Reply to When should I get a tax accountant?

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Reply to "When should I get a tax accountant?"

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[quote=Anonymous][quote=Anonymous]Just remember, you are responsible for everything on your returns. If the accountant takes some risks to "save you money" you are responsible, not the accountant. Unless you are completely missing something it is doubtful they would save you more than what they charge you without taking some chances.

Also - with the rental be careful on whether you take depcreciation expense, as then you will have taxable gains when you sell from the depreciation recapture.

I have had to fix pretty glaring mistakes made by people doing it on the side, the quality and level of attention vary widely. One of them got into a large and very costly audit. [/quote]

Actually the rule is you owe depreciation recapture tax whether or not you actually took the depreciation (as long as you could have taken depreciation), so you might as well take it.

I agree that tax accountants don't have any magical tricks that will save you money but  I would say the reason to go to an accountant is to make sure you are doing things right, especially for the out of state rental house. You might consider paying for one year and seeing how it compares to what you would have done. [/quote]

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