PDA

View Full Version : How to find a really good tax/financial advisor?



ApatheticNoMore
11-18-11, 3:23am
As I've mentioned, I managed to get myself into a really messed up tax situation somehow. I want to make sure that I have sought out the best tax advice I can get before I close it all out for good (not only send in money but file returns). Does anyone know how to find a really good advisor for taxes, how one would go about finding one? I know some people have really good advisors, how would I find one?

I have consulted and worked with ordinary run of the mill tax preparers (they were CPAs, I tried two different CPAs who specifically work on taxes). It ended up with ME teaching THEM about the tax code, both of them! :( And I'm not an accountant or tax preparer much less a tax accountant! I'm just a person trying to pay their taxes. Sure I could try Turbo Tax and the like but my tax perparer made use of tax software already (I'm not sure which software package) after I taught him what to look for. I think I need someone who really knows all the really obscure tax code stuff backward and forward! A tax genius if you will ...

By and large I don't even expect to win. I think I got screwed, end of story. I just want to make sure I have done ALL that I could to protect myself financially just in case there is a chance that things are not as bad as they seem. I just want to know I did what I could. Then put a nail in it. :\

sweetana3
11-18-11, 6:27am
Very difficult question. Best ones I ever met in 31 years with IRS were the tax law professors. Maybe that department of your local big university could lead you in your search.

Yossarian
11-18-11, 7:41am
What is the issue or situation that makes your return so difficult?

Weston
11-18-11, 8:15am
Very difficult question. Best ones I ever met in 31 years with IRS were the tax law professors. Maybe that department of your local big university could lead you in your search.

I second what sweetana's said with one minor modification. If I am looking for real expertise and the most up to date knowledge I usually look at the adjunct faculty at the best Universities in the immediate area. You don't want a full time faculty member since they tend to be very well versed in the law, but tend to generally have a tenuous grasp on the practicalities. What you want is someone who teaches part time but practices full time. That way they will be up to date on the latest updates in the law, but will also know the practicalities and have a relationship with the "other players" who will be involved.

Yossarian
11-18-11, 11:16am
Best ones I ever met in 31 years with IRS were the tax law professors.

If I am looking for real expertise and the most up to date knowledge I usually look at the adjunct faculty at the best Universities in the immediate area.

As an adjunct professor of tax law I'm glad to see love from the public, but honestly it really depends on the issue. Tax law is so complicated no one knows everything and the folks that are good at the rules and the theory aren't necessarily the most knowledgeable about the forms and procedure (and vice versa). That's why I was asking what the issue is. Feel free to PM me if you rather talk offline.

jennipurrr
11-18-11, 11:55am
What is the issue or situation that makes your return so difficult?

Yes, I am wondering also...tried to search the previous threads but didn't see the one about your tax stuff.

When I bought my first rental property I used a CPA one year and then realized it wasn't so difficult with tax software. I use Turbotax and it takes me probably 10 hours when all is said and done. The nuts and bolts, even if you itemize or have schedule c or whatever are not difficult. Definitely do NOT go somewhere like H&R block...those people are not really trained at all.

What I imagine you are asking is, how do I find someone who will help me set up my business in a tax advantageous way? Maybe your local chamber of commerce could recommend a good CPA and/or financial adviser that works with small businesses? Sometimes I wonder, are there all these deductions I am missing by preparing my taxes myself? From my experience with the CPA, I don't there are. I think there are likely some that very wealthy people use that would not be practical for the average person.

And then I hear about people taking these ridiculous deductions...basically burning a dollar to save 30 cents in taxes. For example a relative was talking about her deduction for vehicle expenses, deducting the entire cost every year if she buys a super huge SUV that she doesn't need for her job (attorney) and has to drive 60 miles round trip each day. I tried to wrap my head around how that was financially advantageous to her or the business, but I never was able to make the numbers work out.

AnneM
11-19-11, 5:34pm
Speaking as a CPA, I didn't realize what I didn't know until I studied for an MS in Taxation. I think most people don't ever get into a situation where they need a CPA, Turbo Tax would do it. But for those who do, either find an attorney with an LLM or a CPA with an MS in Taxation.