Comments on: Hiring A Tax Advisor? Ask Your Tax Planner These Questions First http://thesmarterwallet.com/2009/hiring-tax-advisor-ask-tax-planner-questions-taxes-tax-preparation/ Money Tips, Consumer News and Product Reviews To Improve Your Finances Thu, 29 Jul 2010 01:29:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: The Smarter Wallet http://thesmarterwallet.com/2009/hiring-tax-advisor-ask-tax-planner-questions-taxes-tax-preparation/#comment-14702 The Smarter Wallet Fri, 29 Jan 2010 04:43:46 +0000 http://thesmarterwallet.com/?p=3822#comment-14702 LTC, not sure, but EA = enrolled agent, a type of tax advisor. LTC, not sure, but EA = enrolled agent, a type of tax advisor.

]]> By: robin http://thesmarterwallet.com/2009/hiring-tax-advisor-ask-tax-planner-questions-taxes-tax-preparation/#comment-14669 robin Fri, 29 Jan 2010 00:03:20 +0000 http://thesmarterwallet.com/?p=3822#comment-14669 What do the credential letters EA and LTC mean after the name? What do the credential letters EA and LTC mean after the name?

]]> By: norm http://thesmarterwallet.com/2009/hiring-tax-advisor-ask-tax-planner-questions-taxes-tax-preparation/#comment-5609 norm Fri, 05 Jun 2009 14:34:30 +0000 http://thesmarterwallet.com/?p=3822#comment-5609 good advise......for years I was going to a lady who worked out of her home, and didn't charge the the "hr-block" rate, even though she worked there. She was also the mother of my son's friend. I was shocked when one of the customers got audited, and she agreed to stop doing taxes (as requested by the IRS), and stopped answering her phone. She screwed up, in a minor ways, but totally shut down her operation, rather than do anything. (We're talking multiple small dollar mistakes which were more alarming, than financially painful). Wrong filing status, exemptions you are not eligible for because of income, etc...short term gains listed in long term gains, etc. just multiple clear mistakes, which should have never been made. Shockingly I was just getting irked at the IRS every time they sent me a letter asking for another $200, or so.....I was shocked to hear about the others. I'm a professional, college educated, etc, but even my taxes have wrinkles (divorce, stocks, rentals, land lease, farm). good advise……for years I was going to a lady who worked out of her home, and didn’t charge the the “hr-block” rate, even though she worked there. She was also the mother of my son’s friend. I was shocked when one of the customers got audited, and she agreed to stop doing taxes (as requested by the IRS), and stopped answering her phone. She screwed up, in a minor ways, but totally shut down her operation, rather than do anything. (We’re talking multiple small dollar mistakes which were more alarming, than financially painful). Wrong filing status, exemptions you are not eligible for because of income, etc…short term gains listed in long term gains, etc. just multiple clear mistakes, which should have never been made. Shockingly I was just getting irked at the IRS every time they sent me a letter asking for another $200, or so…..I was shocked to hear about the others.
I’m a professional, college educated, etc, but even my taxes have wrinkles (divorce, stocks, rentals, land lease, farm).

]]> By: the weakonomist http://thesmarterwallet.com/2009/hiring-tax-advisor-ask-tax-planner-questions-taxes-tax-preparation/#comment-1725 the weakonomist Wed, 11 Feb 2009 14:28:42 +0000 http://thesmarterwallet.com/?p=3822#comment-1725 In my vetting I learned EAs know a lot more about doing your personal taxes than a CPA does. They generally charge less as well. If you've got a more complicated taxes a CPA might be worth your time and money. What I usually advise people is if they are looking to do their taxes once a year, then use a personal network to find good EAs at good prices. If you need to talk to a tax person more than once a year, a CPA might be worth your while. This isn't to say EAs can't do what a CPA can, but simply a basic rule of thumb. I'm like you though, I outsource my taxes. They were free this year, because they screwed mine up last year. In my vetting I learned EAs know a lot more about doing your personal taxes than a CPA does. They generally charge less as well. If you’ve got a more complicated taxes a CPA might be worth your time and money.

What I usually advise people is if they are looking to do their taxes once a year, then use a personal network to find good EAs at good prices. If you need to talk to a tax person more than once a year, a CPA might be worth your while.

This isn’t to say EAs can’t do what a CPA can, but simply a basic rule of thumb.

I’m like you though, I outsource my taxes. They were free this year, because they screwed mine up last year.

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