Beware of Hiring a Tax Accountant | CPA Explains
ฝัง
- เผยแพร่เมื่อ 10 ก.พ. 2025
- Visit our website: clearvalueinve...
Get up to 12 Free Stocks valued between $34 and $30,600 when you open and fund a new Stock Account: a.webull.com/i...
The best way to support our channel is to share this video on your social media to spread awareness. We appreciate the support!
For a FREE STOCK on Robinhood: robinhood.c3me...
Investing Mistakes to Avoid: • Investing Mistakes - W...
Investing Tips for Beginners: • Investing Tips for Beg...
Understanding Stocks and Investing: • Video
Taxes on Stocks Explained: • Taxes on Stocks Explai...
Common Stock Terms: • How to Read Stocks for...
Dividend Stocks Explained: • Dividend Stocks Explai...
How to Bet Against Stocks: • Video
How to Use Call Options To Make You Passive Income: • Covered Call Option St...
This is our TurboTax Link for your tax preparation needs:
www.anrdoezrs....
ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
This post may contain affiliate links that at no additional cost to you, I may earn a small commission. Thank you for your support!
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
@Steve Sorensen Thanks for clearing that up, I curiously searched for Nolan Velden Brent on the internet and thankfully, I came across him my goal is to retire in 5years time.
Vote red
3:12 - Stock Options
3:50 - Sale of RSUs
4:24 - S-Corporation
5:12 - Sole Proprietors/Independent Contractors
6:10 - Amendments
7:12 - IRS or State Notice
8:03 - IRS or State Audit
I have a full time accountant that works for me doing the books for my businesses. She takes care of my quarterly tax estimated payments and tax returns and she is definitely necessary and saves me money as well as headaches.
Key word there your “business” most people just have a w2
On top of that, her services are tax deductible!!
W2 folks should never pay more than $150 for a return, business returns are usually filed off the business accounting records. SO YES, you want an accountant, NO TO Block, Liberty Tax and Jackson, these firms will simply steal your money for very little effort.
When u say accoutant, do u mean like a CPA?
@@Ru4444 no I have an accountant and a bookkeeper they pay the bills do the payrolls keep the books for businesses. My Accountant is not a CPA.
As a tax accountant and CPA myself this advice was 100% spot on.
can you refer me to someone that does taxes in NJ?
I always love all of Brian’s videos. He truly serves his clients and constantly educates the public!
As always solid advice and great perspective Brian
I appreciate that! And I thank you so much for all the support, happy Monday!
Thank you Brian for being honest, not many accountants would turn down business but i do wish i can find a accountant where i can just email my stuff too and let them work on it for cheap
Over the years I went from one full time job to multiple side gigs, a home business, dividend stock investing, and more. It's just such a pile of work I'm content to let someone with skill prepare it all.
Almost three years Brian! And I still look forward to your videos every day
An honest accountant, thank you Brian.
Very helpful video! I am self employed in construction and I have a CPA! I am planning on expanding so I am going to take your advice and fell some Accountants out first! Thanks again Brian for a great video!
I have RSU sold every year and I also own a rental property. It’s a pain in the ass to do it yourself. The money I pay my CPA is totally worth and it’s also tax deductible too. Not sure how Brian’s video fell on my lap today, but it’s an awesome honest advice. Looking forward to see your other videos.
Great advice Brian. I fell for situation #1 - Stock Options years ago and had to file an amendment to recoup $2K in extra taxes paid. Now I still sell Stock options, RSU, ESPP, and its is a real pain to manually fix those when I prepare my own taxes using software. Now that I'd been doing it for years, I'm pretty confident I get it right but I do recommend folks use an accountant and make sure to provide them the Broker Supplemental information for those employee stock sales. A good accountant will ask you for it but some might neglect to.
Yeah, I just found out I way overpaid my taxes from stock sale because the 1099-B form had 0 in the cost basis not realizing that was actually not zero. Way past 3 years to amend my return. $7-8k mistake 😢
Brian is at it again! I am inspired by his channel. Brian inspires me to continue my own TH-cam channel on finance and investing.
The thing I hope other content creators take away from Brian's channel is that it pays to be 100% honest and genuine about serving your viewers' best interests. If you can be that type of content creator, I'll sub to you. But if any CC is in the least bit dishonest, people can tell, and they will forever be blocked by me. With that said, I agree that there is a dearth of genuine finance CCs out there, so if anyone has something to offer, I am very eager to tune in.
Love this channel because this man shoots it straight.
I love this guy and his advice always looking out for the people in so many ways and presents facts without any side issues
Comprehensive but simple. Good job. I like your talks. I’ll pass this on to my son.
I once talked to someone at H&R Block ... wasn't very helpful. This channel is so much better.
Hr blockhead
The best thing I ever did was doing my own taxes. I continue to learn and have more of a peace of mind.
😂 spot on with the amendment. I did mine for the first time and 2-3 months, IRS requested more info, and I made an accounting error and owed them another $1500.
This info is huge! I've been wondering about this for a while now and now I know. Thank you Brian!
And knowing is half the battle... GO GI JOE!
Thank you so much for simplifying this. As someone who has just started to figure things out by myself for the first time, this is so helpful. Thankful for you 🙏🏻🙏🏻
Thank you for your videos.
1:40 he’s right on. If yours just a vanilla w2 guy, you don’t need someone to do your taxes.
My tax returns are 100+ pages due to having my own company with tons of properties
Brian, you are so right. CPA's play a major role in doing taxes for those with complexity in their returns. I rather pay a CPA than paying the IRS money for a mistake I made.
CPA have everyone fooled hence why I left it alone, a CPA function is to verify that the firm that's FTX is keeping records in accordance with GAAP. Outside of that an EA has more tax knowledge than a CPA because the EA is empowered directly by the IRS where CPA are a function of state education departments. Dumb 150 masters requirement to sit for the CPA was the dumbest knee jerk reaction to Enron.
I concur!
I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.
Thanks for the great content Brian, as always 👍🏾
I appreciate that! Thank you for all the support M Weems!
Brian, I can answer that for you.. YES. My accountant got me outa an audit in 2004. The government got less than my accountant. Worth every penny as a business owner
The TurboTax ad at the start of the video. Gotta love it.
As a musician, I definitely believe it’s worth it!
I am 1000% agree, I'd found out the hard ways. I have been doing my own tax for the last 20 years, mostly just W2 for me.
“I want Brian as my accountant.”
- Everyone watching this video
Brand new in business in the 1980s with no money for an accountant when a young neighborhood CPA talked his way in the door with a free hour of review and immediately saved me significant money. 38 years later with business sold 8 years ago in a complicated sale with last dollar moved in 2021 my taxes will finally be pretty simple for 2022 but still going to have that same CPA (or his EA associate) do my taxes as he's added tons of value over the years.
Thank you Brian for being honest with us, this guy right here has some solid morals.
Appreciate this mans honesty. Always puts out interesting videos and very informative. Thanks
I just love your enthusiasm..
Thanks again Brian. George. Arizona.
I thank you so much for all your wisdom…been following you since the start of COVID!!
Real quick answer to the question posed: YES!
Good timely video ! I started asking around recently if anyone else receives a form K1 and
was surprised to find quite a few people that must deal with it also. It is the main reason
that I use an accountant, plus I normaly file an extension because it arrives late in tax season. Thanks for the great content.
Thank you for the good vibes.
"Predator in the wild" is a very accurate description :D
This was VERY helpful. Keep up the great work 👏 👍
Always appreciate your advice, Brian. Thank you for keeping it real all these years. Please don't stop your genuine help. Lord knows people need it. Have a great day
SUPER relevant video. Thank you!
I agree with Brian, for a person with a simple a 1040, I would say no. If you have a complex income, some rental units, small business with employees, or S corporation, etc. its time to see a CPA. I spent some time at IRS so I know a little more than the average taxpayer, so I saw many filings pass my desk, some with just few pages and some of 15 pages or more.
Your opinion is greatly appreciated
Short answer is maybe:
If you have simplified tax situation with relatively low income, then accounting fee is not worth your time. Either do it yourself or you could hire a cheap accountant who can show you how to do it and you can do it yourself afterwards. One-time fee.
If you have complex tax situation with a lot of expenses and/or business profit -> personal income and you have high income, the accounting fee would be less than how much you would save from good accounting services.
If you wanna save as much fees as possible, either do a good data entry that organizes all the financial activities (or hire someone competent who are cheaper). That way, your accountant just has to analyze the data rather than organizing which is more time consuming (and their rate ain't cheap). Some accounting firms may not allow you that and insist they do their own organizing (partially to jack up the profit but also due to liability/reputation reason).
Absolute gold! I am busy at work these days.
Absolutely, yes! I am self employed and need and appreciate my accountant for the best outcome!!
I've used an accountant to do my taxes twice in all my years. I purchased stock through payroll deduction at a company I was working for. When I left the company, I sold my shares. The accountant charged about the same as the profit I made from the stocks.
I hired a accountant when I had sales from RSU and ESPP and they messed up my taxes and I had to pay fines… I was better off do it myself. Make sure to pick a tax accountant who has experience dealing with the situation you’re in.
⚠️ ouch… thank you for sharing
Agree I am a accountant if I’m not comfortable with it then I’m not doing it and I let them know.
Thank you Brian from a sole proprietor.
I've had my accountant for over 15 years...he is amazing and not only has save me time to deal with my taxes, new tax laws, etc, but has also saved me thousands. I remember at one point when I first hired him, he went back 5 years of my taxes (without me asking), and found that I was owed over $3k from the IRS! So I defenitely recommend an accountant.
As a CPA , I have not started this Video but my answer is still YES ! Trying to be impartial here .
2 minutes 1 day they may need you and should remember your honesty
I have done very well with Turbo-Tax...
Thank you Brian! Much Respect !
It always is! You need to make sure it's done right and not get into trouble with the IRS!
Such a honest video. Keep up the good work sir 👍
Thanks for being an honorable Man!
Gracias Brian por la publicacion
Es un placer GL! Te deseo un feliz dia!!
Thank you for this video. It confirms that I’m good with doing my own taxes. 😊
Hey, Brian, how about a video on HOW to find a good accountant? Thanks!
Yes, very much so worth it!
Thank you Brian.knowledge is power
It’s time for busy season! I need to study for the cpa too. Time to grind!
Thanks for the information I Always appreciate your honesty and straightforwardness
If you have ANYTHING except a basic w-2 that you worked all year and didn't move at any point then use an accountant. I did my tax returns the first 4 years of working and looking back I should've just paid the $300 the whole time. It's worth a day or 2 of salary to build that relationship because eventually you will have something besides just a basic w-2
Brian is amazing and I am here because he's honest and truly helpful. However, I know too many cases where the taxpayer had to do most of the work themselves and sometimes had to actually correct their accountants, even to the point of having to file an amended return because the accountant forgot an important direction they were given or made some other oversight or faulty assumption. The last mess I know of was the accountant didn't apply simple rules about an inherited IRA. A simple google search or reading a financial magazine would have explained the IRA rules.
I have a w-2, but I still see an cpa because it given me a pieces of mind.. then again I am the one that provide all the number to her..
Still use a CPA in a large firm, event though I’m an ordinary Joe, but I do own stocks, play options and crypto. With the CPA compared to TurboTax or H&R Block, I’ve gotten at least 3 times the amount back in returns over the years.
Highly recommend the Tax advocate services as well for certain situations very helpful for me. Most people never even heard of them.
I am an attorney and always talk to potential client by phone first before the come to my office. I do free first consults by phone but generally charge for in office first consults to weed out potential client hat don't meet me or not a good fit. This saves my time in office from being wasted.
Situation 7. Love the comparison of the IRS Auditor to a Predator in the wild.
Thank you so much
Thank you for the message.
My dude,Happy New Year
Great advice brian.Thanks for being up front & honest🍻
Hey man thanks for the information 😊👍🏼
Your a gentleman and a scholar
Brian we stopped excepting clients last year. We have a waiting list.
YES!!! Paying an accountant is expensive but it has saved me tens of thousands of dollars in paying taxes; so the $500 bill for an accountant every year is worth it 😳
$500 a year? I had no idea! ;_;
$500? Jesus
I've had mine for 10 years and I'm married now. The bill has always been between $75 and $150.
@@UnDefinedLegacy yep, i’ve had the same accountant for about five years and come January February of every year I get my $500 ready for him and he’s absolutely worth it 😌
@@vladimirofsvalbard9477 You obviously don’t have much to make your taxes complicated.
@@NBnNC are you a simple w2 person?
Thanks so much. God bless you😇
Thanks Brian 😊
Hey Blaakout! It's great to see you and thank you for getting here 1st!
I first hired an accountant doing taxes for a year I moved where I had federal plus two state returns to file. I was using tax software but I got this uneasy feeling that something was wrong with the result but couldn't figure it out. Brought it to a CPA and he found a glitch that saved me $80 my returns but he charged me $225 for him preparing my return. That was 10-years ago. I currently have a very simple tax situation but it's less of a hassle and I get peace of mind knowing I have a CPA on my side.
Makes no sense for me. I don’t have enough deductions to itemize, live in a state without income tax. All of my income is pension, social security, interest, and dividends. I use TurboTax, just bought 2022 version for $39. It imports all of the statements from my investment accounts. Once I have gathered all of the documents, takes me about 2 hours to complete my return, including e-file.
Most honest TH-camr 👍
Thanks for the info. Very helpful
I have 2 businesses (LLCs filing as S-Corp), a house, and a few other complications. I do my taxes by myself because when I tried hiring an accountant in the past, they all proved useless. They get details wrong, miss deadlines, and didn't understand my situation at all, so they were actually worse than useless. CPA credential means literally nothing, apparently. I *really* wish i could find someone but I've been advised by people much wealthier than I am that the only way to find a good one is to hire one full time and train him for my specific circumstance. Unfortunately I can't afford ~$100k/year yet.
Love you Brian!
Thank you for all the love and support Audjai Boyd! I appreciate it so much and wish you a wonderful week!
Hello Brian, first off, love your videos. You’ve given me great insight to several different subjects and I applaud you for it. I’m getting ready to start a business but the situation doesn’t exactly fit the norm. I’d really appreciate some advice if you can spare the time.
Thanks for this I say this everyday! 11:11
We've always paid someone to do our taxes. Our accountant also helps me with my quarterly taxes, and when we were military and were able to itemize, she helped us with that, too. Worth every penny. When we were newly married, we did our taxes on our own and got audited. The IRS hit us twice with mistakes that we had made and tried to charge us interest. For me, it's worth the peace of mind to have someone who is knowledgeable do them.
Thank you Brian ❤
It is. I have one but if I didn't I would definitely come to you Brian 👍🏾 💯... Have a great week!!
I appreciate that and all the support J. Trade Forex, Inc! I hope you have an excellent week!
that's why we love you dude
Great advice! If you can do it yourself (accurately of course) then you should.
BTW- great info. in this video! People who are employees and don't have investments beyond a 401K CAN do their own taxes using Turbo Tax.
K1’s too
For simple tax returns, you should make youtube example videos to get income that way and we can learn how to deal with the complicated forms and language of the irs