Can a tax professional help me reduce the amount of taxes I owe?
Can a tax professional help me reduce the amount of taxes I owe?
I owe a pretty hefty amount in taxes since I am self employed. I usually do my taxes by myself on turbotax. If I use a tax professional, can they help to pay less?
by tax professional I mean an EA
Answers:
Crazeddoglady: Probably not legally.
2008-02-06 08:20:46
2008-02-06 08:20:46
Chosen Answer
tofuisgood_2000: Tax professionals know additional deductions and credits that you can take. They may also know how to handle certain transactions that will affect you less on taxes. As far as if they are magicians and can magically make your tax liability, the answer is NO. If they claim to be able to reduce your tax amount without an initial interview or looking over your return and documentation, then I would stay away from them. An honest CPA or EA will interview you and take notes and file your taxes honestly and keep you out of trouble with the IRS.
2008-02-06 08:23:25
tofuisgood_2000: Tax professionals know additional deductions and credits that you can take. They may also know how to handle certain transactions that will affect you less on taxes. As far as if they are magicians and can magically make your tax liability, the answer is NO. If they claim to be able to reduce your tax amount without an initial interview or looking over your return and documentation, then I would stay away from them. An honest CPA or EA will interview you and take notes and file your taxes honestly and keep you out of trouble with the IRS.
2008-02-06 08:23:25
Judy: A CPA who is familiar with your type of business might be able to suggest some valid deductions you haven't thought of. If by "tax professional" you mean somebody like H&R Block, then no.
2008-02-06 08:33:56
2008-02-06 08:33:56