Greetings all,
I've done my own taxes since college days in 1986 and have used TurboTax products for about the last 20 years. I feel very comfortable doing my own taxes and I like being in charge of gathering and inputting the data on my own time schedule. However, I've been thinking about getting pro help later this year and for filing 2022 taxes next year. This year we are refinancing our home with cash out, buying a commercial property that we will lease out, and I am also planning to start an online business. Plus, I'm just a few years away from retirement. I want to ensure that I file the 2022 taxes correctly with all of these transactions and also ensure that I'm making the right decisions to take advantage of all tax savings for the business ventures and for retirement savings. I know most of the basics (401k limits, post-50 catch up contributions, etc.), but there might be some further fine tuning. Plus, I'm new to business taxes. Maye a financial advisor could help with some of this (and I'm starting to interview financial advisors), but I think that I can get a lot of good input from a CPA.
I interviewed a CPA from a small firm who was recommended by a friend who has been providing some general financial advise to us. The CPA firm charges a minimum of $500 to prepare the 2021 tax return, and this could be more depending on how many hours they spend.
I am considering using TurboTax Live (Premier for 2021 [$169] and Business for 2022 [$199]). That way, I can maintain more control over how long it takes to do my taxes and when I spend time on it. Also, I always hate spending money on something that I can do myself. Though I don't work in finance, I am an engineer and can readily understand what I read about the tax code. I just don't know some of the tricks and want to ensure that I am fully leveraging to power of TurboTax. Also, I assume that Audit Defense is an available option for the Live products. I have bought this the last few years and it gives me a lot of peace of mind. With the CPA firm, they have no such policy. If I am audited, I would have to pay the CPA firm (at least $150/hr) to deal with the IRS.
I think the Live "self-service" products (not the Full Service) may be right for me. I can maintain control over the process, but get live help when needed and have a pro do the final review. Also, I should be able to ask questions of this community, as needed. I may not need Live for 2021 taxes, but want to get used to the process and take advantage of the feature that provides live pro help throughout the year. I like the interactive process this way, since I will learn more and get to interface with more people, versus just handing all of the paperwork over to one CPA.
Do you recommend Live for me? Any tips on discounts on the Live products? Thanks!
