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What is the magic word to look for an accountant for optimising taxes? A couple of years ago I set out to do this, mostly by calling accountants and asking if
by jwong_ 4y ago
What is the magic word to look for an accountant for optimising taxes?
A couple of years ago I set out to do this, mostly by calling accountants and asking if they offered tax optimisation services. Most weren’t accepting new clients. The few that were had no idea on what I meant by tax optimisation, and just wanted to file a 1040 for me.
I was willing to do anything legal in a way that would save me money, including pay an accountant. In the end I just filed my own taxes and gave up on any other optimisation strategies.
- nodesocket 4y agoUnfortunately like mechanics, there are a lot of just average and poor accountants. Typically you have to ask around (personal network) for ones that work with high net worth individuals. They are the ones that know all the tricks, loopholes, optimizations. The biggest tax savings I benefited from is starting a company (LLC taxed as S corp). Lots of doors open up then. Though, the LLC has annual fees, taxes as well such as payroll tax, self employed tax, state income taxes (if you live in such a place), franchise and excise taxes. It's a lot to manage and overhead having a LLC, recommend you pay somebody to manage it all.
- jwong_ 4y agoThanks for the confirmation. I will give it another shot then. Another reminder for me to start an S-corp, it's been something I've been putting off for the paperwork.