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Updated about 1 year ago, 10/03/2023
Worth it to hire a CPA for a side gig that only brings in <7,000K?
Hello All,
Very new here, both to the community and to investing/real estate at large.
I'm wondering if you all think it's worth it for me and my wife to find a CPA.
Our financial situation is pretty simple. We both have modest W-2 jobs. We (filing jointly) would be taxed at the 22% bracket, but put away a considerable sum into our retirement accounts (401(k) and 403(b)) such that we're taxed at the 12% bracket. I have a side gig that brings in less than <7,000 a year. In time, we hope to invest in RE. At the current time, though, does it make sense to seek out a CPA, e.g. to assist with entity creation? As it is, I am structuring my business as a sole proprietorship. Of note, given the nature of my side gig, I essentially have no deductions (it's basically just me, my brain, and my laptop!).
I read Tom Wheelwright's Tax-Free Wealth, and he seems to reiterate the importance of finding a CPA; at the same time, his audience would appear to be those with significantly more assets/investments.
Thank you in advance for your wise feedback. If I'm neglecting to provide any key information, please do let me know.