Reply
Go Back   TexasBowhunter.com Community Discussion Forums > Topics > Around the Campfire
 
Thread Tools Display Modes
Old 01-19-2019, 08:19 AM   #1
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default Filing taxes questions

First year filing married and the wife does a bunch of photography on the side that she is reporting this year so with all the changes Iím assuming we will need to get a CPA involved? I have always been a do it the first week via TurboTax guy so itís been easy but she waits until the last second plus all the write offs with equipment has me out of my comfort zone trying to do it all. That being said does anyone have a CPA they would recommend in the Houston area (SW side is even better).

Obviously filing today wouldnít do anything with the shut down but Iím trying to get the ball rolling sooner rather then later.
150class is online now   Reply With Quote Back To The Top
Old 01-19-2019, 08:47 AM   #2
MetalMan2004
Eight Point
 
Join Date: Oct 2017
Default

I’ve not had to do that specifically, but I’ve always been impressed with how well the TurboTax app walks you through everything when I did itemize. With one of the packages you can chat with a CPA as well I believe.

I’m the type to get it done quickly and my wife is a procrastinator as well. I told her the first year that I’ll do the taxes, but in exchange she has to get me her tax info within a reasonable time. She doesn’t want to attempt the taxes so she gets me what I need.
MetalMan2004 is offline   Reply With Quote Back To The Top
Old 01-19-2019, 08:59 AM   #3
Walker
Ten Point
 
Walker's Avatar
 
Join Date: Oct 2006
Location: San Antonio
Default

If you have a small business a good cpa will make you money.
Walker is offline   Reply With Quote Back To The Top
Old 01-19-2019, 09:01 AM   #4
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

Quote:
Originally Posted by MetalMan2004 View Post
Iíve not had to do that specifically, but Iíve always been impressed with how well the TurboTax app walks you through everything when I did itemize. With one of the packages you can chat with a CPA as well I believe.

Iím the type to get it done quickly and my wife is a procrastinator as well. I told her the first year that Iíll do the taxes, but in exchange she has to get me her tax info within a reasonable time. She doesnít want to attempt the taxes so she gets me what I need.
Same thing I told mine and she said sheís still in no hurry
Opposites attract I guess lol

Thanks for the input and will further look into TurboTax.
150class is online now   Reply With Quote Back To The Top
Old 01-19-2019, 09:16 AM   #5
BTLowry
Pope & Young
 
BTLowry's Avatar
 
Join Date: Oct 2006
Location: Lindale
Hunt In: Behind the house and public in Texas; Kansas Unit 5
Default

Back when we had cows my CPA was money well spent

It never "cost" me money to use one, usually made/saved me money
BTLowry is offline   Reply With Quote Back To The Top
Old 01-19-2019, 09:31 AM   #6
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

Quote:
Originally Posted by Walker View Post
If you have a small business a good cpa will make you money.
Quote:
Originally Posted by BTLowry View Post
Back when we had cows my CPA was money well spent

It never "cost" me money to use one, usually made/saved me money
This is what Iím hoping. If anything break us even on the photography side of things
150class is online now   Reply With Quote Back To The Top
Old 01-19-2019, 09:39 AM   #7
TeamAmerica
Ten Point
 
TeamAmerica's Avatar
 
Join Date: Oct 2016
Location: Dallas
Hunt In: Corsicana (Navarro County)
Default

Our CPA charges $250 and is well worth it. He is not in Houston though.
TeamAmerica is offline   Reply With Quote Back To The Top
Old 01-19-2019, 09:42 AM   #8
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

And let me clarify on the photography
It’s look like a extra 15-20k this year so is that even worth involving a CPA? There is about 9-10k is equipment write offs which is the main thing I’m concerned with.

So new & ignorant at this stuff so apologies for any stupid questions
150class is online now   Reply With Quote Back To The Top
Old 01-19-2019, 09:47 AM   #9
tps7742
Ten Point
 
Join Date: Nov 2006
Location: Texas
Hunt In: East tx
Default

Quote:
Originally Posted by BTLowry View Post
Back when we had cows my CPA was money well spent

It never "cost" me money to use one, usually made/saved me money
As stated above money well spent to get experienced assistance. At a minimum get a CPA or a reputable license tax preparer that is familiar with your wife’s profession would even be better. There is nothing wrong with using the laws that are in place to keep your hard earned dollars.
tps7742 is offline   Reply With Quote Back To The Top
Old 01-19-2019, 09:55 AM   #10
Walker
Ten Point
 
Walker's Avatar
 
Join Date: Oct 2006
Location: San Antonio
Default

Quote:
Originally Posted by 150class View Post
And let me clarify on the photography
Itís look like a extra 15-20k this year so is that even worth involving a CPA? There is about 9-10k is equipment write offs which is the main thing Iím concerned with.

So new & ignorant at this stuff so apologies for any stupid questions
15 or 20 grand could bump you to the next tax bracket. A cpa will probably negate most all of it.
Walker is offline   Reply With Quote Back To The Top
Old 01-19-2019, 11:52 AM   #11
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

Back up for a recommendation for one in the Houston area
150class is online now   Reply With Quote Back To The Top
Old 01-19-2019, 12:01 PM   #12
mmoses
Ten Point
 
mmoses's Avatar
 
Join Date: Aug 2012
Location: League City TX
Hunt In: Texas
Default

Quote:
Originally Posted by 150class View Post
Back up for a recommendation for one in the Houston area
My wife is a contractor so we have a CPA. Saves us money for sure!

Bay area business serviceas in league City
mmoses is offline   Reply With Quote Back To The Top
Old 01-19-2019, 12:56 PM   #13
BTLowry
Pope & Young
 
BTLowry's Avatar
 
Join Date: Oct 2006
Location: Lindale
Hunt In: Behind the house and public in Texas; Kansas Unit 5
Default

One year I decided I could do my own based on the previous year

Could not find one form/schedule I needed at post office and got mad and just went back to CPA
Once again he found a way to make my tax bill way less than what I had come up with

I never made anywhere close to 15k with the cows. Would think a CPA could do you some big favors with that much involved
BTLowry is offline   Reply With Quote Back To The Top
Old 01-19-2019, 02:01 PM   #14
Johnny_Dodson
Four Point
 
Join Date: Nov 2014
Default

A good CPA is definitely a plus to a small business owner. But beware that err are plenty of bad ones that will miss a lot. As other small business who they use and if they would recommend them.


Sent from my iPhone using Tapatalk
Johnny_Dodson is offline   Reply With Quote Back To The Top
Old 01-19-2019, 02:42 PM   #15
friscopaint
Ten Point
 
Join Date: Nov 2006
Location: Collinsville
Default

Turbo tax with business is great. I used it for my paint business and now for farm and wedding venue. Walks you through everything. If she hasn't then she needs to open a business checking account, then deposits in it are easy to track for taxes and also business checks. Prevents comingling of accounts......
friscopaint is offline   Reply With Quote Back To The Top
Old 01-19-2019, 07:17 PM   #16
dustoffer
Pope & Young
 
dustoffer's Avatar
 
Join Date: Sep 2009
Location: Seguin, Tx
Hunt In: S/Central Tx
Default

Quote:
Originally Posted by MetalMan2004 View Post
Iíve not had to do that specifically, but Iíve always been impressed with how well the TurboTax app walks you through everything when I did itemize. With one of the packages you can chat with a CPA as well I believe.

Iím the type to get it done quickly and my wife is a procrastinator as well. I told her the first year that Iíll do the taxes, but in exchange she has to get me her tax info within a reasonable time. She doesnít want to attempt the taxes so she gets me what I need.
I have 2 IRAs, a mutual fund account, military retirement, VA check, wife and I both get SS plus I have income from a small lawn mowing service. TurboTax walks me thru it without issues---provided I have all the documents needed.
dustoffer is offline   Reply With Quote Back To The Top
Old 01-20-2019, 06:28 AM   #17
Paycheck
Eight Point
 
Paycheck's Avatar
 
Join Date: May 2015
Location: Waco
Default

I always think that the CPA signature is well worth the price. And it cost about 1K.
Paycheck is offline   Reply With Quote Back To The Top
Old 01-20-2019, 07:55 AM   #18
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

Appreciate all the help so far guys!

Currently looking for one nearby
150class is online now   Reply With Quote Back To The Top
Old 01-20-2019, 11:19 AM   #19
Mike
Ten Point
 
Join Date: Oct 2006
Location: Orange, Texas
Default

I guess the big question is did she file an LLC ? If so, there will be some tax benefits that she can take advantage of for 2018 I believe, it might be 2019 but I am pretty sure it is 2018 as we had this conversation with our CPA friend over the holidays.

We used to use her to do our taxes but she is now in an auditing position and I have been doing my own for the last 5-6 years with TurboTax. I feel that I got the same results doing my own and that is with several rental properties. She was very black and white, no grey areas at all, completely by the book. I will say that with our losses from Hurricane Ike, she was a lifesaver and got us huge returns from our casualty losses and navigated that for 3 years.

I would think you can get it lined out with Turbo Tax pretty easily.
Mike is offline   Reply With Quote Back To The Top
Old 01-20-2019, 11:29 AM   #20
150class
Pope & Young
 
150class's Avatar
 
Join Date: Oct 2008
Location: The Woodlands
Hunt In: Uvalde, Boerne
Default

Quote:
Originally Posted by Mike View Post
I guess the big question is did she file an LLC ? If so, there will be some tax benefits that she can take advantage of for 2018 I believe, it might be 2019 but I am pretty sure it is 2018 as we had this conversation with our CPA friend over the holidays.

We used to use her to do our taxes but she is now in an auditing position and I have been doing my own for the last 5-6 years with TurboTax. I feel that I got the same results doing my own and that is with several rental properties. She was very black and white, no grey areas at all, completely by the book. I will say that with our losses from Hurricane Ike, she was a lifesaver and got us huge returns from our casualty losses and navigated that for 3 years.

I would think you can get it lined out with Turbo Tax pretty easily.
She did file a LLC.
Looks like turbo tax keeps getting a good rep.

Appreciate the help
150class is online now   Reply With Quote Back To The Top
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 08:10 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2019, vBulletin Solutions Inc.
Copyright 1999-2012, TexasBowhunter.com