Should I hire a CPA for tax planning when I am just starting out?

[Jack Jiang]

Hi BPers, it's almost year-end and I am researching tax filing/planning options for me and my partner. We are in Cali, both earn decent W2 and just started out investing in 2021. We have 1 primary residence, for which we are room-hacking, 2 out-of-state rental properties (1 turn-key, 1 light reno), and 1 syndication.

I am currently researching CPAs - some of them are charging ~$500-$1000 per filing per person plus tax planning services. I have been listening to many tax-related BP podcasts, and I am aware that tax planning is extremely important for RE investors - but I am not sure if it's worth spending that much when we are just starting out. Any advice for newbie investors?

Pros of hiring a CPA:

Good to throw the tax planning burden on a pro and hold him/her accountable; build an early relationship with the CPA; tax-aware RE decision going forward.

Counter thoughts:

Save money by filing ourselves, learn tax filing through the process; be frugal and scale first, then find CPA later; not much value provided when I only have 2 rental properties.

Any advice would be greatly appreciated!