Friday, February 27, 2009

How Millionaires View Taxes and Tax Accountants

The mega-personal finance blog Free Money Finance quotes from a new book called The Frugal Millionaire on a survey of attitudes by millionaires towards taxes and tax accountants. Tax advice includes government is a necessary evil; don't fudge on your taxes, don't get fancy with shelters, avoid extensions and any risk of penalties, watch out for alternative minimum tax. Regarding tax preparers, the millionaires recommend seeking a professional's advice to level the playing field with the government and then sticking with the professional's advice.

Sound and pragmatic advice from those with proven ability to handle money. Unless you have a CPA, bar license or EA certificate, you probably should file your own return only if your financial affairs are simple; even then, you might be better off with a tax professional.

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