can do No. 2. But you are correct about No. 3 – it is worthwhile to obtain advice, as opposed to stenographer services at strip mall tax companies.

You also mentioned you don’t have to worry about anything. That is also not necessarily true. Taxpayers are ultimately responsible for the accuracy of their return. Many taxpayers – including celebrities – have filed inaccurate returns because their CPA was wrong.

Cheers,

Eric

Get proffestional advise , let risks ,

Good Luck

Tracy ho
Wisdomgettingloaded