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Updated over 2 years ago, 09/06/2022

User Stats

146
Posts
108
Votes
Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
108
Votes |
146
Posts

PTIN vs self prepared tax return, any red flags?

Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
Posted

I've used a CPA in the past, but I've learned that I can handle most of my personal returns by myself.  With the IRS adding tons of money to audit enforcement, will a self employed tax return with various real estate schedules raise any audit red flags if I filed my taxes on my own, vs if I have a PTIN? 

For context, I'm a financial planner by profession & have gone pretty deep into tax planning. I only have one short term rental property but I plan to do a cost segregation study this year.  

I'll get a professional cost segregation study done. I've tracked all of my expenses & material participation hours religiously... What are your thoughts on doing your own taxes in a situation like this? 

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