I'm looking for good books that will share useful tax strategies. I just learned that I could have been making Trad IRA contributions up to $5,500 for my non working spouse and it's tax deductible. I'm tired of my Accountant never suggesting this stuff and just picking it up piecemeal as I go.
This is why it is good to do your own taxes. You learn a lot of this stuff, just by going through the process. Even when using TurboTax or other software, I know it shows you what your IRA limits are when it asks you how much each has contributed.
another hint for OP: look into the saver's tax credit.
When I first read the title I thought it was a new idea about changing book to tax to book on tax.
OP- there are probably articles online that describe the most often overlooked tax deductions. You could also just go down the list of items on the return and figure out which one is to see if you can qualify to reduce your tax. Obviously, this isn't going to encompass everything, but it's a pretty good start for some basic information.
How much do you pay your accountant? If you're hiring them to prepare your taxes, that's what they're going to do. Tax planning is separate, usually not included in tax filing, and generally much more expensive.
marginoferror said: How much do you pay your accountant? If you're hiring them to prepare your taxes, that's what they're going to do. Tax planning is separate, usually not included in tax filing, and generally much more expensive. Is he really an accountant? My dad had a tax man. He was nothing but high paid data entry clerk. My dad missed out on lots of tax savings.
I always recommend to everyone that you do your taxes, just once, the old fashioned way. Print the forms and sit down with your pencils and calculator and fill them out by hand. You will have a great sense of how your taxes are determined and what you can do to impact the amount you pay.
I would generally advise against using a tax attorney for tax prep.
A lot of people don't need much more than a data entry person that asks the right questions and maybe provides a bit of advice. For those people, a tax attorney is probably overkill.
For the people who have complicated taxes, are engaging in tax planning techniques, and doing things of that nature, a tax attorney wouldn't generally be the best option - I would opt for a skilled preparer (CPA designation is helpful, but doesn't indicate someone is involved in taxes at all, let alone a return preparer). If you're truly doing complex planning, you should probably have a tax attorney (or multiple) involved, but in terms of individual's return preparation, they generally aren't the best qualified and come with a higher price tag.
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