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CPA?

Thread in 'Finance / Investing' started by DirtySouth, Jan 22, 2020.

  1. DirtySouth

    DirtySouth ODT Junkie! Supporter

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    I have a question or two for you guys that are wiser than I regarding a CPA, or more specifically, when does one need to consider using a CPA? Without going into much detail, my wife and I both work single jobs, and have a decent combined income. We are both able to max out our 401k's, have IRA's, and put money away.

    I have this crazy idea every once in awhile to start up an online business to basically support my toy fund. I have no intentions on leaving my place of employment.

    Does a CPA take the place of a tax preparer and financial advisor? I would love to be able to sit down with one person and have them be able to go over everything. Is that in a CPA's scope of work?

    Thanks in advance.
     
  2. MuleShoe

    MuleShoe The Hen that laid the Golden Legos Supporter

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    Mine does my taxes and if I need advice on financial decisions she is there to help me with it! I’ve been using same CPA for the paste 30’years and best money I’ve ever spent!
     
  3. Nuke And Juke

    Nuke And Juke AEV Supporter

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    Cpa is not an adviser. But they have indepth knowledge and experience with cases and clients. I highly recommend a good one. They are not all alike.

    Sound like Your business is your tax shelter. You should be more along in your venture before you hire one.

    A financial adviser is worthless.

    I reco you take your last 3 years of taxes and sit with a cpa and ask them what they think. If they cant review and see anything, don't hire them

    I can send you to mine if you like but...you also may not like her

    Sent from my LG-G710 using Tapatalk
     
  4. GeauxLSU

    GeauxLSU Moderator Staff Member

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    No. Those are two different disciplines and a CPA 'could' get themselves in trouble depending on the 'advice' they give you. Now you may get a financial adviser that happens to be a CPA. Last CPA I used quit to go do financial planning. Your information is too thin to really answer the question you're asking but in general a good CPA is worth their fee and then some if you have anything but the most straight forward of taxes to file. Same thing with a financial adviser.
    Having said that, if you are simply asking about the tax benefits or tax related issues surrounding a sole proprietorship, a CPA can certainly answer your questions.
     
  5. DirtySouth

    DirtySouth ODT Junkie! Supporter

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    Thanks for the replies guys. I was just curious if a CPA would be of benefit over a tax preparer in our current situation. I may never start a online business so I shouldn't muddy the waters up with that just yet I guess.