SellingForSovereignty

VP, Sales

CA Tax accountant for newly high earners?

Anyone have an excellent accountant / tax expert that can help me & my partner navigate our first year married filing & crossing over $500,000 joint income? Did my usual TurboTax run but instead of getting money back it says we owe ~$20,000 😩

I realize it may not be possible to change the past and may need to just pay up this time, but want to get prepared af for 2023 so this doesn't happen again.

thanks in advance savages

💸 Investing

💴 Money Management

28 comments

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oldcloser

Arsonist

💀

So, your partner did $489k and you a bit more than $11k?

Don’t listen to me. I’m just jealous. Welcome to the WR. Sorry I can’t help. Not in the hood.

SellingForSovereignty

Executive

VP, Sales

No no. My partner did $499,999 and I made $1 😔

oldcloser

Arsonist

💀

Contributions 😂

braintank

Politicker

Enterprise Account Executive

As others said you probably need to mess with your witholdings. Also, many COVID relief tax programs expired which could up the bill.

If you want an accountant check out: https://www.letsmakeaplan.org/. They'll let you find inexpensive fiduciaries.

You probably don't need an accountant -- i've been in your tax bracket for a while (humblebrag) and the only time I needed a CPA was when I had a bunch of stock options and vested shares when my startup was acquired.

I've been using freetaxusa.com for the past few years. It's much cheaper than turbotax and a lot more user friendly. It also walks you through all deductions so you can make sure you're maximizing refund.

If you want to lower tax burden I'd suggest:
1) Having kids ;)
2) Contributing more to charity
3) Selling loser stocks

SellingForSovereignty

Executive

VP, Sales

Thank you for actually providing advice lol so many people just said get an accountant and I’m like that’s what my post is asking recs for

Sunbunny31

Politicker

Sr Sales Executive 🐰

"I need an expert, please recommend" Selling

"get an expert" - the forum

Glad you have a sense of humor about it. braintank's advice is good. My husband has some messy holdings, so I just use a local accountant. She'll give me advice every year, but I haven't used her as an account planner.

The ONE thing I don't see on braintank's list is maxing out your retirement contributions, such as your 401(k).

braintank

Politicker

Enterprise Account Executive

Truth -- this flowchart is enough for 99% of people: https://i.imgur.com/u0ocDRI.png

Sunbunny31

Politicker

Sr Sales Executive 🐰

That is a FABULOUS resource.

braintank

Politicker

Enterprise Account Executive

Thinking about getting it as a sleeve

Sunbunny31

Politicker

Sr Sales Executive 🐰

That's dedication to the cause.

BTQ

Politicker

Account Manager

Congrats but get an accountant. A good accountant will help you better than TurboTax

1nbatopshotfan

Politicker

Sales

Up your withholding asap. Start there with your payroll etc. make sure you are maxing pre tax contributions. But, with that in mind you’re most likely a really straightforward return, two incomes and not much other stuff to report on so a good accountant can only do so much. It’s all what’s in your withholdings until you can start claiming more unique tax situations. Good luck!

HVACexpert

Politicker

sales engineer

Have you tried googling some accountants in your area and reading reviews and ratings? Would start there first. Or maybe a local friend or family member have someone they recommend?

Pachacuti

Politicker

They call me Daddy, Sales Daddy

Way to humble flex dude

CPTAmerica

Opinionated

President/CRO

Hahaha congrats and welcome! Ask others you know locally in a similar income bracket. It’s going to depend on where you live.

SellingForSovereignty

Executive

VP, Sales

Yes yes of course, however I don’t have too many friends who are married and both high earners…we’re on the younger side for our income levels. Hens why I’m hoping to find some here :) thanks for the welcome and congrats though!

CPTAmerica

Opinionated

President/CRO

Maybe post what state your in and someone can send a reference. You could also ask your CEO, CFO, founder if you have that kind of relationship with any of them.

SellingForSovereignty

Executive

VP, Sales

Good point, just added the state to my post to hopefully get some recommendations

Sunbunny31

Politicker

Sr Sales Executive 🐰

Ouch, and simultaneously congrats.

Diablo

Politicker

Sr. AE

Wow congrats! I generally do it from H&R CA assisted.

SellingForSovereignty

Executive

VP, Sales

What is your experience? Better outcome than turbotax?

Maximas

Tycoon

Senior Sales Executive

Lol, Welcome to the WR and congrats.
Do you know someone nearby getting the same average a year that you can have a chat with otherwise recommend you hiring an expert accountant:)

poweredbycaffeine

WR Lieutenant

☕️

Why comment if you don't live in California? She's asking for an expert, and you suggested they get an expert.

VALUE ABOUND!

SellingForSovereignty

Executive

VP, Sales

THIS. Thank you hahaha

Ps SellingFprSovereignty is a she 🤯

poweredbycaffeine

WR Lieutenant

☕️

I will edit and note for later 😅

RandyLahey

Politicker

Account Executive

Undefeated...

JustGonnaSendIt

Politicker

Burn Towns, Get Money

Good lord I wish my tax bill was only $20K

Justatitle

Big Shot

Account Executive

you might be better off with a wealth advisor FWIW.

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SellingForSovereignty

CA Tax accountant for newly high earners?

28 comments

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